Hello Queen!!! We are thrilled to have you on the platform today!! Please share with us what life was like for you growing up.
I was born and raised in Lake City , SC. It was a small country town. There was no movie theater, mall, or any large stores that the other surrounding cities had. It was the kind of town that was small but filled with people with big hearts, amazing talent, and the best food. I grew up in a household of five. My mom, stepdad, and two brothers, I was the oldest. I was often with my grandmother who was a pastor. My grandmother was a very structured woman. I spent a lot of time in church growing up and creating memories with my cousins during free time outdoors.
Were you always financially conscious? When and How did you become interested in credit?
Financial literacy was never taught to me, in my household or in school. It wasn’t until making mistakes and damaging my credit, that I realized the importance. Credit controls so many important factors in our life, it’s essential.
Entrepreneurship is a whole different beast. When did you know you would turn your knowledge and experience into a business?
I’ve always wanted to help others. So many lack the knowledge of credit and it can be life changing. Having great credit can really help you get the things you need. The house, car, dental work, medical work, and so much more. I truly believe that credit repair is the commitment to a better way of living.
What was that process like for you?
Entrepreneurship has been such a satisfying journey for me. Helping people get their new homes, new cars, or any line of credit, has been rewarding. Credit repair gives people a second chance. I’ve literally cried with some of my clients before. I love creating success stories!
What do you think about financial literacy as it pertains to the WOC Community?
Financial literacy is extremely important. Being financially literate gives you the tools and resources to be financially secure in life. The lack of financial literacy can lead to several mistakes, accumulating unsustainable debt, through lack of preparation or poor spending habits. Which often leads to poor credit, bankruptcy, or many other negative consequences.
What are some quick and simple credit tips you can share with our readers?
Monitor your credit regularly. There are several free options available to check your credit report. You can start by going to www.annualcreditreport.com and get your full report for free.
Add your children as an authorized user on a credit card that you’re using responsibly. Most credit cards allow children under 18 years to be added, some don’t have age restrictions at all. Start building you kids credit early.
Besides credit repair, lets talk about credit maintenance. What are some ways to maintain and grow good credit?
Get a credit card or credit builder loan to start building your score and profile.
Did you know you could get credit for paying your rent? Have your rental history added to your report. It’s a great way to add credit age and positive payment history to your report.
Set up automatic bill payment or reminders. Payment history is the largest credit factor. It’s 35% of your overall score! If you’re unable to pay a bill on time, contact your lender and set up an arrangement.
Pay down your balances. The second largest factor in your credit score is utilization. How much revolving debt you’re carrying compared with your total available credit matters!
Are there any common myths about credit that you can clear up for us?
You have to wait 7 years for a derogatory item to be removed from your credit report. This is false, the Fair Credit Reporting Act allows you to challenge negative items on your report. There are also options like paying to have things deleted from your report too. You have options!
Checking your own credit lowers your score. This is false, when you check your own credit it’s simply a soft inquiry.
An excellent SCORE automatically guarantees an approval. This is false, there are other data points that determine an approval. Factors like your debt to income, payment history, comparable credit, and other things. It all depends on the lender.
Is there anything you’re still learning about in regards to your own credit and ways to leverage it etc?
Yes, business credit has helped me scale my business significantly. I advise all new business owners to tap into credit.
What’s next for you? How can we stay connected to your news and announcements?
Educating the masses on the importance of financial literacy is my goal. Changing lives by providing them with resources and tools that they are unaware of. Also, helping others with the same dream as mine, get started too. Follow me on all my social media platforms today.
Facebook: Shakia Waterman
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