Your Life’s Credit Line

RAISING THE CREDIT SCORE TO 680 POINTS, OR HIGHER

A good credit score is essential to participation and empowerment in our Capitalistic society. Here is a strategy for giving disadvantaged people of color the ability to participate on an equal footing.

The FICO scores range from 300 to 850. A good score is 680 or higher. This enables one to to buy a car or a house at reasonable interest rates.

The good news is that people who have never had credit before — that is, they have never had a credit card, or bought a car or a house on credit (they are invisible in the credit rating system) often start off with a relatively high score of 550. They then only need to raise their score by 130 points to be considered good credit.

They can do this by getting a credit card and making monthly payments on time and keeping the balance close to zero for six months.

It’s helpful to have a checking account, but not necessary. A person can obtain a credit card without a bank account.

They will probably have to apply for a secured credit card. That means someone must deposit the amount of credit on the card, say $200, the minimum, or $300.

The Initiative will help low-income citizens of color obtain a checking account and acquire a credit card. We may be able to put up the deposit money for the individual’s secured credit card, on the condition that the card is not extensively used for a period of time until the individual’s credit score climbs.

My name is Edmund Rennolds. I am the executive director of a non-profit organization dedicated to helping low-income people improve their credit and purchase things like a car or a house.

Let me ask you a question. Have you ever checked your FICO (credit score)? If not, you may be in for a pleasant surprise.

The FICO scores range from 300 to 850. A good score is 680 or higher. This will enable you to buy a car or a house at reasonable interest rates.

The good news is that people who have never had credit before — that is, they have never had a credit card, or bought a car or a house on credit (they are invisible in the credit rating system) often start off with a relatively high score of 550. They then only need to raise their score by 130 points to be considered good credit.

My organization will help you obtain a checking account and acquire a credit card. We may even be willing to put up the deposit money for your secured credit card, with the stipulation that we will hold the card while together we watch the FICO score go up.

This is a reparations program. That is, the purpose of my non profit organization is to help people of color who need assistance in starting to climb up the ladder in our capitalistic society, which often does not give people the assistance they need.

Why am I personally doing this? Because my ancestors sold slaves in Petersburg, Va. before the Civil War. I want to give back.