Weekly Credit Series: Creating Credit History

Maybe you buy everything with cash. Or possibly have recently divorced or have never taken out a loan. You are not in debt and should be happy about it. The only problem with that is you may not have any credit history. This can be a problem when you are ready to buy a home. For such a hefty purchase, the mortgage lender will want to see that you can pay your bills AND manage credit.
There are ways to gain credit even if you don't have credit cards or loans. This is called non-traditional credit.
Here are a few examples of how to gain that.

-Keep copies of bills you pay, including your rent, telephone, electricity , cable, gas and insurance.

-Keep copies of the canceled checks used to pay your bills

-Ask your landlord , and all other major bills (gas, telephone etc) to write a letter of recommendation. In the letter they should describe how long you have been a customer and how you have paid your bills every month.

-Show your bills, payments and letters to lenders to prove that you pay your bills on time every month . A record that shows 2 years of regular payments is ideal .

-Consider one credit card. A good way to start a credit card is through your bank with a "secured" credit card. This is backed by your savings account to help you establish your credit without having you spending frivolously . Make sure to use it a couple times a month a pay it off right away.

-If you are married make sure some credit accounts are in both of your names.

-Ask a nonprofit credit counseling agency for help in preparing non traditional credit history.

By following these tips you should be able to gain good credit without ever really needing a major credit card.

Green Initiatives : JEA Topics

The Jacksonville Electric Authority holds radio seminars and Q & A sessions on Saturday afternoons at 1 pm. You can tune into these at 690 AM or 106.5 FM

Here is the rest of May and June's line-up

5/15
Increase your irrigation IQ with helpful watering tips.

5/22
Are you thinking about investing in solar? Jea will speak on their solar programs.

5/29
Jea plans electric needs up to 30 years in advance! Today they will discuss their plans to meet future demand.

6/5
Are you prepared for hurricane season?

6/12
The step by step process of electric, water and sewage restoration following a storm.

6/29
Fresh water shortages: discussing the pressure that environmental regulations are placing on water costs.

6/26
How to go green when remodeling.

Weekly Credit Series: Bankruptcy , Foreclosures and Repossessions

Quite a few people I come in contact with have had either a foreclosure, bankruptcy or repossession at one point in their life. This definitely has effected their ability to acquire new credit, for the information about these can stay on your credit report for up to 7 - 10 years.
If you happen to be in one of these situations and want to apply for a new loan there are a few things you can do. The easiest thing to do is to perhaps write a letter explaining how and why the problem occurred, perhaps you fell ill or lost your job.
But, the best thing for you may be to wait. The length of time you may want to wait will depend on the amount of the loan and the lender's rules. During the waiting period make it your priority to pay all of your bills on time. You want the lender to see you are taking steps to improve your credit score.
If you need a little extra help in this department there are quite a few organizations that can assist you.

Here are a few in the Jacksonville area:

Family Foundations 396.4846

Jacksonville Urban League 356.8336

Wealth Watchers 380.4292

The Housing Partnership
of Northeast Florida 398.4424

Green Initiatives: Shower Tips

Here's an easy tip to try. Take a Navy Shower. My father used to take them all the time and tried to make us do them too. Now as an adult, I see the importance.



So try this:

1. When you first get in the shower get completely wet

2. Turn off the water

3. Wash your body and hair

4. Then turn the water back on to rinse off!



It might take some getting used to but once you are doing it consistently it'll be like you have always showered this way.

If you're having trouble with this here are a couple things you could try. Try turning off the water when you shampoo only or maybe just take a very short shower (5-7 minutes).

For some motivation and to see how much water you really use during a shower, close the plug. You'll be amazed at how much water accumulates. Remember this , a typical shower uses 5 gallons per minute!!! That is crazy!!!

Now ladies may wonder how in the world are they going to shave their legs. Try this. Once you are completed with a shower just fill a cup or the tub with a "little" water and shave that way. You do not need a constant stream of water when shaving.

if you would like to find more great tips on showering and other ways to conserve water check out this great site!



http://www.extension.umn.edu/distribution/naturalresources/components/DD6946r.html

Weekly Credit Series: Caution "credit repair " Agencies

There are many legitimate , non-profit and community based counseling organizations that provide much -needed service to those who are having credit issues. These are not "credit-repair" companies and are definitely not to be confused with those who promise to wipe your credit clean for a fee. That is not possible. The only one who can repair your credit is you. These reputable organizations help you do that and only fee is a very minimal fee to pull your credit report. If you are hesitant, contact the better Business Bureau to check on the company.

Here's is a list of some local, reputable organizations

Housing Partnership of N.E. Florida 398.4424

Family Foundations 396.4846

Jacksonville Urban League 356.8336

Second Chance Help Center 616.3113

Wealth Watchers 380.4292

RADO is parterning on RAP's "RAP Assisted Neighborhood Watch"

I am pretty excited! We , RADO , have been able to partner with The Riverside Avondale Preservation Society's neighborhood watch. They have been researching, setting up boundaries and working diligently on this program for the past year to make sure it will run as smoothly as possible! Now that all of the hard work is done, it's time for me to step in!!!

They have already started R-1 (which stands for Riverside -1) of the phase and now RADO is stepping in to help with R-2 and R-3. Again, pretty excited! This is allowing RADO to focus on an area where the majority of our homes are and where we already hold community activities , like clean-ups. It just makes sense!

RADO will officially begin working on this right away! The first official meeting for R-2 will be in about 3 weeks.

The set boundaries for R-2 are Phyllis St. to College St. and Stockton Street to King street. Now, if you aren't familiar with Riverside this probably makes no sense to you, but just know, it is quite a large area with many residents!

RADO will initially be the coordinator for these boundaries and will also hold clean-ups, seminars and many others types of community programs all under the Neighborhood Watch umbrella. This is a program that is taking a holistic approach to "watching" a neighborhood. It's about getting to know your neighbors first, then if necessary reporting to the authorities. It's about holding block parties and making everyone know they are welcome. It's about taking pride and standing up for the things your believe in.

I am really looking forward to this opportunity for RADO and RAP to work together and I know many great things are to come!

If you know anyone who may live in this area or has any other questions please have them call Melody at 904.381.0950 or e-mail at msbyrd@radocdc.org