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25d ā¢Ā
š DAY 1: LET'S GET STARTED ā FOLLOW THE ROADMAP!
Welcome to the Wealth & Credit Academy community! Today is all about getting organized and taking your first steps toward stronger credit and financial freedom. Success doesn't happen overnight ā it happens by following the plan and taking action consistently. Your roadmap is designed to guide you step-by-step. Don't overthink it. Just start. šŖ š£ļø YOUR 10-STEP CREDIT & WEALTH ROADMAP (PS - Credit Repair 101 clients skip to #6) ā
1. Take the Credit & Wealth Assessment (located in the resources section in the classroom) Identify your biggest roadblocks and opportunities. ā
2. Message Coach Jake your results Send your results so we can help guide your next steps. ā
3. Check your 3 bureau reports w/ Smart Credit link below Review all three reports so you know exactly what's showing. ā
4. Highlight all negative items Mark collections, late payments, charge-offs, repos, evictions, and anything impacting your score. ā
5. Schedule your consultation (Send direct message to Jake to schedule) Let's build your game plan together. ā
6. Create your monthly budget A strong financial foundation starts with a clear budget. ā
7. Start the classroom trainings Begin learning the systems and strategies. ā
8. Add positive accounts to your credit (using classroom training) Start building stronger credit profiles. ā
9. Continue on the Financial Health classroom training Learn how to create long-term financial success. ā
10. Post your progress & results to the community Wins create momentum. Accountability creates results. š„ Today's Assignment: Complete Step 1 and Step 2, then comment DONE below once finished. New Mindset. Better Decisions. Stronger Future. š Links: Get your credit reports ($1 trail offer) (Find 3 B reports & scores - Orange button "switch to classic view") https://www.smartcredit.com/?PID=10456
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18h ā¢Ā
š Find One Extra $100 This Month
Take 10 minutes and review: - Streaming subscriptions - Fast food spending - Unused memberships - Impulse purchases Challenge yourself to free up $100 this month and put it toward: - Paying down debt - Building an emergency fund - Saving for a future goal Small changes repeated every month create massive results over time. šŖ What's one expense you could cut back on this month? š
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3d ā¢Ā
š Credit Tip of the Day
A credit card with a $0 balance can actually help your credit score. Many people pay off a credit card and then close the account, thinking it's the best move. In reality, keeping an older credit card open can help by: ā
Preserving your credit history ā
Increasing your available credit ā
Lowering your overall utilization Just make sure the card doesn't have an annual fee and use it occasionally for a small purchase to keep it active. Before closing any credit card, consider how it might affect your credit profile. Have you ever closed a card and seen your score drop afterward? Share your experience below! š
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15d ā¢Ā
Never close an old credit card just because you paid it off.
One of the biggest credit score mistakes people make is closing their oldest credit cards after becoming debt-free. While it may feel like the right move, it can actually hurt your credit profile. Here's why: ā
Older accounts help strengthen your credit history. ā
Keeping accounts open helps maintain your total available credit. ā
More available credit can help keep your utilization lower. Before closing a credit card, ask yourself: - Does it have an annual fee? - Is it your oldest account? - Will closing it significantly reduce your available credit? - In many cases, keeping the account open and using it occasionally for a small purchase can be the smarter move. Today's Action Step:Review your oldest credit card account. Is it still open and active?
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18d ā¢Ā
š Credit Tip of the Day: Your Credit Utilization Matters More Than You Think
Most people focus on making payments on time (which is important!), but many don't realize that credit utilization is the second biggest factor affecting your credit score. What is Credit Utilization? Credit utilization is the percentage of your available credit that you're currently using. Example: - Credit Card Limit: $1,000 - Current Balance: $300 - Utilization: 30% š” The lower your utilization, the better. General Guidelines: ā
Under 30% = Good ā
Under 10% = Excellent ā ļø Over 50% = Can significantly hurt your score Quick Ways to Lower Utilization: ā Pay down credit card balances before the statement closing date ā Request a credit limit increase (without increasing spending) ā Spread balances across multiple cards if possible ā Avoid closing old credit cards that have available credit Remember: You don't need to carry a balance to build credit. Paying your balances responsibly and keeping utilization low can help improve your score over time. Question for the community: What's one credit goal you're working toward right nowābuying a home, purchasing a vehicle, qualifying for a business loan, or something else? Share below! š
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