Credit Score

Build credit with ‘Dollars and Sense’

COLUMBUS, Miss. (WCBI) – Having a credit history allows us to make investments or large purchases when we don’t have the money to buy. When you make payments on time and keep your balance low, your score goes up, which opens up the possibility of getting approved for a loan and paying less money in the long run with lower interest rates. You can start building credit as early as age 18, but be careful when purchasing a credit card.

“It’s not a danger from the credit card company‘s side. The danger is lack of financial literacy, ”said Generational Credit President Corey Lockett.

Financial experts recommend using only a maximum of 30% of your credit limit to avoid unmanageable debt. Lockett said most credit card companies‘ offers are great, but he recommends first-time users to get a secure credit card. A secured credit card requires you to put down a security deposit – let’s say $ 500 – in case you have trouble paying off your debt.

“The credit card company will in turn match its security deposit against its line of credit,” Lockett said.

So you’re ready to buy a home, but you don’t have enough confidence in your credit rating to apply for a mortgage. JTS and Company Mortgage Officer Tyler Farnham has stated that based on your real history, you have the option of purchasing this home.

“We can go down to 600 on a credit score,” Farnham said. “Actually to get a good interest rate 620-640 and up is where you want to be for those, but in some cases we can get it below those 620 marks and still get good interest rates, especially in today’s market. “

Farnham said that potential home buyers may have a credit score of less than 700, but you can still get low interest rates. He also says that if you don’t have enough credit history, you can use your rent payments from your apartment or house as a substitute if you’re paying by check or bank account.

“We can use what’s called an alternative business line. With these alternative business lines, we have to show a 12 month history where you made your payments on time.

More than 80 percent of all credit reports contain inaccuracies that can impact your score, according to Lockett.

“It can be simple things,” Lockett said. “The wrong address. The wrong name. I can have stuff to my credit that is not mine based on a house number and my address. I tell everyone, every year take your credit reports and go through them and look at simple things. When you see your report with Experian, see if it matches Equifax.

For financial or credit advice, you can contact Corey Lockett by email at [email protected]

For information on home loans or to find out if you qualify for a low interest loan, contact Farnham by email at

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