Adulting can be stressful at times regardless if you’re a WOL boss that is a veteran at adulting or a WOL
boss still getting adjusted to adult life. Before adulthood arrives, bosses often hear how important it is to
have a high credit score, but do not receive any instruction on how to achieve it. As always, there’s no
need to worry. WOL is here to help you be a boss with a bossy credit score to match. With this guide,
WOL bosses will be able to either begin to build their credit score or repair it, slowly, but surely. Just like
anything else worth having, it won’t happen overnight, but with faith and consistency, you’ll be well on
Credit can be confusing at times if not explained correctly. Since it does have a confusing nature, it’s not
rare for bosses to try to avoid it. It is better to approach understanding it head-on instead of turning in
the other direction because it is essential to achieving big girl purchases and long-term plans.
1. Check your limit, sis!
The first thing to pay attention to is how much credit you’re given versus how much credit you use.
When it comes time to get loans and other benefits, loaners do not want to give additional money to
people that have a history of maxing out their limit every month. The key to credit is to never spend
more than what you know for sure you can payback. At most, a WOL boss should only spend 30-40% of
their credit line.
2. Timeliness is key
Another practice a WOL boss can utilize every day is paying your already existing bills on time. Timely
payments can get someone very far in the credit far. This practice is also a good idea for someone that
may not have a credit card or has very little information for a credit union to gather. When looking for
other loans or to make big-ticket purchases, payment history is a great tool.
3. Secured cards
For our younger or college-aged WOL bosses, it may seem like your credit card options are little and far
in-between. One option that may work for this group is getting a secured card. With a secured card, the
applicant is required to pay a security deposit. Once the security deposit is made, the credit card issuer
holds it as collateral which will show against what is being spent. If the WOL boss is no longer able to
make the payments then the company will use the deposit to pay off the debt.
4. Account ages
An easy credit builder can also be to increase your account ages. This is a quick and easy tip because all
one has to do is keep their account open. The account that is being kept open can be a debit card or a
credit card. When someone is constantly opening and closing accounts is can serve as a red flag for a
prospective loan or credit card application.
With these credit tips, we hope WOL bosses will be able to confidently start taking the necessary steps
to become financially free. We can’t wait to see you posting all of your big girl purchases and moving
towards the life you deserve!