The Woodward News

Local News

July 23, 2008

Class helps build credit

Credit Matters of Oklahoma held an introductory credit course Tuesday at High Plains Technology Center on 34th Street.

“Credit 101: Shedding Light on Credit Scoring” focused primarily on the credit reporting and scoring process and how to rebuild damaged credit.

Merisa Weeks, the course instructor, said the goal of the class was informing the public.

“We’re actually gonna give you information to apply to your life,” Weeks said. “Someone has to instruct someone in how to clean their credit up in order for them to know how to do so.”

About 20 people attended the free course, sponsored by a host of local businesses.

Mark Kurzel, a sales professional with Irwin Auto in Woodward, said the course provided him with some useful information, specifically about credit scoring.

“What part of the scores matter, stuff like that,” was new information to him, Kurzel said.

Kurzel said he thought the course would cover most of what a person would need to know.

“I think it’s all...covered in there,” Kurzel said.

Throughout the presentation, Weeks stressed the importance of a good credit score.

“Your credit score is going to be more important when it comes to lending,” Weeks said. “It’s number one right now,” more important even than a person’s job or assets, she said.

“Up until here recent, people haven’t paid much attention to their credit,” Weeks said, again stressing the escalating importance of one’s credit score.

Weeks also encouraged students to keep up with their credit reports.

“Always remember to check your credit report,” Weeks said. “You get one free every year.”

Weeks provided participants with a thorough overview of the credit reporting and scoring process.

“The three major credit agencies do not work on behalf of the consumer,” Weeks said, but rather they amass the consumer’s credit data for sale to lenders, who in turn consider a person’s credit history and score in determining interest rates and whether to even issue a loan.

A person’s past, especially their recent past, is what’s most important, Weeks said.

“How you paid in the past is how you’re going to pay in the future. We are creatures of...habit,” Weeks said.

“It’s all about payment history,” Weeks said. “This is why it’s vital that you repair your credit score.”

Weeks offered tips on repairing damaged credit, such as paying debts in a timely fashion and not carrying too much credit card debt at any given time.

“I want you to keep a 30 percent credit limit to raise your credit score,” Weeks said, explaining that an individual’s credit score will typically rise if said individual does not owe more than 30 percent of their limit on any given line of credit.

Weeks stressed that a bad credit score can always be repaired.

“You can start over at any point,” she said. “It’s all in showing that you can budget.”

“I would love for that to be the goal for this class--that you do start over,” Weeks said.

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