Sorry if this video feels rushed at the end. Until you make Youtube partner, your videos have a 10 minute limit. I tried to fit a LOT into one video to prevent having to split it into two.
0:01 – Life with bad credit
– how it affected my business practice and living situation
4:35 – Keeping a positive mindset in spite of my credit situation
-Moving on with my life, focusing on my goals
5:46 – Finally, I treat myself and enjoy my successes a little. 😉
Finally the moment a lot of you have been waiting for.
How exactly did I rebuild my credit?
Please note: I will NOT be answering any questions related to credit rebuilding. Everything I have to offer you is right here. I’ve given you enough leads to learn more on your own. It is time to take responsibility to educate yourself!
Step 1: Check ALL three of your credit reports -( checking your own scores does NOT work against you like “hard inquiries”, which result from applying for new credit)
You can check them ALL here for FREE (once a year)
https://www.annualcreditreport.com
AnnualCreditReport.com is a centralized service for consumers to request free annual credit reports. It was created by the three nationwide consumer credit reporting companies – Equifax, Experian and TransUnion.
AnnualCreditReport.com provides consumers with the secure means to request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies in accordance with the Fair and Accurate Credit Transactions Act (FACT Act).
Here are the 3 INDIVIDUAL Bureaus:
Transunion – http://www.transunion.com/
Equifax – http://www.equifax.com
Experian – http://www.experian.com
Your credit report should be FREE.
I would NOT recommend buying credit scores from any of these bureaus. They are not the industry standard. The only true score is your FICO score which can be obtained here:
http://www.myfico.com/Default.aspx
I warn you though, FICO scores are expensive! Something like $14 for each credit bureau score. If you choose to buy your scores, try not to make a habit of it. For one, they don’t change drastically. Once a year is probably more than enough. Take it from a former “FICO checking” addict. I know! LOL!
Step 2: Check your reports for accuracies/ if there is inaccurate information, make sure to notify the bureau to make the corrections
Step 3: Understand the Statute of Limitations for the state in which you incurred your debt – this is how long a company has to sue or pursue you for a debt
Not sure? Check it here:
http://tinyurl.com/ybjgocv
“By federal law, all debts must be removed from a credit report after seven years (US Code Title 15, §1681c).”
Source: http://www.bills.com/blog/credit-reports-seven-years/?rbc=bills+ssp
Another great resource is the creditboards.com
STEP 4: Wait it out & work to establish good credit in the meantime by paying your bills on time. You can also look into “secured credit cards” which require you to put down a deposit for a year (usually) Your credit limit will match your deposit amount. After a year (usually) your money is returned to you and the card becomes UN-secured. Use it wisely! This is your chance to rebuild positive credit history and improve your score.
Paying off your old debts will NOT result in your negative history being removed. Only TIME can heal that wound. lol.
I paid the vast majority of my debts. I didn’t bother with the ones that were 6.5 year in and about to expire from my reports. I just wanted to be done with it. How you handle your business is entirely up to you. But paying off your old debts is REQUIRED before anyone will give you a loan for a home. Paying off your old debts will update them as “PAID” on your report and that may help you in other areas and financial pursuits.
Remember, none of this will change overnight. TIME is the only true cure. I got myself out of the hole I dug for myself. You’ll have to do the same for yourself.
So I have nothing left to add. If you feel that you are more of an expert, please leave information in the comments section OR create a video response. But I will not be taking or answering ANY questions about credit repair. I’ve given you several leads–you must take responsibility to educate yourself.
Duration : 0:9:59
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i want to go to …
i want to go to europe
OMG! I’m loving …
OMG! I’m loving these more and more as I watch! As a senior in college who will be graduating in five months all of this is very informative and truly inspirational. I can’t thank you enough Kimmay!
I admire the fact …
I admire the fact that you only wear a wedding band instead of a large bling’d out ($10,000+) ring. I think that’s another financial mistake many women/couples makes at the outset of marriage – getting into debt from day one (the wedding).
What was the secure …
What was the secure card that you opened? All the cards I have researched don’t have the ability to become unsecured. I found one card that I was interested in opening, but it still will not ever become unsecured.
Thank you
Thank you Thank you …
Thank you Thank you Thank you!!!
“Don’t buy what you …
“Don’t buy what you can’t afford–comfortably.” I would love to travel. How did you pay for that? I need to start saving.
I was just about to ask about student loans! I have 20k+. I am a little concerned about getting it paid off, and I don’t want it to take 15 years. And hey, I ride the bus. It helps the pockets and the environment. Just takes more time.
oops..I posted the …
oops..I posted the comments at the wrong video….the previous comments were meant for the one on your rant…
my previous comment …
my previous comment was too long..here’s part 2
Actually what is optional is having the right to choose your major because many african parents want their kids to either study business, medecine or law..if you do languages like me, people think that you are wasting your time…so this video was very eye-opening for me because we were always told that you cannot live well with only a high school degree. a bachelor’s degree is a minimum
this video is soo …
this video is soo eye opening! I love this series!
As an African woman, I was very surprised when you said that many AA discourage their children to pursue higher education. Please Kimmay I am not trying to start a debate on Africans vs Africans-Americans. so please don’t read this comment as an offense. I was very surprised because I thought that college was mandatory. I never saw it as an option. Actually what is optional is having the right to choose your major
i love your vids… …
i love your vids…. looking forward to part 4.
Man! You must be a …
Man! You must be a sagitarius. All that traveling & purples;) I could be wrong though. You’re very driven nonetheless
Thank you for this …
Thank you for this series. This information if so POWERFUL!! I have a young and upcoming sister in college and I’ve been trying to coach her on this for quite sometime. I work in Corporate America and live this everday. Do ya thang girl…..I love it!!!
Thank you so much …
Thank you so much for your fearlessness, your honesty, your innate beauty. So proud of you and excited each time you make a video. You are annointed~ may god bless and keep you, I truly appreciate all that you do!
(this is my first …
(this is my first ever youtube comment lol) but WOW… you have truly been sent from God to YouTube because when I tell you I’m in the same place that you were in before your financial redemption… girl, I’m THERE… I’m 22 and I don’t even have a full SCOPE of how bad my credit is at this time… but this series has inspired me to get my finances back on track… seriously… thank you.
I must say that …
I must say that before watching this series, I envyed you in a way because you seemed SOO perfect and everything was peachy for you. But seeing that you had the same problems I am currently experiencing helps me relate to you greatly and the fact that you escaped the horrendous debt demon that many of us fall trap too is such an inspiration. Thanks so much for these series, gives me a lot of hope that I too can get my financial life back on track!
AWESOMENESS!!!!
AWESOMENESS!!!!
WOW. Absolultely …
WOW. Absolultely love the throw back pics! And travel you did!!!! I’m sooo jealous. I have just recently starting traveling as well and it feels GREAT! Loved it, all of it!
you grew up in MD?? …
you grew up in MD??? ME TOO!!!
Your are truly a …
Your are truly a inspiration! I appreciate the information you have shared but I also like that you want us to get up and do research ourselves. I have learned a lot from this series 🙂
OMG! How is it …
OMG! How is it that you look so much like your 23 year old self? You don’t look like you’ve aged a bit! You go girl! You should be the epitamy of “Black Don’t Crack!’ Looking good and great video as always!
Well Kimmay, you’ve …
Well Kimmay, you’ve done it again. In fact, I am going to send your videos to people I know. We can all be inspired by you together! The world needs to hear your story—Perhaps you should consider writing a book.
Thanks for the info …
Thanks for the info. I’m 26, graduated from my grad program about 3 years ago, gainfully employed in a good field and own my property. However, I recently found out that my family members have taken out 3 different loans under my name without my permission and I’m fairly certain that they won’t be able to completely pay them off and can only make minimum payments. I don’t want to turn them into the authorities but I don’t want to be responsible for this debt…. what do I do?
This is sooo …
This is sooo inspiring! Despite ur set backs you learned from them and kept it moving. I can relate to this in sooo many ways because Im 22 years old, am an art student and I really want to travel . I was once very good at saving, when I graduated highschool, but Ive fallen off a little. I still have great credit, but want to get back to saving better.
Thanks for the great video!
What exactly did you do in your consulting business?
my husband has the …
my husband has the SAME mentality about cars. Both of our cars are OURS. He always says the same thing “nobody can come take them from us” I mean granted we’ve been through about 4 cars in our 5 years of marriage but each car we’ve owned only gets better!! Thanks so much for sharing. Have you ever heard of Dave Ramsey, he is an AWESOME financial advisor who is multi-millionaire who started out being bankrupt, you should check out his story if you haven’t already!
Wow your story …
Wow your story reminds me off myself! Thanks 4 sharing!