Many encounter the implications of having good credit when they want to buy a house, given that the interest rate one can obtain is tied to one’s credit and that that interest rate can be the difference in being able to afford to buy something and not.
But a good credit score can come into play in a variety of other ways: auto loans, insurance premium discounts, approval from landlords to rent property, increased credit limits. The list goes on, with the point being that a solid credit score can make life easier and make it more attainable.
It is for those reasons we applaud the Walton Family Foundation, which is supporting a national nonprofit called Working Credit, which is aimed at helping people find their way to good credit and, as a news release said, “reap the benefits that come with it.”
Pine Bluff residents, no matter their financial situation, will be able to use Working Credit’s expertise to “rebuild their credit, opening doors to new opportunities like home ownership, car ownership and entrepreneurship,” stated a news release.
Independent reporting for Pine Bluff & Jefferson County since 1879.
Getting to that better place starts with short in-person sessions during which participants talk about their financial goals and then get some tips and advice for getting started. There’s also one-on-one counseling that continues to happen if it’s needed.
“Working Credit has been so instrumental in the financial piece,” said Maudie Anderson of the Pine Bluff Housing Authority. “Assisting with financial management, setting up banking accounts, setting up credit cards that will help build credit and pretty much any questions that participants have.”
The nonprofit has also been working with city employees and at the University of Arkansas at Pine Bluff “making credit building a requirement during freshman orientation.”
“So many people are paying credit repair agencies, whose services are so predatory,” said Working Credit’s Morgan Spears. “It is my job to make sure people are aware of the program so more people are able to get to a prime credit score.”
We recall the story of an apprehensive young man opening his first checking account and the lobby full of bank employees and customers applauding him as he completed the paperwork. Some of these steps and tips from Working Credit may seem elementary, but whether it’s someone new to the game or someone who needs a mid-stream correction, having good credit is a powerful tool in taking on today’s world. And starting down that new path is there for the asking.