I was a SpeedCoach for Women's Leadership Exchange event last week. The focus of the gathering was on growth. Their mission statement for the day was: Growth is necessary for business success. 2011 is the year to move forward out of the past into a bright future for your business.
That message was loud and clear throughout the day and I left feeling energized with many new ideas.
I wanted to share some questions that I was asked during the Speed Coaching Session. We had buzzers to track the time (the event was sold-out, so we had to be ultra-conscious of our time) and so many people had questions!
Here are a few of the questions that I was asked, along with the answers that I gave.
Q: If I co-sign for someone does that account report on my credit report?
A: Yes. A co-signer account shows up on your credit report and will list the date opened, the amount, and how the account gets paid. So, if the person you co-signed this account for pays over 30 days, it will report as such on your credit report as well. My tip would be to get the bills mailed to you as well. This way you can be certain that the account is paid on time each month. Otherwise, you will not know until you see the late payments reflected on your credit report.
Q: If I shop for a automobile and go to five different places and I applied at all of these dealerships to get the best rate, will the last place I go have the lower score because of all the inquires?
A: When you are applying for a home loan or auto loan you can have 30 days to apply for that type of loan and it should count as one inquiry. It is so you can do "rate shopping" and get the best deal for you. If you are worried about that, you can always pull your FICO score at www.myfico.com and tell the car dealer your FICO score and get an estimate of your payment based on that score.
Q: If I pay rent, can this go on my credit report to help my FICO score?
A: Your rent is not part of your FICO score, but Experian does report some rental payment if your landlord uses Experian Rent Bureau. Just make sure you pay your rent on time so if it ever becomes part of your FICO score it will be a good payment history.
When I look back at these few questions almost all of them had to do with growth or the desire for it. The first one was a mother helping her child build credit. The second was a woman who was growing her business and needed a more reliable car .The last question was someone who just graduated from college and she was thinking of her future for when she wanted to purchase a home and just wanted to know if her rental history would appear.
All great questions to grow healthier credit for the future!
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