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This is a sponsored campaign in collaboration with Chase Slate and The Mom It Forward Influencer Network. However, all the opinions expressed are solely my own.
As a small town girl from Bayamón, Puerto Rico who moved to New York alone at 18 years old, I was unaware of many things about the importance of my credit and how, in the future, it would impact my life personally and professionally. When I was raised, I was not taught anything about finances by my mom or family. As I became more independent, I realized that life in the U.S. was not only difficult, but that by not having a good credit score, it was becoming even more challenging. You might be able to relate, especially how it directly impacts your ability to find a good apartment, get an emergency loan, or even be approved for a credit card with benefits.
As I started studying, working and dreaming about becoming an entrepreneur, I started checking my credit score for practical reasons and developing a plan of action to improve it over time, in order to gain financial success. I wish I’d known this earlier in life, but I knew that it was never too late to start building my credit. That is why I have partnered with Chase Slate because I truly believe in their recent study’s findings (and I agree) that we Hispanic millenials should continue the money/credit conversation and chat about why it is important to check your credit score, especially for strategical reasons, and develop a plan of action for improvement.
Findings and data points of the 2017 Chase Slate Credit Outlook Survey (#ChaseSlate) revealed that many Hispanic millenials are most motivated to check their credit scores, they do it for tactical reasons and are putting credit improvement plans into action. Here are some of the findings: Less than half of Hispanics (47%) are very satisfied with their credit score compared to 55% of Americans nationally who have checked their credit score, but 72% of Hispanics would like to improve their credit score and more than half (57%) have a plan to do so. They are more likely to be motivated to check their credit score out of specific financial concerns rather than because the information is provided as a free service.
As a Latina millennial, I can totally related to these findings. I have noticed other Latina millennials, including myself, care more about credit because we learned from the “mistakes” of our families. Nowadays, given our education and resources, good credit is critical for everything that we want to achieve in life, such as becoming an entrepreneur, qualifying for a loan for education or purchasing a car/home or, for those like myself, to become digital nomad travelling the world. In order to achieve any or all of these goals, we need to be very strategic about increasing and improving our credit. For example, I find that having good credit allows me to qualify for credit cards that offer me more miles and benefits when I travel; also, it helps improve my business (with regards to loans and business accounts too). This is why it is important to have a credit improvement plan.
Some other key findings by Chase Slate Credit Outlook Survey, different from the ones I had already discussed above, highlight that:
- Money and love do mix. In relationships, most Hispanics believe that having credit transparency in the couple is important
- Hispanic parents want their children to learn about credit.
I am definitely a big believer of transparency in relationships. My partner and I talk about money, have a plan, and we are always saving towards our travel fund and also for business developments (since we’re both entrepreneurs). In addition, we, and most millenials I know, have a long-term goal of owning a home (or several properties) and good credit is key for this. I also love hearing from friends, and even from people on the facebook community I own for Latina Travelers, that they are optimistic about improving their credit score this year. Also, if they want to have kids, or the ones who already have them, they totally care about teaching their kids about credit since they do not want them to make the same mistakes as some of their parents or grandparents. I am happy because it is about time that we grow as a community personally, financially and professionally. It is all about planning and executing. We need to be proactive.
In summary, because of these and many other reasons, regularly checking your credit score and creating a credit improvement action plan are key to securing your financial and personal future.