Ruth Phillips & Lester Watt

We're "Asking the Experts" about The Importance of Credit with Ruth Phillips of Cadence Bank and Lester Watt of Operation Hope on The Bev Johnson Show on WDIA Radio.

Episode Transcript

(00:00):
The hard and soul of Memphis.AM ten seventy w d I A Live
from the Reeves Law Firm Studio nineoh one, five oh four, forty
four forty four. Let us beyour voice. Be your voice dot com
Memphis probably presents The Beam Johnson Show. Let me say bade game. Let

(00:30):
me she's done damp No man theproblem. She can't help you show.
Just call your mind ship to mein the head by chilling you to just

(00:57):
keep the When I go, I'mpicking up betimes and joke because they've got
here talking. I have here everyday. Unee, I ain't to place
my bill got me mis talking.Good morning, Good morning, good morning,

(02:01):
and welcome in to w d iA The BEB Johnson Show. It
is indeed a pleasure to have youwith us once again on this Wednesday.
It's upday, y'all. July nineteenth, twenty twenty three. Enjoy this fabulous
day to day. Get ready toask. The expert is back in the

(02:23):
house. Ruth Phillips of Cadence Bankis here to share with us. Put
your ears on as always, shealways has great information for us. When
it's your turn to talk, youknow you can dial this number five three
five nine to three four two fivethree five nine to three four two.

(02:47):
If you are listening to us outsidethe Memphith area, don't where you can
call it number two nine two onefive three five nine three book two.
And if this day, this day, Wednesday, July nineteenth, twenty twenty

(03:10):
three, is your birthday. Happybirthday to each and every one of y'all
out there who may be celebrating abirthday on this day. We say God,
y'all go out and celebrate your life. You're better, You're better.

(03:30):
When we come back, we'll talkwith Ruth Philip. I'm a special guest
of hers. Next with me BevJohnson on the Bev Johnson Show only on
w d i A b Good morningand welcome back to w d i A

(05:15):
The Beth Johnson Show. It isa Wednesday, July nineteenth, twenty twenty
three. Enjoyed this fabulous day today. When I hear that jazz, Jonathan
Butler African Breathe before that joy schoolingbefore Dawn and Jeff Golob cold Duck y'all,
it takes me back to my jazzydays at wu j SU at the

(05:39):
Jackson State University. The I love. Yeah, I love that. Yeah,
that's when I meet here. Ithink I'm gonna go. I'm gonna
start playing jazz. So I don'tknow. Welcome in. I hope you
all are doing all right safe.I hope you have lights, my lights.
When our lord have nurse, Isaid, I guess it was our
area. But they went off aboutsix o'clock yesterday evening and they came back

(06:02):
on about four am this morning.So I'm tossing in turning. I don't
know. We both tossed in turnI'm sure Ruth is in here. Let
me welcome in, my my sisterfriend, Miss Ruth Phillips of Cadence Bank
is in the house. Good morning, sister, Good morning sister. No

(06:26):
lights, no lights still but I'mstill alive and we still okay. But
it's okay. We still here,We still here, we know how to
survive. Absolutely no property damage.Good, Yes, we still here.
It's still still a good day.It's a good day, s absolutely absolutely
good day. Well, once againwe are asking the expert with Miss Ruth
Phillips of Cadence Bank. And aswe continue, as we go into session,

(06:53):
Ruth and we're going to enter aspecial guest sit like he's he's an
old guest. Now he's an oldguy. Yeah, he's an old guest
in the house. Lester. Whathe is with Operation Hope Financial Well Being
Coach. We talked to good morning, good morning, good morning. How
are you? I'm good? Igot lights okay, so I'm good with

(07:15):
power was on. I was shockedwhen I got that. But yeah it's
all good. So it's good.It's good. Well, Ruth. As
we continue our session, the importanceof as we've been talking about being at
homeowner and how do you get there? Well, this session we want to
talk about the importance of credit.Absolutely. Why is that important? Sister?

(07:38):
That is one of the keys thatwe use to determine your ability to
obtain a mortgage. Okay, itis not the most important one, because
you remember the most importance that youhave what income to pay the people back?
That's right. We look at yourcredit to determine how you've paid your
current creditors or your path ask creditorsback, and to see how likely you

(08:03):
are to pay us back as alender if you decide to purchase a home
and get a mortgage with us.So credit is I would say it's number
two and getting pre qualified for homeownership. But credit is beyond just getting a
mortgage. It changes your lifestyle withimproved credit. So it is very very

(08:26):
important in the mortgage process of havingyou know, good credit. Okay,
okay, okay. So that isone of the key points of having good
credit. So how do we getfirst of all, let's start from the
beginning. Okay, how do youget credit in the first place, Well,

(08:48):
there are two credit forms. Thereare non traditional credit, and you
get that by paying your bills,your history of paying your bills. Like
good mlgns, they provide utilities forus and hopes that we will pay them
every month. That is one formof what's called non traditional credit. If

(09:11):
you decide to rent versus buy,and right off the bat you're going to
pay your landlord. We can usethat as a non traditional credit. If
you are going to get internet,a cell phone services that we use and
they trust us to repay them,or called non traditional credit. And then

(09:33):
there's credit that's traditional credit that actuallyreports to the credit bureau, and those
are come in forms of any typeof loan, a credit card, an
installment loan, student loans, carloans, lines of credits, mortgages.
All of those are something somebody haslent you in hopes that you will repay

(09:56):
them back for using their money,whether like I said, for a credit
card, a car, a studentloan, and installment. I see furniture
sometimes out there, appliances. Youknow, a long time ago, we
use layaway, so you had toleo washer and dryer at the store until
you finished paying for You put alittle something up and you pay every month.

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With credit, you're able to takeyour washer and dryer home with you
today and they trust that you're goingto make a monthly payment every month till
you pay it down to zero balanceand you actually own that. So that's
just what credit is. Um Yeah, and would I would add to it,
really credit is. It's something thatI think if it's like a second

(10:39):
resume. If you guys, rememberthere's there are certain companies that won't hire
you if your credit is bad.If you can, I'll be undating myself
and making a statement. And seehow I can remember back in the day
when I went to get insurance,the only thing they did was look at
see if I had how many ticketsI had or if I had any accidents.
Set my premium based on that.Well, now they actually pour your

(11:01):
credit and they look at that becausethat's a risk. If you have bad
credit, then that means you maynot be able to pay them. They're
going to charge you a higher premium. So everybody actually looks at your credit.
Are we okay now to talk aboutthe things that actually make up the
score? You want to wait?Right, you get in, We'll just
wait very But like you said,insurance is important. And then like sometimes
bad people will go to like adentist and they may need some work that

(11:24):
may cost them more than what they'reable to pay at that time. You
may be able to get you know, credit, a form of a credit
card at your dentist, so youcan go ahead and get the work done,
get that herd out of your mouth, get that toothfix, so when
you smile, it'll be on youknow, beyond point. So they will
have your credit rating rate based onhow you paid other people. So credit

(11:48):
is very important. Like the carinsurance employment, I mean, would you
they consider that do they consider yourcar insurance? Is credit? You?
Yes, it's non traditional. Yeah, they're gonna look at you as well.
Okay, Yeah, they'll look atthat as well, when they when
they actually set your premium rate,they'll look at that because there's a risk

(12:09):
if they pull your credit and you'vegot a low credit score, there's a
risk of you paying that premium,So they're going to charge you a higher
premium they would charge somebody. Let'ssay, if you've got a seven hundred
credit score, you're probably going toget the probably one of the better premium
sets out there. But if you'vegot a four hundred credit score, then
you know you're going to get ahigher premium just because you've got a risk

(12:30):
you may not pay them back.Also, bev on the insurance Sometimes they're
looking at the soft pull of thecredit to see if you have any other
insurance companies that you haven't paid,because if you don't pay your premium,
it could end up as a collectionaccount on your credit report. And so
if I'm going on to another insurancecompany and they pull the soft pull and
I've got already a collection, somost likely sometimes you can have a collection

(12:52):
and have a really fair score,but they're going to look at the credit
and say, oh, no,you didn't pay these folks. Now,
what makes me think you're gonna payus back? So that could actually affect
my premium there as well. Socredit is really coming into affect almost every
our day to day life. Imean, just think about it. If
you are a in the mortgage financialindustry, would you want to work with

(13:16):
me if I didn't have strong credit, if I didn't take care of my
own business, And most likely thecompany wouldn't hire you either if you don't
have strong credit as well, becausethey do look at your credit like more
than just fine. I mean,especially in the financial world, they look
at your credit to see what yourcredit score is like even even going to
rent an apartment. If you goand want to rent an apartment, in

(13:37):
most cases, they're gonna pour yourcredit and they're gonna look. Now,
some apartment companies, they'll say,just so they don't have any evictions on
there, they'll go heaven. Ifyou got a lower score, they'll go
ahead and let you rent from justso there are now evictions out there,
but a lot of them. Ifyou got bad credit, they will say,
okay, well, you know wecan't get your app proof because you're
not paying your bills. And ifwe take you but get yourself up in

(14:00):
this apartment, chances are you're notgoing to pay us as well. So
even apartment builders are looking at yourcredit as well in a lot of cases
now and then with the apartments aswell. Sometimes, you know, Lester,
I've seen them where they have topay upfront a deposit right the first
and last month rent because their creditis not strong, or they may have

(14:20):
an eviction out there that's unpaid.So it does cost the consumer more when
your credit is not I will saygood, I'll say good to great.
It does cost them a lot morefor their everyday needs MLGNW. You know,
I didn't realize Ruth and Lester thatyou know, when you talked about

(14:43):
I was thinking about car insurance,that they insurance. They look at all
kinds of insurance. I didn't knowthey considered that. Oh yeah, so
that that is good information for ourlisteners to know. Yeah, they look
if you're paying your insurance, absolutelythey're gonna look at They're gonna get it
and set your premiums based on it. If you've got good credit. I
know we're going to talk about theranges, we'll talk about that a little

(15:05):
later. But if you've got goodcredit, they'll go and they've got a
range meter they's okay, if youfall within this strange of that range,
then this is the premium you're gonnapay. And they got it set across
the board in a lot of cases. So yeah, yeah, even service
providers do MLGMW. If you're goingto get sure Internet, they're kind to
look too. If you get readyto go get a cell phone with a

(15:28):
cell phone company, they're gonna lookat your credit as well. That's why
sometimes people have to put it downpayment with a cell phone company in order
to get a phone in the serviceas well. So it's it's important.
It's very important that your credit scoreis good, and that's your credit history
is good as well, and usagebecause that usage will affect your score.

(15:50):
Because sometimes people will get lots lotsof credit and then they'll wonder why their
credit score is not real strong.It's because they're overusing it. They're not
being good store and you know monitoring, they're just running everything up to the
max, which affects it. Okay, So we know what credit is and
so why is it important? Sothe next thing that we need to know

(16:12):
about credit? What come? Idon't know if we need to know is
the score first important or what scorescore. In most cases, it's going
to be the score. That's gonnabe the first thing that they look at
is the score, and then they'lltake because the score is going to be
like the on a credit report whenyou look at it, you've got your

(16:33):
personal information. Then there's going tobe your score, and then you've got
all of the actual bills that youhave that are listed there, so that
that score is going to be likenumber one thing that they'll be looking at
is make sure you've got that scoreand what ranges it? So their ranges
so credit the credit score is rangefrom three hundred to eight fifty. So
in eight fifty is the highest scorethat you can actually get. My whenever

(16:56):
clients come to me at Operation Hope, my goal is to get them in
the seven hundreds. Why is that? So that's that's what's considered an excellent
credit score. So if you ifI can get you on the three credit
bureaus, Equifax, Experience, andTransUnion, if I can get you in
the seven hundreds for all three ofthem, you're gonna go and you're gonna

(17:17):
get the best interest rate when yougo to apply for a loan with Ruth
or for a mortgage you're gonna getthe best interest rate. Now that's not
the best, that's not the highestscore. She can do loans with lower
scores. She'll tell you about that. But you're get that person that has
that seven hundred credit score is goingto get the best interest rate with that
seven hundred if it's across the board, because what they'll do is they'll pull

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what's called a tri merge. They'llpull all three of the bureaus, Equifax,
Experience and TransUnion, and they willuse the middle score so to set
your rate. So let's say ifEquifax is a seven hundred, Experience is
a seventeen, in TransUnion is aseven fifty, then they're gonna use that
seventeen in the middle of the ofthe three scores to send your ring.

(18:04):
And for those listeners that are outthere that are married, uh, that
are gonna go and buy a housetogether, they're gonna take the lore of
the two. So if you goand you're gonna go buy a house together
as a married couple, they're gonnatake the lord of the two. So
it's it's really good that both bothcouples have good credit, because they're going
to take the lord of the twoscores and setting those rates. M yep,

(18:27):
I didn't know that. For amarried couple putting it, putting him
together, putting them together, they'regonna traditionally will take the lore of the
two of the two of the two, because the wife may have a say,
say Lester, the wife has ascore of seven, seven, fifteen

(18:48):
or something, and then the husbandmay have a five. H So they're
gonna look at So they're gonna gointo where they're gonna look. They're gonna
look at his score, and thenthey'll set the rate based on his school
or yeah, on the law ofthe two, on the lord of the
two. So that's why it's soimportant. I have clients all often quite
often they'll come to me and onehas a lower score uh in the other

(19:11):
and the other one is solid readyyeah, yeah, and I will just
work with the one that has alower score and may take us a little
bit of time to get a scoreup so that he can get go ahead
and get approved, they can getapproved and get the best rate. That
sounds crazy, it looks like youwould take the higher score. Yeah,
but see there's a risk. Sothere's a reason. That's the risk.

(19:33):
There's a reason that he's got alower score, right, Right, in
most cases like that, he hadn'tbeen paying his bill and if he's they're
using him on that loan. Okay, so he hasn't been responsible to pay
his bills. So they're gonna they'regonna take kiss his score because they want
they want to put in that risk. They're not gonna the reason that they
use they're gonna use him. It'sgoing to be the same reason that they

(19:56):
use the middles of the three crathe bureau scores. So I remember I
told you Equifax, Experience and TransUnion. If they use the higher score,
right, then it's going to benefitthe buyer because you know, let's say
if the higher score was in theseven hundreds and the lower score was in
the fives, and the middle scorewas in the six if they gave they

(20:18):
used the seven hundred score, thenit's gonna actually benefit that it'll benefit the
buyer. If they use the lowerscore, it's going to benefit the lender
because you're using using the lower scoreand you can set a higher interest rate.
So what's fair as we use theone that's in the middle. So
that's that's the reason why. Seethat's why I like, all that makes
sense because I'm thinking, like,wait a minute, now, what I

(20:38):
wasn't thinking that he hasn't been payingit's bill? Oh yeah, oh yeah,
that's okay, that is correct.That's exactly how the mortgage goes.
A lot of times people want youto use their highest score, right,
but that's not We want to lookand see. We put them in numerical
order and choose the number in themiddle. And like he said, when
it's a spouse, whichever one hasthe middle score, we put both of

(21:03):
them in a miracle order and wepick the lowest of the middle one.
So you all are not going toRuth look at that high score. Even
though that client may say, well, can't you use this? You can't
do it. What I would dois try to see if I could remove
the husband so the wild get abetter rate. That happens a lot if

(21:26):
she can stand alone by herself.But if she can't stand alone and they're
not in a rush, I usuallyI most definitely will send them to Operation
Hope so we can get the husbandup. Okay, But if they say,
Ruth, no, we are ready, we're moving forward, we'll just
have to refinance down the road,we move on forward and refin down the
road. Okay, very good.We're starting off good. We're starting off

(21:48):
good. We are talking this day, we're giving you keys to become a
homeowner. This session, we aretalking about the importance of credit today with
me Ruth Phillips of Cadence Bank,also mister Lester Watt, who is the
Financial well Being Coach of Operation Hope. If you have a question or two

(22:11):
for our guests about credit and anyother question about finance and getting at home,
they are here to help you.Nine zero one five three five nine
three four two nine zero one fivethree five nine three four two will get
you in to us. You're listeningto the Bev Johnson Show on w d

(22:37):
i A. You're listening to theBev Johnson Show celebrating thirty six years of
good times and goodwill on w dIA the Heart and Soul of Memphis.

(23:03):
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Listeners. From all over the world. We couldn't have done it without you.
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(23:26):
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(24:11):
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(24:37):
settling day. We are asking theexperts today Ruth Phillips is in the house

(25:03):
Leicester. Watt Lady and gentlemen,we are going to our phone lines to
talk to our listeners. W DI a shoddy dog. Stewart, how
are you breast batter bess doing fairfor old square? All right? I
like that, brother. You havea question for our guests, Yes,
ma'am, I recently try to getalan right and uh my my credit reference

(25:30):
my credit score is uh six fiftyright, and I would denied alone,
asked one. I said, yeah, well he didn't ask you, miss
Stewart. I say, I say, well, you know my credit is
six fifty with up. How farback do you go? He said?
We had some great papers, somesome late payments sometime are going I say,

(25:56):
I'm sending to years old and Igo back to the seventies, you
know, and uh, it's beensometimes over the life time that you know,
you have some hard times or whatever, fat baby russe back in the
eighties, most fire problem. Ifyou want saying at home and left my
wife would my wife would a seventhhome. And I don't know she got

(26:18):
behind them some some payments or whatever, but it was in my name and
her name, you know how togo and uh, just recently I tried
to get along and like I said, my credit score is almost seven hundred,
and they denied me, you know, and I felt, I felt,
like, you know that that Iwas discriminated because of my age,

(26:41):
right, Oh no. And Iwas telling my I was telling my my,
my woman I went today, Isaid, well, I guess I
might have to try to move intoseeing system um minute housing at Timber does
something because it looked like I'm gettingdenied because of my age. What kind
of loan was it with, misterstut what kind of what type of loan?

(27:02):
Were you trying to get? Afinancial home? So was it a
mortgage or was it like a shortterm bank loan? It was a financial
company loan. So what I'm sayingfrom a finance company? Okay, Yeah,
So so there there are several reasonswhy it could have happened. I

(27:23):
certainly don't think it was because ofdiscrimination, because that's actually against the law,
but it could be. It couldbe several reasons. You could have
you know, you could have youcould have had loans in the past in
that same industry. A lot ofcompanies that, let's say, if you
had a finance company. Uh,it could have been with that. If
it was with that company, thenthey're going to automatically turn you down.

(27:44):
So let's say if you had acredit card or or or financial loan from
a particular company and you didn't payit, they will turn you down or
automatically turn you down in those cases. How far back do they go?
Man? You So, anything that'son your credit report will stay on there
for a minimum of seven years,right, and it'll be reporting even after

(28:07):
you've paid it off. To beall that'll stay on there for a minimum
of seven years. But depending uponhow deep your credit file is, if
it goes back into the seventies,then you're gonna have some old stuff that
will actually be on there. RightYeah, okay, yeah, so but
but but but if I tell youwhat you can do, though, you
can at the end of the show, I'm gonna give you I'm gonna give

(28:29):
everyone my name and my number andyou can call me. I can you
know, we're a nonprofit. OperationHope is a nonprofit, and I'll be
able to pull your credit. I'llbe able to pull your credit do what's
called a soft pull, so itwon't have a negative effect on your on
your score, and I can lookat it and basically tell you the things
that you need to do so thatwe can uh you know, turn those
turndowns into approval. So just staystay tuned. At the end of the

(28:52):
show, I'll give you my nameand my number and you give me a
call and we can take a lookat and see what we can do to
help you out. You go towork, my brother, Okay, all
right, thank you, brother,thank you? All right. W D
I a prince of the Joe.You give me every time, every single

(29:12):
time. How are you doing?Love, I'm doing well today. How
are you, Prince? I'm onthe top chelf and uh miss Phillips and
mister what yes, how you guysdoing what we do about yourself? I'm
on the top chelf. I'm doinggreat. Thank you for asking any Good
morning to your college and listeners,Beth, to your guests on the show.

(29:33):
I consider myself to have a decentcredit I'm not gonna I'm about seven
hundreds now. In fact, I'mwaiting. I'm way down a lot.
I need to ask the question whenyou're looking at your credit score, you're
going to all three or all fourcredit reference as far as the Big four,
why do they all have different seckFor example, I might have an

(29:56):
A twelve on one, I mighthave a seven any on the other,
and maybe I'd say Crenson on theother. I'm say all supposed to reports
the thing. Are they vote forall reporting the same exact thing when it
comes to your credit support? Yeah, so that's the reason why you're going
to have the different score with eachKeep this in mind, prints that companies

(30:19):
have to pay the credit bureaus toreport your information, right, So that's
not free. They have to paythe bureaus. Some of the companies will
will only pay for one. They'renot going to pay all three Equifax,
Experience and TRANSU they're not going topay all three of them, so they'll
only pay one. So that's onereason why you could have a different score
because some of the companies is notreporting all of them. And then another

(30:41):
reason why it could happen is withyour lenders. There are different versions of
the FIKE scoring system. FI standsfor for ISAAC company that's the company that
actually generates and put those scores outthere. There are different versions that are
out there. There's FIKEO version oneone all the way up to Fightco Scoring

(31:02):
ten, which is the current systemthat's actually out, the most recent system
that's outs Fightco Scoring System ten.The reason if one creditor is using FCO
Scoring System four and the Netherland's usingFightco Scoring System eight, the information on
each on both of those bureaus isgoing to be the same, but the
mathematical calculations used to come up withthose scores are going to be different because

(31:26):
there are different versions of FIKO.So there's there's, there's there, there
are the primary reasons why you'd havedifferent scores. Which one would which one
would I'll primarily be focused on thehighest or the high, or the lowers
or the low. So there's thosethree. So what would be the actual
score I need to be concerned with? Would it be the eight turns through

(31:48):
the h twelve or the seven ladies? You're good, you're get? So
what what you if you were tocall it, if you called me Prince
Chawl, we could look at wecould look at your score and I could
tell you how to what to doto bring to bring them up. So
you're gonna be if you want,if you want everything into the eight hundreds,
then we can look at it andthen see what problems why this one,

(32:09):
why you've got this seven ninety,and see what we can do to
kind of get that one up.So I can actually look at the credit
reports and then tell you what youneed to do. Why that one's a
seven hundred, why it's not ineight hundred. I have I have clients
that are actually their goal is justto get into the eight hundreds. They
want to be in the eight hundredclub. And then most of them are
telling them, you get in theseven hundred, you're gonna get the best

(32:30):
rate. If it's seven hundred oreight hundred, you're still going to get
the best rate. If you've gotif you're all three of your bureaus or
in the seven hundreds, you're gonnaget the best rate. But if you
want to work and focus on gettingall of them in the eight hundred,
just because that's what you want,I can help you to get there.
Okay, one last question, pleasesure? Okay, say, for example,

(32:52):
your credit was here about all threenetworks. I was told at the
end of fourteen days and all goesinto one pound? Is that right?
That word that writes say that onemore time? Okay, say for example,
my credit was poor. All threenetworks have a good company and what

(33:15):
that all in fourteen to seventeen dayswe talked about as one Oh I got
you. You're talking about inquiries,right, yes, okay, okay,
So inquiries. So if you're goingto buy mortgage loan, right, and
if you have your credit report pulledby three different lenders in a thirty day

(33:36):
period, in a month, inone month, a thirty day period,
then that only counts as one inquiry. However, if you're going to,
uh, I don't know, goorder to get a credit card from Capital
One, let's just say that's gonnacount as an inquiry. And if you
go a week later and go getanother one from a from Cadence, right,
that's gonna be an inquiry. Soif it's for a mortgage loan,

(34:00):
then you've got a thirty day windowyou no matter how many times you get
it pulled, it's only going tocount as one inquiry. But if you're
going and just doing some general buying, if you go to a car lot,
all those inquiries you're going to goon there. So that's why it's
really important when you go to acard to a car lot to buy a
car, you tell them listen,I only want you to run this through
your a lender. I know whatmy credit score is. Don't go running

(34:22):
it through five or six different creditors. And I did that. I said,
just four from two. That's allyou have to do. And everything.
Well, but I'm just saying thatwhen they pull, every time they
pour from your from your credit score, say for example, like a twelve,
it goes down. Every downy poorif another lender, poor brother,

(34:43):
it's going to go down. Absolutely. That's what I can't understand. Why
do they always have to go down? It seemed like it would see them
go up or it remain the sameif they see you've got a decent credit
score, that's what's called that's what'scalled a hard pull. And so anytime
you go and you apply for credit, right if you're applying for credit,
that's going to be a hard pool. That's and that's gonna that's gonna drop

(35:06):
your score. It's gonna negative effectthe score because you're out shopping trying to
buy something. So that's why Itell you, when you ever you go,
you just want to make sure youdon't have a bunch of people out
pulling your credit. It's always goingto be anytime a creditor. Now,
I'll tell you this much with ifonce you have an account, let's say,
for example, a credit card,Once you have an account, your
creditor is going to do what's calleda soft pore every year just to make

(35:29):
sure that you're still good and thatyou deserve that that that that that credit
limit that you have. That's what'sall a soft pool because they're just checking
to make sure that you're good.But anytime you call them and ask them
for an increased in a credit limit, that's a hard pool because you requested
it. So you got to reallyjust be careful of the people that you're
allowing to pour your credit and howoften you're having that done. Can you

(35:52):
build that dot up quickly? No? No, no, no no no.
So keep this in mind. Anyinquiry that's on your credit report is
going to stay on there for aminimum of two years. It's going to
have a negative effect for one fullyear. Okay, well, thank you,
I really appreciate it. Very good. Thank you very much. Thank

(36:13):
you have a beautiful blo. Thankyou. I appreciate that you guys have
a beautiful blastom place an empty day, take care of Thank you all right,
bye bye? That was good questionsfrom from from Prince because I didn't
know. Seem I've learned something everyday. I love that I didn't know.

(36:36):
Lester. When you go like,if you're going to buy a car,
you can tell them, Look,don't be I didn't know that.
Absolutely you can tell you how manypeople knew that that you can tell us,
So don't be pulling all these skulls. Yeah you can, you can.
You can actually clarify because keep thisin mind. Okay, that card
dealer wants to get a sale,so they've got their A lender, they're

(37:00):
B lenders, they're C lenders,they're D lenders. They may have four
or five different lenders that are onthere. So the A lenders are gonna
be like their big banks that areyou really want the great credit, Uh,
then you're gonna have your B lenderskind of in between the middle credit,
and then you've got your C andD lenders that they may get your
approve with a five hundred credit scoreright right, but that interest rate is

(37:22):
going to be three or four timeshigher than that A credit. So unless
you tell them they're gonna first,they're gonna take you through your A lenders,
So that's gonna be an inquiry,right, and that lender is gonna
turn you down. Then they're gonnago to B and that lenders is gonna
turn you down. Now, Cand D may get your approved, but
your interest rate is gonna be throughthe roof. But those inquiries have already

(37:44):
happened and it's dropping your score eachtime. So that's wow. Oh yeah,
absolutely, because they want it goodtoday. Yeah, they don't want
you to walk out of there.They yeah, they want they want to
sell a car. They want tosell a car. They want to sell
a car, and it doesn't call. And the way that they do it,
they'll take it to their finest apartmentand the only thing they'll look is
they ask you how much do youhow much of a cardinal can you are?

(38:04):
For? Right? And that's allwe that's all we think about,
is how much exactly? You tellthem it's four hundred and fifty dollars,
right, instead of doing it onthirty six or forty eight months, because
of that interest rate that you got, they might have to take it out
to seventy two months. And you'renot even thinking about that, right,
you're just thinking, Okay, ohI got I got the payment that I
can afford, and I'm good.You're not even thinking about the seventy two

(38:27):
months and the interest over that seventytwo month time period that you're going to
be stuck with pain. So yeah, so you got to really be careful
when you're when you're going out andhaving folks pulled at credit and trying to
buy things. This is such goodinformation. I'm learning some things. If
you've tuned in, we are talkingabout credit, the importance of credit,
especially when you want to become ahomeowner. Ruth Phillips is here from Cadence

(38:52):
Bank, and mister Lester Watt fromOperation Hope is here. You have a
question or two about credit or somethingelse, we'll have you to call five
three five nine three four two fivethree five nine three four two. You're
listening to the Bev Johnson Show.I'm BEV on w d i A.

(39:28):
We're asking the experts on the BevJohnson Show. Only on w d i
A. Who's been jamming with wd i A. This is Who's man?

(40:22):
Gerard raby a co recording artists,name my Personal Thing, Members of
w d A Wild so many,but I love my job. Blues competition
back in day gave us an opportunityto show our talents back in the day
before became recording artists and old Lordthe w D A G game tour back
in the day. Man, Ilove my blues, I loved f d
I and you were forever b ourBlue Wheel Good Time Station AM ten seven

(40:47):
w d I celebrating seventy five yearsof black radio with a hundred soul of
mephist ten seventy w D I ashit by telling you to just keep pegging

(41:13):
up show. Because we're talking creditthis day, the importance of credit.
It is important that you have goodcredit. Ruth Phillips is here from Cadence
Bank and Lester Watt from Operation Hope. And as we continue to talk about

(41:36):
credit and Prince Charles, you asksome great questions. Here's the question I
want to know is what is thecredit scoring? How is it calculated?
How is that credit score calculated?Sure, so, there are five items
that make up your credit score.Uh, thirty five percent of your credit

(41:57):
score comes from your payment history.That's number one. That's the biggest piece
of the puzzle. And so simplyput, if you pay your bills on
time, thirty five percent of yourcredit score is positively affected, so it's
very important to pay your bills ontime. Thirty percent of your credit score
comes from how you use revolving debt, So keeping that balance to limit ratio

(42:20):
on your revolving debt below thirty percentthat negatively affected score. So for example,
if you've got a credit card anda limit on it a thousand dollars,
even if you pay it on time, if you go over three hundred
dollars or thirty percent on that card, it's going to drop your score.
Fight Goal scoring system has a mechanismbuilt in it that says you're basically spending

(42:42):
money that you don't have because you'reconstantly carrying that debt each month. That's
thirty percent of your score. Sothe reason I'm so confident that I can
get most people into the seven hundredsif they just do the things that we
talk about. If I can getyou to pay your bills on time,
that's thirty five percent of your score, and get you to teach you how
to properly use credit card debt,that's thirty percent of your score. Getting
you to do those two things that'ssixty five percent of your credit score,

(43:06):
so we're over halfway there. Thereare three other things that actually make up
your score. We talked earlier aboutinquiries and importance of not having in cards
pool. That's ten percent of yourcredit score. So you really want to
be careful. And I have alot of people putting your score because that's
ten percent of your score. Andthen fifteen percent of your credit score comes
from your length of credit history.You really want to Oftentimes folks will come

(43:30):
to me and they'll say, Oh, I've got turned down for a mortgage
loan, and my lender told methat I was my debt to income ratio
was too high, so I needto close down some of these credit cards
that I got. That's the worstthing you can do when you're trying to
build your credit is start closing thingsdown. It is one hundred percent okay

(43:51):
to pay the balance down to zero, but do not close them down.
If you close it out, it'swhen you close it out, it's immediately
going to wipe out that credit historynegative effect again fifteen percent of your score,
So you really don't want to losethat credit. So let's say if
you've had that serious card for twentyyears, you've always paid it on time.
The minute that you close it down, it wipes out that twenty year

(44:13):
history and it's lost. So youdon't want to pay it all. I
mean, you want to pay thevince down to zero, but do not
close it down and then the lastten percent. It's just a count diversity.
It's just having a good mixture ofrevolving debt, which is credit card
debt and installment debt, which islike your house note or your card note,
fixed rate, fixed term, fixedmonthly payment. Just having a good

(44:37):
mix between the two. So sogo back Lester, when you're saying you've
had a credit card for years,and like you had the Seers and you
paid it on time, you don'towe them anything. So you're saying to
keep it open even if you maynot use it. Yeah, even if
it well, let's say they'll putit to you this way, if you

(44:57):
if you you can close it.The minute that you close it down,
history goes drops your score the minuteyou close it, dough, because it's
the thing, I have a creditcard I have never used okay, never
using it never ever, So it'snot negative affecting the score at all okay,
not positive, not positively affecting iteither. If you've never used it,
I've never used it, not negativenor positively affecting the score. But

(45:19):
once I use it, once youuse it, now you're getting a history.
Because you're gonna start making those payments, you get that payment history that
goes so when you so whenever Ilook at a credit report, there's when
I see a series of one,there's a monthly tracker on there. So
one month, there's a one,one one one that means that you're paying
on time. Anytime I see aone by each month, that means you're

(45:42):
paying on time. When I seea two, If there's a one one
two, that means that two thatmeans you are thirty days late. When
I see a three, three meansthat you're sixty days late. And those
as those numbers go up, thosemany months that you're actually late. So
when you're gonna look at your creditreport, you want to make sure you
see a series reason one that meansyou paid on time, and that history

(46:04):
is what one of the things thathelps to build your score. But the
minute that you close it down andsay, okay, I don't want this
card anyone I'm closing it down.The history is wiped out like it didn't
exist. So that credit that historythey remember, it's fifteen percent. Your
score comes from your payment history.But if you have no history there,
if you wipe it out, nowit's gone, so it drops the score.

(46:27):
Wow yep. So look for thosethe hot the ones that means that
you've been pay you've been paying ontime, you're good. If you get
to it three or four, thatmeans you're thirty days late, sixty days
late. Things things happen, soyeah, you have yep, so called
life it is. I did wantto point out right here though, Leicester,

(46:49):
that when people are thirty days lateon their credit card, they're actually
sixty days because the credit bar rolleddown. Oh yeah, because they'll give
you one thirty day. They'll sendyou a bill say it's due for July.
Yeah, and then you don't payyour payment in July, they'll send
you one for August that was duefor July and August. So if you
don't pay that one and they sendyou one in September, see you miss

(47:13):
July and August, and then youpay September, that's when they report you
thirty days late. So you actuallyyou get some grace in there before they
hit your credit report. So itis not wise for and and as you
as you said earlier, life happens. Things happens. So you know people
will say this all the time,Ruth and Phillips. Well, okay,

(47:35):
I gotta do this, so I'mnot gonna pay them this month. I'll
wait till the next month. AndPam and double up. Is that a
good thing to double up a noteon a credit card, yeah, you'll
be okay. But on a card, yes, But on a car note
and installment loan, anything that hasa true note. A credit card is

(47:58):
revolving because remember, if you don'tdon't use it, you don't pay.
But any other form of credit thathas a beginning date and an ending date,
and you miss a payment, thatone payment and you roll over to
the next calendar month, you willbe reported thirty days late. So life
happens. Yes, But things thathave a beginning and an endinge date do

(48:22):
not. Let the try to takecare of that first period. And then
sometimes if you can call the financialinstitution, and especially like on car loans,
installment loans, things of that nature, and say hey I need I'm
having some bumps in the road.Can we move a payment back and they
may be able to move it backa mortgage, No, that mortgage payment

(48:43):
is a due every month. That'sa good point because I've seen on credit
cards that less that they'll ask youyou want to change your payment date?
Will that affect you at all?If you do that, that's a good
thing. I have clients, okaytime that come in and they've got their
car note and their rent do onthe same paycheck, right, So I

(49:06):
simply tell them, as if weget their budget together, listen, we
need to switch one of these up. Okay, put this one on the
put the car note on the secondcheck, and then put the rent on
the first check, so that they'retwo not there, because what they're having
is they've got one check where they'vegot quite a bit of money because they
don't have the rent or the carnote do because they've paid it on the

(49:27):
first check. But they're struggling untilthat next paycheck comes. So we try
to give them a little bit ofrelief. And most of your lenders,
they'll they'll give you like you.They'll go anywhere from ten to fifteen days
changing over a period. So let'ssay, if your due date is on
the fifteenth for that for that carnote, and you need to move it
like to the twenty fifth, they'llgive you. They'll make that move for

(49:50):
you. But you've got to alot of people just are afraid to call
you ask because the lenders they wantyou to pay and they want you to
be on time. You just gotto call an ask and and most of
the time don't work with you.All right, going to our phone lines
to talk with you. Thank youfor waiting. Listeners, Hi caller,
Hi, my beautiful bess. Howare you today? I'm doing well today.

(50:13):
How are you? I'm doing fine? This is sweet Pea, Hey,
sweet pea. Okay. I wasjust wanting to say, what high
to your gifts? I wanted toask a question as well. Okay,
okay. I had a Chase MasterCardand I paid it in full and thirty

(50:37):
days later they closed my account.So I wanted to know why would they
do that without even letting me know? And is that usual? Is that
a usual circumstance? If you paidthe credit card off, they'll close it
if you don't charge anything within thirtydays. A couple a couple of reasons

(51:00):
why that could happen. Number one, when they do a soft pool,
they could look and see if you'vegot other credit card debt that's out there
that you're using a lot of.And if they see that, they'll they
can a lot of times, theywon't just close it, they'll just go
through and reduce your limit. Letssee, if your limit was a thousand
dollars, if they see you usinga lot of credit card debt, they'll

(51:21):
drop that limit. But just likeyou have the right to close that card
down, they have the right toclose it down as well. Yeah,
and then so you really and inyour usage as well, if you wait.
Most of your banks or lenders havea twelve months cycle that's computer generated.
If they go through and if youhaven't used that card in twelve months,

(51:43):
or if you let that twelve monthsoverlap and you haven't used it,
then they'll they'll shut it down fornon usage. So if you don't use
a card often, if you letthat period go oh past that date,
then they'll go ahead and shut itdown for non usage. So you got
to make sure you're using them atleast at least once a year so that
they never get on that radar fornine uses okay, because and I asked

(52:07):
that question because I have another creditcard which I pay off. You know,
if I charged a certain amount,I'll pay it off the following month
because I like zero balances. It'sjust I guess, I'm just you know.
But and I hadn't charged anything onthat card in like thirty days,

(52:28):
so that they left that one open, but they closed the Chase card.
So I was like, oh,okay, so maybe I shouldn't have paid
it off in full and then notin probably, or maybe I should have
charged something else before those thirty dayswere up. So yeah, I was
just wondering how that works. Yeah, chances are that you were on the

(52:49):
radar if you missed, if youmissed using it within that twelve month period,
you probably are already on the radarto get it shut down. And
once you did it and used itand paid it off and may have been
they may have done it there andgo ahead. Okay, Okay, I
was I'm sorry. Yeah, Iwas just gonna ask, and does it
didn't affect my credit score? Idon't know if it was because it was

(53:10):
zero balance on it or right.Yeah, So so keep this in mind
anything that goes on your credit report. Anything you do on your credit report,
when you make a payment, thecredit bureaus run thirty days behind whatever
it is that you do. Sotoday is is July nineteenth. If you
made a payment on a car ona card right now today, it won't

(53:32):
show up on your credit report untilAugust n eighteen, like thirty days later.
So it's not going to happen rightaway, but it will help,
it will have effect on but itwon't happen. It won't happen right okay,
at least thirty days okay, allright, all right, Well,
thank you so much for answering myquestion, and I do understand. Next

(53:52):
time I'll just try to keep thebalance open instead of paying it all all
right, sweeping, yeah, thankyou from you. Stay safe, Thank
you, thank you so much fortaking my call. You all have a
great game YouTube. Wud I ahigh caller And what's going on? Queen
Cougar? What's up? Key?Ain't too much? You got a good

(54:15):
topic guard on the day. Thankyou. I had a couple, of
course, the lady who was talkingabout your credit card. You know,
when I first moved here twenty someyears ago, my career was like three
hundred and something. So I wentand got a fingerhood and a target and
it started building up and they closedboth from down, which I didn't care
anyway because I was just usually tobuild up. But my question is,

(54:37):
is it okay, would it helpyour credit more if you pay more than
the minimum every month? It's it'sno, it's not going to affect you
your score. It's again the paymenthistory what actually affects your score. And
then keeping that balance to limit ratiobelow thirty percent. Those are the two
things that affect your actually affect yourcredit score. But make more than the

(55:00):
minimum payment. It's not going tonegatively or positively affect your score at all.
Okay, okay, because that's that'swhat I do anyway. I always
play more than the animal. Yeah, that's just because I want to pay
it all. Okay. With allthe other things that trust childs as they
were good, good things because Ididn't know how they mon into the credit
anyway. And when you said somethingabout get the a loan, you know,
I've never done that either. ButI don't need a new car no

(55:22):
way. But anyway, that's whatI do next time. And that's the
same thing and getting a regular personalloan as well. Correct, Can you
do that with a personal loan?Just with a deal? Absolutely? Absolutely.
Again, most lenders, you know, they're gonna have one or two
or three or four agencies that areout there that are pulling the credit.
Now, if you're going to abank, the bank is going to be
writing their own notes and they're gonnabe having their own underwriters to do it.

(55:43):
It's just mainly your card dealers.And then if it's a finance company
that you're going out to get apersonal loan, then it's just that finance
company that's in most cases that aredoing it. Okay, thanks so very
much, and y'all keep doing todoing a lot of people need to be
listening to this right now. Thankyou so much, King Harry, Thank

(56:05):
you, Bye bye bye w DI a hi caller? Hey Bill,
how are you? I'm doing fine? Jule? How are you? I'm
fine? How are you doing?What's their name? Miss Ruth Phillips?
And Lester? Hey? Hey,how y'all doing well? Doing well?

(56:27):
All right? That's why I call. I also have a credit card too,
but I have a Sam's credit card, but they had to send me
another them called me fyre you butI still had the same amount of money
on that account, and will itstill affect me if I don't use it,
because in a way I'm still usebut not right now. Okay,
just just just don't go dances alittle differ. They're a little different because

(56:52):
that you got a membership extra thereto the you're good, that's gonna be
a little different than your regular creditcards. Yeah, they're so you'll be
okay, juwel yes, she'll befine. All right. I just wanted
to make sure all right, Andthank you, Jue. You welcome,
Thanks for calling. Bye bye,You're welcome. Bye bye. Three five

(57:15):
nine three two one eight hundred fivezero three nine three four two high caller,
Hey, misstair of how are youdoing? I'm doing well in yourself.
I'm doing fine on today. Okay, good, what's your question for
our guest? Okay, I've beenlistening to the show. I'm just gonna
throw something out. Yes, say, I walk in a store, I

(57:36):
bou scratch off and I hit fortwenty thousand, but I'm fifteen thousand and
debt, so I cash it out. I pay all my debts off,
credit card call on everything. I'meliminating my debt. I even got a
little bit to put in the bank, so I decided to buy a house.
Now, how would that really affectme? Because conra sound like as

(57:57):
you paying stuff off, which mostpeople want to do because they're trying to
eliminate debt, it sounds like itcounts against you because you don't long to
have any activity. No no,no, no, not at all,
not at all, that's gonna be. That's just only gonna be more house
for you to get approof for So, let's say if you eliminated a bunch
of credit card debt, if youpaid off your car note, that's going

(58:17):
to affect your debt to income ratio. So by that's if you've got a
three or four hundred dollar car note, then that when you pay it off,
that's not going to count against yourdebt to income ratios. So that's
gonna be more house that you canafford based on your income because you don't
have the other thing at the debt. So it's definitely going to help you.
So we weren't. We weren't sayingdon't pay it off. I say,

(58:38):
if you're trying to build your score, don't close it down. So
it's different between thing to bounce downto zero than closing it down. Don't
close it down, but it's aokay to pay it down to zero.
So no, it's not gonna hurtyou at all. It's gonna be a
that's gonna be a good thing foryou. Okay, So that would be
a good thing. That's okay,absolutely absolutely, Now that market side,

(59:00):
I want you to save that receivewhere you won that twenty thousand dollars so
we can source your ability to payoff the debt and have the large deposits.
So make sure you save that,okay. But right, it does
help your debt to income ratio asyou eliminate debt, not close credit,

(59:22):
but eliminate the debtliminate. Okay,I got the difference between the two.
Now. I was just wondering becauseI was just listening and I heard some
people saying they was paying off withno you know, zero balance. You
know, the lady was saying abouther credit cards and stuff, and so
when you were saying, you know, as you pay those off, you
know you no longer have that credit, you know. So that's why I

(59:42):
was trying to figure out, Okay, how does this thing actually work?
Because it's very it's very interesting becausea lot of people don't know, they
don't know where they get the rightresources. And this is very helpful.
O. Good, Yeah, yougot very very helpful, very helpful,
very helpful. Appreciate you all verymuch. Thank you call, Thank you
for thanking. Bye all right,bye bye w d I a hey caller,

(01:00:07):
No, Jonathan, he's dealing withmoney. I want to talk about
I know y'all talking about that.It too, But they said on the
car, the government's supposed to bedoing something with the dollar bill or bringing
it back up. Unforgetful, I'mforgetful. We're talking credit now, we're
talking cred. That's what I'm talkingabout. Okay, so what so what
are you? What are you askingabout the dollar bill and the credit?

(01:00:31):
Okay, what about the dollar billand the credit? Let's say if I
got some money in my account theyhave, Johnson, I'm using the car.
I just wonder about where I haveto pay money to get my money.
You're confusing us, unforgetful, youhave to go you you. We

(01:00:52):
are all looking puzzled. We don'tunderstand the question. I don't understand why
I have to use a car toget money. You know, I understand
used the card to buy itself andstuff like that. But for us have
money in your hands. Oh okay, I got it. Now, So
you have you have a debit card. You're going to the bank it get

(01:01:13):
your own money out right, that'swhat you're talking right, yes, And
I'm trying to say, oh,why I have to be losing money to
get my own money? Well,I have a solution for you. Here
we got it's the last thing.Better I listened to you? Okay,
okay, what's the last thing?What is stress about? This money supposed
to be changing the dollar? Billsthat to go? They don't. They

(01:01:36):
don't deal with money. We're talkingabout credits, so they don't that be
with somebody with the Treasury department.Okay, well that's another thing, miss
Johnson. Why is it that personthat pay on time and don't have bills?
Why in French score is not goingup? Why is the standing thing
or going lower? Because they don'twant to you know, he a debt.

(01:02:00):
Hey, well we'll explain it again. Unforgetful, Well you got here
with dead death to buy stuff inthe common. That's how I don't understand.
Okay, I'm listening by bye,you don't have to have a debt.
Unforgetful. Well, I'm gonna tella rude Okay, okay, I'm
gonna let you talk with but no, okay, here that unforgetful. I'm
forgetful. It says, have acredit his debit card to go unforgetful.

(01:02:21):
Here's a solution. Keep all yourmoney at home. Don't even put it
in the bank. Don't don't evenput it in the bank, unforgetful.
Keep all your money at home.You don't have to have a different card
to go to ATM. Just keepall your money at home. You have
your cash at home. Now,rude, bet, you're exactly correct,
because financial institutions have to They arefeed. If you bank, say you

(01:02:45):
banked with Cadence and you go toa strange I see him out there of
the ATM, no name. Well, they're gonna feed Cadence in order for
you to get your money out ofthere. Right, bet, we're not
gonna eat your fees because you're notfi are the instructions of the banks.
Like BEB said, you got tokeep your money at home if you don't
want to pay fees or go tocut yourself on a budget, and when

(01:03:07):
you go to the bank the firstof the month, get as much cash
as you thought you needed last month, and keep that at home with you
for this month, and then youwon't have to worry about paying for fees
when you get your money somewhere else. So we hope unforgetful, got it?
Hold on, y'all, Hold on, Callins is gonna let you talk.

(01:03:30):
We are talking credit, how tobuild your credit, the importance of
credit, especially if you're thinking aboutbuying a home. Five three, five
nine or three four two is ournumber? Five three five nine, three
four two one eight hundred five zerothree nine three four two will get you

(01:03:52):
in to us. We're going tothe other side of the bed. Johnson
Show right here on w da Awhether you're in Arkansas, Tennessee, or

(01:04:16):
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The Bev Johnson Show on w di A, Memphis, presented by the

(01:04:44):
Reeves Law Firm. Nine o onefive oh four four four four four.
Let us be your voice, Beyour Voice dot Com Show Memphis Talking hold
away. Hello you Oh you gottime to show? Let's go Bell Johnson,

(01:05:11):
Well, make your dame fight hereon the d to listen to what
to say? You know it's timeof fish show show. Let's go.

(01:05:41):
Welcome back to the second half ofthe BEB. Johnson Show. Here at
w d I A, we aretalking the importance of credit with our experts,
Miss Ruth Phillips of Cadence Bain andLester Watt of Operation Hope. We
are going to our phone line totalk to you. What's up lady d

(01:06:02):
Hey Bill, how you doing it? Hey? Lester? Missus Philip d
Uh. There's the course that Ihave for them. Ill will you try
to pay your critic? Call andpay your critic all to me? I
call it a kid started too.How about I get these letters saying they

(01:06:28):
close in the count It costs inactive, So what do you do about
that? It's gotta make sure youuse that use it at least within a
once in a twelve month period andit'll never it won't hit on that report.
So at least once in a twelvemonth period, use that card because
they will close it down for inactive, for being inactive if you don't use

(01:06:49):
it. So that's that's one wayto stay out of it. Make sure
you use it at least once,Lady d That happens to me all the
time. And so what I dowhen I get the letter, I just
make sure whether it is gas ormy groceries, I'm gonna use that card
for my next purchase, Okay,So I can keep those cards on my

(01:07:11):
credit score and my credit report tokeep my credit score up. So just
use it one time. When thebill comes, you can pay it off,
or you can split the bill inhalf and pay two to end up
paying some interest if you do that, But just try to use it so
they don't close the account. Inmy age, all I want to do

(01:07:33):
is good peace, and then theywould another reason I stop using interesting.
It's absolutely ridiculous when you got,as I call it outstanding into the rage,
then you hit me with Now inmy age, I want to be

(01:07:58):
in peace. And plus credit card, you know, I use some,
but it was namely the family.So I'm like, nah, I'm gonna
pay them off and keep my moneyin my pocket. The interest race them,
y'all ridiculous. I agree with you. Yeah, yeah, I agree
with you. And if you areat a stage in your life that you

(01:08:18):
don't need a lot of credit cardusage, it's okay, let it close
out and then whatever you do,what you do, leave opening on your
credit report. Don't abuse it,don't get the balances over thirty percent of
the high credit. Don't let yourcredit get pulled the next thirty days after

(01:08:42):
they closed that account, and youwill be just fine. Your score should
be okay. But you gotta putall that together. You gotta have a
plan so it won't affect the score. And keep looking playing. I yet,
I'm a bid peace, I agree. Make sure make sure you pay

(01:09:02):
it. Yeah, but I payon time, you know, and if
you get the level congratulate. No, No, I'm always crety. I'm
lad like you, but it's crety. So now on that no, yeah,

(01:09:23):
yeah. I think that that's oneof the things that people are listening
because we need to know. Lesternruth is that people who have good credit
and have the credit cards and theyjust stop using them. And then that's
when you say you stop use them, then it messes up your credit.
That's craziness. There are there thereare several things are once for Lady d

(01:09:45):
is if you if you pay yourcard late. So let's say if you
could have a credit card with thewith the three or four percentagest rate,
right, really low interest rate.And but you're paying right, But if
you if you go and you're ifyou're ever late with that payment on that
card, the company had that creditcard company, it's in the small print,

(01:10:06):
will have a right to increase yourcredit score. So you could go
from a three four percent interest rateon a credit card. But because you
were late with the payment more thanfifteen day late, not late enough,
not thirty days late enough for itto hit your credit but fifteen days late,
they'll raise your interest rate. Andthen it'll be in the small print.
So the next time you get yourcard, most people I try to

(01:10:28):
tell them, read your mail,check look at your mail, and make
sure your rate is still the same, because if you're ever fifteen days late
with that with that payment, thenthey'll raise your interest rate on your credit
card. So you really got tobe careful and watch out for then watch
out for that. Okay, Soyeah, well I wanted your goal back.
One of the things before we continueless you when you were talking about

(01:10:53):
the fikot scores. You know,when you have credit cards, you have
these big credit cards, they'll ifyou look on your saying, y'all say
you can look at your score.So is that are they saying that's pertaining
to their their bank and nobody else. That's that's correct, because every bank's
gonna use different ones because so there'sagain Piker one through Piko ten and everyone

(01:11:16):
uh. And like for example,when I pull it, we use Piko
scoring System number eight, and againmines a soft pull doesn't create an inquire
conative effects, so we use eight. I've seen some Phyco scoring systems four
or five, and so the scoresare gonna be um different because again the
mathematical calculations used to come up withthe score are different with each one of

(01:11:41):
those versions, and a bank willchoose to pick which we ever won they
want. So let's say, forexample, most of your mortgage companies,
they'll run statistical analysis and say,okay, if we use Fyco Scoring System
number four, then we have alow lower default rate on our mortgage loans.
So we're gonna use that because wedon't want to spend the extra Monday

(01:12:01):
to go get Flycle scoring system tenor so they'll drop back down because they
run those different analysis. So itreally depends upon whatever bank it is that
you go into. That's why.I have clients that will come into the
office and say, okay, you'rethe score you have for me is higher
than the score that the bank hadfor me. And I'll go, I'll

(01:12:23):
look at the credit report that thatbank used and to say, okay,
the reason that different is because Iuse FCO Scoring System eight, which is
what we use on our system,and they use FICLE scoring system for okay.
So that's the reason one bank.It depends on the bank. Okay,
because guess if you have a capitalone whatever, a city bank,
so they'll let you see your score. So I was just thinking, so

(01:12:44):
that's for them in case say youhad a capital or a city city bank,
and then they'll say, you wantto raise your your your limit on
your credit cards. So they're they'relooking at their own score. They're looking
at their own score. They're lookingat their own score and decide to raise
your limit or lure the limits.Yeah, they they can lure it too.
And then remember we talked about keepingthe bounce the limit ratio below thirty

(01:13:08):
percent. Okay, Let's say ifyou've got a thousand dollars card and you
only have two hundred dollars charged onthere, Well, that's below thirty percent.
But if that bank pulls your creditand look and see you you're using
a lot of credit card, theycould drop lure your limit down from a
thousand to maybe five hundred. Nowyou're over thirty percent. Just because they

(01:13:29):
lure your limit, that affects yourscore. So you really want to make
sure that you're not spending or usinga lot of revolving credit out there too,
because they could lure or raise yourlimit on you and there's nothing you
can do about it, okay,because they're gonna do a soft pool.
You won't even know that they pullit, so they're gonna do a soft
pole. You gotta really be careful. Okay, good, So let's talk
about the practices how do you buildand improve your credit score? And before

(01:13:56):
we do that, okay, Ruth, because Little Daddy had a question for
you, and he wanted to knowwhat you had talked about this earlier,
Ruth, And he said, youknow, if you've been living in a
place twenty two years, how isthat going to affect your credit? Is
that going to be a good thingor a bad thing? Hey, little
Daddy, thank you for listening today. Living in a place for twenty two

(01:14:18):
years. Remember when we first cameon, we talked about non traditional credit.
We would verify your rent through yourlandlord that you've been paying on time,
no lates for your rent for thirtydays past thirty days, and we
would build your credit tradeline through yourrental history. So that would be good

(01:14:39):
if you wanted to purchase a home. But if you are trying to improve
life, you're gonna have to buildcredit so you can get better car insurance.
And if you're living in that apartment, you should have renters insurance so
in case something happens, you wantyour stuff covered. So that would help

(01:15:00):
you there if you built the creditscore. And we're gonna talk about that
in just a second, little daddy, so listen up, yes a second,
and let me go to this phoneline. Ruth, go go to
the phone line w D I Ahigh caller. Hello, I hear him.
Hello caller, Hello Bill, Yesyou're on the air. Oh okay,

(01:15:23):
I got a portion for your guests. Sure, um, I know
the lady was on the phone phone. She said that you're breaking up.
Said again, are you there?Caller? We lost him here? Yeah,
okay, I can hear you.Now say you ask your question again.

(01:15:44):
Yeah, okay, you may haveto call me back because you're breaking
up. Caller, you're breaking up. Oh right, wow, okay,
try now ask the question. Askbefore you go back out again. Okay,
I said a credit card coming toclose our card? Correct. Now,
this is a fact that even thoughthe credit card coming to close your

(01:16:08):
card, are you close your cardyourself, it drops your credit score and
how long would it take for itto go back. It's a normal it's
just your it's just your history that'sbeing wiped out. Right, So if
you if you had a card thatyou've never used and it's not going to
negatively or positively affected. If you'vegot a credit card that you've used and

(01:16:31):
you've had a one or two orfive year history on it, that history
is going to be wiped out andit's going to have a negative effect of
that score about fifteen percent. Andit just takes over time. You know,
your score will start will credit scorewill start building back up, usually
back a year or so after you'llsee your score start to slowly creep back
up. So how okay, soit do it drop two points, three

(01:16:56):
points four points up? It justit just really it really depends upon on
the actual card, uh and inthe usage of it, and then what's
your other credit looks like we're gonnawe're about to talk about a topic here
and just a minute about the dudesand doun't and how to build it and
get it back up. So we'lltalk about that here in just a minute.

(01:17:16):
Oh okay, all right, thankyou for okay, welcome, thank
you for listening. All go on, rule let's do. Let's talk about
that now. Okay, all right. So, so the things that you
can do to make sure that youget a good credit score and then keep
a good credit score. Number one, we talked about making sure you pay
your bills on time. It's reallyimportant to make sure that you do that.

(01:17:40):
Usually we talk about account diversity.When I look at a customers clients
credit score, our credit report,I'll look and see do they have at
least three open accounts? If ifI see that they've got like one account
that's open and active. And whatI mean by open and active meaning that
you have a balance and you're makinga monthly payment. If you've got a

(01:18:01):
credit card that's actually on your reportand you're not using it, it doesn't
have any balance so it's not active, right, so we want to get
that card active. So when Igo in there, I'll look in and
I'll make some recommendations to go andopen up two accounts if you got one.
We need to have at least threeactive accounts going at the same time

(01:18:23):
to get a really solid hit onyour credit report. So I would encourage
them to go get three acts,have three active accounts going, and then
keeping those balances on the revolving debtbelow the thirty percent. And again you
still you have to have a mixtureof revolving debt, meaning credit card debt
and installment debts. So if Isee that they've got I had one client

(01:18:45):
that had only credit cards, noother installment debt, no card, no
because the car was paid for,no mortgage, none of that, so
just only credit card, like fiveor six credit cards, And I said,
okay, we need to open upan installment account because remember, you
got to have that mixed. Tenpercent of your score comes from having a
mix. So she didn't have amix. She only had one type of

(01:19:06):
debt, the credit card debt,so she was missing It wasn't negatively affecting
the score, but she was mixingthe benefit of that ten percent because she
didn't have diversity in that she didn'thave a mixure of revolving in installment.
So if you're doing that, you'vegot to making sure you're paying your bills
on time, keeping your credit carddebt below thirty percent, having that mixture

(01:19:27):
of revolving in installment debt, andthen not letting a lot of people actually
pulling your credit score. Those arethe things we look when we actually want
to start building in getting the creditscore up. Those are the Those are
the dudes. And now the don'tswould be just the actual opposite or reverse
of those. Do not misspaying yourbills on time. Again, that's thirty

(01:19:50):
five percent of your credit scord isbeing negatively affected. And then make sure
you keep that mixture of revolving accountso it's just the opposite shit of the
dues or the don'ts. That thoseare the keys and making sure you maintain
or keep a good credit score.Okay, all right, I wanted to
say this one thing. I wassticking to BA back when I was a

(01:20:11):
little younger, So I would gointo those department stores and I knew I
had good credit, but I wantedthat additional twenty percent off on something I
really need, you know what I'msaying. Ye, So don't do that
because those are inquiries on your creditand all that does is drag your score
down. And you know, yougotta to see where you are in life.

(01:20:35):
What are you trying to get,What are you trying to do?
What are your goals? So youknow, is it worth me getting twenty
percent off or even you know,opening a credit card or putting it on
my credit card? And I knowI'm trying to build my score. You
need to stick with the best practiceand do not do the inquiries as you

(01:20:56):
are building your score or trying tomaintain the score at the very highest peak
as you possibly can. So that'sreally really important. I was just tickle
goals out. That was me.I just you know, I'm real transparent.
That was me at one time inmy life. But now that you
know that, I know better,I do better. Yeah, I do
better with that. And so that'sso important is not to do those and

(01:21:17):
again, pay your bills on time, because when you get a mortgage,
that's one of the things you know, I'm gonna look at. Yeah,
you pay your bill on time.I have had people with great credit scores,
and then when you look through thepayment history, they have not paid
their bills on time. And whenyou're getting a mortgage, you do what's
called a DU They run it throughDUCT that's top underwriting. And they didn't

(01:21:40):
get approved bad with great credit scoresbecause why they had a bad payment history
on their credit. And some ofthem could be within the last twelve months,
so it really did affect them.And he said about the three trade
lines, I guess I might aswell ahead and talk about how it affects
your getting a mortgage. Some loanproducts require that you have at least three
trade lines with twenty four payments,so it is important. Then some of

(01:22:05):
them, if you've got a score, you may be able to still get
an approval. That'll be more likeon your FHA with your three and a
half down that way. But ifyou are trying to do anything greater,
you need that tradeline history and wecan build it again with non traditional credit
with rent anything you pay willingly.And I just had somebody, I mean,

(01:22:26):
I think I told I talked aboutthat when Kevin was Kelvin was here,
that the lady used her tides.It is a willing payment. Her
church was electronic and we use itas a non traditional credit and she got
approved and we closed on her good. So that's a good Just think about
that. That's the relationship of havinggood credit and when you're trying to purchase
a home. Yes, ma'am,absolutely, we are talking credit this day.

(01:22:50):
When we come back, we'll goto our phone lines. Thank you
for wady. Ruth Phillips is herefrom Caden's Bank, Lester Wide from Operation
Hope. They're helping y'all out.You can give us a call. Five
three five nine three four two isour number. Five three five nine three
four two one eight hundred and fivezero three nine three four two. You're

(01:23:14):
listening to the Bev Johnson Show onw d I A. You're listening to
the Heart and Soul of Memphis,The Bev Johnson's Show exclusively on w d
IA ten seventy w d IA andour iHeart family of stations. Just like

(01:23:48):
you, are concerned about our neighborhood, our communities in this city. We
love Memphis. There's about to bea changing of the guards, and this
upcoming mayor's race is key to thecorrection. Our city needs. Join us
for a Memphis Mayorial Forum Thursday Maytwenty seven, six to eight pm at
Saint Paul Baptists twenty one, twentyfour East Holmes Road in the heart of

(01:24:11):
Whitehaven. Got questions for the candidates, Just go to our Facebook page at
ten seventy WDIA or our website atmwdiadot com. Scan the QR code and
ask the question you want to hearfrom the candidates. Come see here and
meet the next mayor of Memphis.It's the Memphis Mayorial Forum hosted by stan
Bell in Storemy Thursday July twenty seventh, six to eight pm at Saint Paul

(01:24:32):
Baptist Church, twenty one twenty fourEast Holmes Road. We're still your goodwill
and good time station, am tenseventy WDIA. So good you're listening to

(01:25:10):
the Bev Johnson Show. Here's BevJumps and back to our phone lines.
Thank you all for waiting. HiVictoria, Hi Mam, Hi, y'all
going to your callers. Hey,UM, I have a question about apps
like I am under I got creditcard. I don't know if y'all talked

(01:25:34):
about that or not. Uh,And I am in a process of purchasing
a home and my debt to incomeis not dead. You know, I
don't have no credit cards. Ihave like one credit card and the other
bills are light household cardinals, insuranceor whatever. And so my question is

(01:25:54):
what the apps, the credit cardI apps, how accrid are they?
It's for your credits for I've heardthey kind of off yea, oh,
maybe ten or fifteen you know fornumbers. Yeah, yeah, and they're
going to be different. And againkeep this in mind, they are they
are using. It depends upon whatversion of Fyco the app is actually using.

(01:26:18):
So most of those systems are thereto kind of come from Pyco or
another company called Advantage, and itreally depends upon what version of the system
that they're actually using. So usuallyten to fifteen points off it is a
good it's a good range, butit really is going to depend upon your
lender and what version of FIKO thatthey're using. But if you see some

(01:26:43):
problems, if you got some someproblems with payments or lay payments on whatever
version it is, it's going toshow up on the version that your lender
is using as well, and yourscore could be higher or lower depending upon
what that situation is. Victoria Experiencewith the app. This is ruth has
been Credit Karma. Scores are usuallya lot. They'll they'll be lower when

(01:27:09):
I pull the mortgage report. Butthe best app I've had to be anywhere
near the credit report score of amortgage report has been my Fico. That
has turned out to be the best. Now, Credit Karma's numbers are different,
but their method and how to improvethe credit is still accurate. But

(01:27:32):
they are always they'll have a higherscore, but it won't be really in
a reality when the actual report ispulled. So I recommend that you use
my Fico. Yep, and it'sgonna but they charge, don't they Sorry
they do, Yeah, they do? Okay, Well, well, well,
Victoria, another thing too, ifyou're getting ready to buy the house

(01:27:54):
again, I can pull the Ican look at the credit and again it'll
bill soft pull and in one ofthe things that I didn't mention, we'll
go ahead and mentioned now all ofour services of Operation Hope are absolutely free,
so we don't charge for anything thatwe do. So we can get
take a look at your credit reportand then give you some advice on the
things that you need to do againbefore we shut down the day, I'll

(01:28:15):
give you my name and number overthe air, so you can just call
me and mine is free so whenwe pull it, okay, yeah,
because I do keep check on mycredit because I got to, like I
said, I got the credit fromthe app, so I'm always looking to
see what this pulled and what's beenyou know, uh negative on my report.
But I know that third S fouris not as accurate as I you

(01:28:40):
know, I expect it to be. So that's why I was asking what
would be So the best app toget would be the fight code app.
Yeah, and you can. Youcan go to annual Credit Report dot com
and get a free copy of yourcredit report anytime they do it, like
weekly, if you want to.But with that one, there is no
score attached to it. If youwant to score attach to it, then

(01:29:00):
they're gonna charge you as well.So if you want one with a score,
yeah, if you want one withthe score, then then just give
me a call and we can takea look at and I can give you
some advice on things you need todo. Okay, I definitely do want
that. All right, Thank you, thank you, thank you, bye
bye and hi David, good afternoon, My most dutiful asking about it.

(01:29:25):
How are you doing to day myself? Good afternoon, brother, I'm doing
well in yourself doing doing well?Um? I got one question I can
I can answer or you can askthem for me, um Bell. I
missed the show yesterday A Brother Plumber, so I'm looking forward to listening to
that on your podcast. UM.I missed the first half but first probably

(01:29:46):
seventy five of this show. It'sgonna be on your podcast as well.
That right, that's correct. Good. I look forward to listening to this
too, because I think the informationthat I have to hear has been really
really for Um. Hello to thegains. How are you doing well?
Thank you? Um? That one? Two questions, one for each,

(01:30:11):
Miss Phillips. I know this isin your area of expertise, but yesterday
I went to cash a cashiers checkat a bank that was not my own.
Can you tell me why they don't? Folks don't want to and it
wasn't your bank. Let me saythat it was a bank that I'm not
going to mention the name. Butthey used to like planters a lot p
L A N t rs. Theyno longer do. But in any case,

(01:30:38):
why why then't with me? Theydon't want me to over. I
got three accounts. But what's thewhat's the problem with a cash his check
being cash at the bank that haswritten on If there isn't, well,
you know, I don't do banking, I just do straight mortgages. However,

(01:31:00):
fraud, fraud could be you know, someone could have made the cashier's
check. Um, it may notbe a legitimate check. I'm not sure.
But usually I do send people whowant to cash it send them to
the bank that it was drawn onto get a cash But I have noticed
that a lot of times here latelythey don't really want to cash the check

(01:31:21):
either. So but then when Ihave them look up that person's account to
show where that that check was drawnout of their account, you can also
ask them to do that. Yeah. Yeah, it was just easier for
me to cash it at her bankand banks. I had some stuff I
wanted to do at Walmart rather thango downtown. But anyway, I'm at

(01:31:44):
its Ball Community Bank now for misterWatt. Sure, Um, are you
familiar with SBS score s B SS score No, No, m that's
a Pyco score that I think Ifirst heard about it four years ago on

(01:32:04):
one of the lenders I work withU from SBA lenders across the country,
and it's a score in which it'sfrom zero to three hundred and with the
highest being the less riskier client.And I sat in on a webinar last
week getting an update on a kindof a clearing house for different lenders,

(01:32:30):
and they mentioned that again. Iasked, well, what if the prospect
has seven hundred although only require abouta six citty but no SBSS score,
would you still you know, takethem with the banks you represent still?
And they said, yeah, sure, we would certainly look at it.

(01:32:51):
There's no guarantee, but they lookat it. And I thought, well,
I think that's really unfair because smallerbusinesses may not have looked or try
to get credit for what they need. So you know what I mean.
Yeah, so you're talking about smallbusiness scores, right, David. You're
talking about like small business owners abusiness score. Yeah, this is okay,

(01:33:12):
yeah, ok yeah, this isa fight as that. Yeah yeah,
yeah, yeah, that's gonna beyeah, that's gonna be totally different.
So if you're talking about developing yoursmall business scores, the things that
I tell clients that come to methat have abspiration of owning a small business
is that you've got to get yourpersonal credit score together first, because before
a lender is going to make aloan to you, they're gonna want to

(01:33:35):
look at your personal score because they'regonna make in most cases, have you
to sign off on whatever business loanthey make to you as a guarante or
for that business. So yeah,so the business is going to be a
responsible for paying it back, butyou two, on a personal level,
is going to be responsive for payingit back as well. So I always
tell them, go ahead and getyour personal credit together. Whatever those small

(01:33:58):
business companies are gonna do when theyrun business credit, when they running on
your business and figure out what thatscore is, they're still gonna tie to
your personal business, to your personalcredit as well. Yeah, you know,
I have that song and dance toomany. I want to get a
loan from you, David, butI don't want Well, no, it's

(01:34:19):
gonna be a personal guarantee and wewe're gonna look at collateral too. So
I mean, it's just what itis. But but I think it's in
my own in my I am hoin my humble opinion, I think it's
a little bit unfair for a becausea small business, you know, if
they're doing say under two million,three four or five million, they may

(01:34:42):
not need to take out any typeof loan and credit. They may if
they may, they're not, butthey shouldn't be penalized if they don't if
their personal credit score, since we'restill gonna ask for the personal guarantee and
collateral collateral corn that day long,I think that's a little bit unfair for
that to be a reason for themnot to accept it. And I think

(01:35:03):
the minimum may want it was aone fifty five or or something like that
for seven a long. So inanyway, so to that degree, I
do think that the Piko folks areand I think being a little bit unfair
in that regard because they may notneed it. I think they may be
a great client, a great prospectwho's just to have manage their business well

(01:35:24):
enough, and they decided that theydidn't want to. I've had people who,
no matter what, they wouldn't takeout a loan if you shot them,
they just won't do it, youknow what I mean. And that's
fine if their business grows from thatstandpoint and they don't need anybody else's money
to grow their business. And theyuse their own money in their own capital.
That's fine. But anyway to showthe part of David listened to it.

(01:35:45):
Listen at the end because we're gonnaRuth and I are going to give
our telephone numbers out. It soundslike you need to get connected with John
Prince ver at Caden's Bank. He'sa small business manager that's there. They
can give you some advice and helpyou out with that part. We'll just
listen for Ruth and take ruth numberand then give her a call and she
can get you connected with John Princeat Cadens Bank. That's what he specializes

(01:36:05):
in. All right, thank youDavid, Thanks David, bye bye.
Before you all get out of here, Ruth, I have to get this
email for you, and it says, miss Phillips, what's the difference What
the difference is between refinancing and requestinga home equity line of credit? What's

(01:36:29):
the difference of refinancing and or andrequesting a home equity line of credit?
If you refinance, you are justrefinancing your first mortgage that you have now,
either with term rates or you pullcash out period. Okay, so

(01:36:51):
you'll do that just on your firstmortgage. If you want to get a
home equity line of credit, itis based on the equity that is available
on the home. The equity iswhat you owe versus what the value is
the difference. They go up usuallyto about eighty percent of the house value.

(01:37:13):
And so just say you got onehundred thousand dollars value of your house
and eighty thousand dollars would be yourmax on a helock, but you owe
sixty on your first mortgage, soyour heatlock would only be what twenty thousand
dollars. So it's that's how it'sbased out right now. Prime starts at

(01:37:33):
about eight and a quarter and heatlocksare based on credit scores loan to value,
and they add different points to them, so your rate on a prime
could be higher than doing a regularmortgage thirty days, it's I mean thirty
years. It's usually I sit downwith a customer to determine what's best for

(01:37:53):
them, because right now, someof my customers, it's not best for
them to get a home equity lineof credit. They're better off to get
a cash out refinance and do whatthey need to do with the cash out
of the loan. Also, helocks home equity. Lines of credits are
shorter terms, and if you don'tuse the money, you won't have to

(01:38:15):
pay it back. So if youget a twenty thousand dollars he lock on
your one hundred thousand dollars house andyou only use five thousand dollars, you
only have to pay the five back. But it's a shorter term, so
that is the difference. I hopeI make sense to her or hid yea,
yeah it was her. Yeah,well, thank you, thank you.
As we go, we are turnedto mister Lester Watt operation hope.
Last words you'd like to say thisday Leicester, all right. For any

(01:38:38):
of y'all that need helps with yourcredit out there, please please give me
a call. My telephone number isarea code nine zero one two seven three
four five four seven. One moretime again that's nine zero one two seven
three four to five four seven.I want to want to I want to

(01:39:00):
leave y'all with this. I wantyou to as you go through this journey
and trying to get that credit together, I want you to think about replacing
the word have with the word getin your life. Replace the word have
with the word get in your life. Think about it like this if you
you've had a long weekend and youcome in and you say, my God,

(01:39:23):
I have to go to work tomorrow. No, by the grace of
God, you get to go towork tomorrow because a lot of people don't
have jobs, you know, outthere looking. So replace the word had
with the word getting. That's mylast word. I love it all right,
all right, Miss Ruth Phillips ofCadence Bank. Day to day,

(01:39:43):
it was a real good day.This is probably one of my favorite topics
to talk about credit. But Iwanted to remind everybody before I give my
last closing out is about student loans. We have been in a freeze since
COVID hit, and now we havegotten the word from the government they are
going to start the payment back Septemberfirst, twenty twenty three. If you

(01:40:05):
are part of the freeze and youhave been the pleasure of not having to
pay a student loan all this time, you need to make sure you go
ahead right now and start the incomebased repayment plan so when that payment becomes
due, you're not getting derogatory creditbecause all my student loan I didn't do
that. Oh I didn't get paidthe payment. Do it now? So

(01:40:27):
if that doesn't affect your credit score. I do want to thank Lester of
course for joining us today. Ithank the listeners for listening. Bet,
thank you for the opportunity. AndI am looking so forward to next month
because next month we're going to betalking about down payment assistance. Oh good,
Yes, and right now in thecity we are looking at city and

(01:40:48):
Memphis has up to twenty five thousanddollars. Tennessee Housing has up to eighteen
thousand dollars out there available in ShelbyCounty has six. Two of those can
be part nerd together. We'll talkabout that next month. But thank you
so much for listening, listeners,and I appreciate you so much. We'll
see you next month. And yes, and Ruth, your information tell us

(01:41:10):
phone number. Oh I'm sorry,you can reach me at nine zero one
six four three one one two one. Again. My name is Ruth Phillips
with Cadence Bank. I am theCommunity Development Division manager. And thank you
so much, thank you, thankyou last stair, Thank you, Ruth,
and thank you callers, Thank youlisteners for joining us this day on

(01:41:31):
the BEB Johnson Show. We do, we really do appreciate you so until
tomorrow, please be saved cable.Cool ahead, y'all, don't let anyone
steal your joy until tomorrow. I'mBev Johnson and y'all Keith the thing.

(01:41:54):
The views and opinions discussed on theBev Johnson Show are that of the host
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