Demetria Gallegos
speaker
238 appearances
5 recordings
1 series
first heard Feb 2018
last heard Aug 2023
Demetria Gallegos’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah, the car dilemma is interesting.
I think so many families have made arrangements with their student who may need a car on campus for the student to, say, cover gas and insurance while the parent covers car payments.
If you flip that around and you have the same amount of money coming out of the student's budget every month, but they are signed on as a co-signer for a car loan, then suddenly the credit reporting firms are aware of that student having been granted credit as a co-signer and then
they are now tracking those payments, and the student is in a good position to benefit from a solid payment history.
Yes, this was really interesting.
So you may think you still need student loans for the next year or two to complete your college funding plan, but what you can do is to begin making very small monthly payments, sometimes just like $50 a month, something much smaller than the payment that's going to be due ultimately once you graduate and go into regular payments.
But during those years, even if you're still taking out loans, you can start making those small payments against your previous year's loans, and you can develop a very strong track record that way.
Right.
If you've taken some of these steps during your early years, and by the way, not all of these steps will apply to every student.
Everyone will have to balance their total credit package against their ability to pay.
We are under the impression that just with a few years of steady, active, visible use, that you would be in position by the time you're a senior to turn back to your original secured credit card grant or, for example, and ask for an unsecured card from that company or find a competitor who might be interested in you now because you now have a substantial credit history.
If you've done everything right, there is a chance you could get into the high 600s by the time you're graduating from college, even higher in a couple of cases.
But we would say, you know, at this point, you can qualify for a mainstream credit and you should at all times be looking for the best possible terms, such as lower interest rates and lower payments annually or no payments annually.
The credit scoring, there are 100 different credit scoring models, and I'm actually not kidding there.
There are probably 100 of them.
Some of the most used are for the FICO score, which is the one that the vast majority of lenders review before they decide whether or not to grant your application for credit.
The FICO score is pretty much dominant.
Advantage score 3.0 is easily obtained through certain financial apps such as Mint or Credit Karma.
These are going to be updating constantly, every month at least, so that you can watch your progress.
They'll also give you a lot of tools for evaluating your score and improving it by helping you understand things like credit utilization and other factors.
Showing 181–200 of 238 · page 10 of 12
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