BA Q&A: I'm Worried About My Credit Score!
Brown Ambition
iHeartPodcasts
4.8 • 2.6K Ratings
🗓️ 13 May 2022
⏱️ 24 minutes
🧾️ Download transcript
Summary
Tiffany is Back-ish and both of the ladies are here for an informative BA Q&A. First, what are the pros and cons of "Heloc" (Home Equity Line Of Credit). Plus, what to do if you miss a payment to avoid your credit taking a hit? Lastly, is 50 too old to establish a 401k?
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Transcript
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| 0:00.0 | The best gift I've ever received has to be a bike when I was younger, a pedal bike. |
| 0:07.0 | It was a sort of slick little road bike and I remember it was all like, it was so, it was all wrapped up, |
| 0:13.0 | it was so obvious what it was obviously because nothing shaped like a bike and I had a little ribbon on it and I was so |
| 0:17.0 | a guest. For that was a life changer and I'm still sort of big on cycling around my area now so, for that one, change me a little. |
| 0:24.0 | Enjoy in every sip with red cups now back at Starbucks. |
| 0:31.0 | It's time for the BA QA, the BA, QA, okay, the BA, QA. Do you have a question about business entrepreneurship, career, life? |
| 0:50.0 | Well, not so much of life because we still try to live it ourselves, but you know the other stuff. |
| 0:54.0 | May a man drive here for weekly, brown ambition question and answer. |
| 1:00.0 | Yes, ma'am. All right, we have some really good questions. If you all want to draw, put us a question. |
| 1:04.0 | Just go to brownnebissionpodcast.com and you can click ask us anything to submit a question. |
| 1:10.0 | Also, hit us up on Instagram. We are at brownnebissionpodcast. We are checking your questions there as well. |
| 1:16.0 | Today, we have a couple of home questions. So some interesting juicy ones. Let's start with this question from Charlotte. |
| 1:23.0 | Charlotte said, Mandy in all caps. Psyphanies here are two Charlotte. Okay, so it was medium Tiffany. |
| 1:28.0 | What are the pros and cons of a HELOC? For those who don't know, a HELOC stands for a home equity line of credit. |
| 1:35.0 | Charlotte says, my home has about $60,000 of equity and I would like to tap into that to have several projects done. |
| 1:43.0 | I was fortunate to buy a foreclosed home in 2015 for only $50,000. That doesn't need any expensive or large projects. |
| 1:51.0 | I've been slowly refreshing it. My home is currently valued at about $125,000 by my county assessor. |
| 1:58.0 | Okay, so that's how she's getting that equity. |
| 2:01.0 | Yes, first of all, let's give you a round of applause. Charlotte, yes. |
| 2:07.0 | I'm going to assume that you bought the foreclosed home for the $50,000 cash I'm assuming just because typically for closures that that amount they're not financing. |
| 2:19.0 | So let's just assume that she doesn't have a mortgage, which is important to understand. |
| 2:24.0 | So home equity line of credit, aka HELOC means you basically have to treat your home almost like a credit card. |
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