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Speaker 1: pushing your vision forward. How often do you think about credit?

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Speaker 2: That's a good question, the.

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Speaker 1: Why, the how, the pitfalls, the benefit. I'm Troy Millions

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Speaker 1: and together with my partner Rashad Balau, we have been

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Speaker 1: financial educators under the Earnerlesiah Banner, and in this series

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Speaker 1: we've partnered with Chase Freedom Rise to talk to the

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Speaker 1: next generation about credit and confidence and specific steps to

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Speaker 1: building something real. This is Foundation Forward Episode one, How

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Speaker 1: to Overcome Credit den.

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Speaker 2: So.

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Speaker 3: I started dancing when I was two, but I never

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Speaker 3: really planned to actually pursue it because I come from

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Speaker 3: a family of teachers, very educated, very much like pushing

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Speaker 3: me to do like more academic work. But I got

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Speaker 3: to meet and learned from all these professional dancers, and that's.

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Speaker 2: When I flipped the switch.

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Speaker 3: It just didn't make sense for me to stay in Florida.

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Speaker 2: I'm Margaret Conti, I'm nineteen years old.

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Speaker 3: I'm studying dance. My goal is to be in one

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Speaker 3: of the major modern companies here. I'm excited to get

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Speaker 3: to sit with Troy and Rashad because I feel like

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Speaker 3: I just need someone I can trust to tell me

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Speaker 3: how I build credit because I've been denied twice for

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Speaker 3: credit cards.

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Speaker 4: It's gonna be an interesting one.

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Speaker 1: We have a young lady who's been studying something very

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Speaker 1: niche and from a finance standpoint, this is somebody who's

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Speaker 1: got rejected twice in credit. Make sure to see how

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Speaker 1: that's how to impact on it in.

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Speaker 5: New York City. That's you make it here. You can

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Speaker 5: maet anywhere be interested to here.

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Speaker 2: How are you guys?

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Speaker 4: Yes, so thank you for joining us. Appreciate it.

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Speaker 2: Yeah, thank you guys for having me.

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Speaker 4: Yeah.

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Speaker 5: Sure, so I know you're a dancer, Yes, sir, So

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Speaker 5: what would be your dream as far as when you

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Speaker 5: say I made it as a dancer, I.

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Speaker 2: Want to dance for the Martha Graham company.

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Speaker 3: Martha Graham was a visionary who created her own like

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Speaker 3: foundational modern technique called like the Graham technique. And so

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Speaker 3: that's like what they dance for the most part, very ethereal, very.

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Speaker 2: Like grounded and somehow also flowing.

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Speaker 3: And I think I love that like separation between the

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Speaker 3: two and how you got to do both at the

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Speaker 3: same time.

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Speaker 2: That's like all I want.

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Speaker 4: So you've had some issues with credit, right, Yeah.

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Speaker 3: So I've like struggled to be a proof for credit cards.

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Speaker 3: A couple of times before I left for college, I

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Speaker 3: applied for two cards and was it able to get them.

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Speaker 6: Sixty five percent of gen Z applicants have been denied

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Speaker 6: for some form of credit, the highest among all generations.

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Speaker 4: Do you know why you were denied?

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Speaker 3: One of them didn't tell me a reason, and then

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Speaker 3: the other one said that it was because I didn't.

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Speaker 2: Have like enough credit like credit history, credit history.

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Speaker 3: But if I don't have a credit card, I can't

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Speaker 3: build credit history. So I have like a credit card

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Speaker 3: through like one of my parents, authorized.

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Speaker 6: Using an authorized users a person who is allowed to

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Speaker 6: use another person's credit card account the primary card member,

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Speaker 6: otherwise known as the card owner.

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Speaker 4: Did you learn a lot about money in your household?

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Speaker 2: Not really.

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Speaker 3: We didn't really talk about it. It was always something

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Speaker 3: that like we were taught like not to talk about.

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Speaker 3: It's probably isn't great. But a lot of my information

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Speaker 3: comes from like social media or online campaigns and ads,

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Speaker 3: So I guess I don't really have like a trusted

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Speaker 3: source that I take everything from.

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Speaker 1: Misinformation runs while, especially on social media. It's kind of

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Speaker 1: how we started our career.

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Speaker 4: Really. He was a financial advisor.

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Speaker 1: I was a teacher, so we started teaching about financial literacy,

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Speaker 1: started out with young teens, and then it led to

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Speaker 1: creating a show that educated a.

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Speaker 4: Lot of people because of that factor.

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Speaker 3: It's like finding options out there like that that you

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Speaker 3: know you can trust.

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Speaker 2: It's so important.

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Speaker 6: Fifty six percent of gen Z report they intentionally seek

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Speaker 6: out financial advice through social media.

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Speaker 5: So I want to talk about the finances because that's

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Speaker 5: something that obviously could be kind of challenging. How have

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Speaker 5: you been able to balance finances living in New York City?

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Speaker 2: Yeah, so it's definitely difficult.

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Speaker 3: At my school, we dance like from eight to eight,

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Speaker 3: So working during the week isn't really an option. You're

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Speaker 3: not always going to have stable work, and like you

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Speaker 3: have to recognize that definitely scary.

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Speaker 5: Do you feel that you may have to make some

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Speaker 5: career decisions if you're not making money dancing or are

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Speaker 5: you fully committed?

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Speaker 2: I want to give it at least five years.

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Speaker 3: I am like a double major, so I do have

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Speaker 3: like another degree that I have if something goes wrong,

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Speaker 3: what's your degree in history? So not a ton of

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Speaker 3: jobs with that, but it is something more than dance.

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Speaker 3: I want to give it at least five years and

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Speaker 3: like give it everything I can, and so that's as

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Speaker 3: many odd jobs as possible if that means, like, however

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Speaker 3: many roommates I need wherever I have to live, Like

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Speaker 3: I am trying to like build up credit because I

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Speaker 3: want to be able to like have an apartment and

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Speaker 3: get approved for like larger purchases. So that's definitely something

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Speaker 3: that I'm worried about because once I graduate, I'm going

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Speaker 3: to need somewhere to live.

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Speaker 1: When you apply for it and you were denied, what

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Speaker 1: was that feeling?

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Speaker 7: Like?

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Speaker 3: I felt like I didn't really know what other options

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Speaker 3: there were for me to do at that.

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Speaker 1: Point, we believe confidence is the best way to combat

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Speaker 1: credit to now, so we set off to La to

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Speaker 1: meet up with a guy who has confidence in spades.

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Speaker 1: Bixby is a singer, songwriter, producer who has developed a

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Speaker 1: loyal and growing fan base without a record deal or

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Speaker 1: the support of a traditional label.

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Speaker 7: I mean, the first time I ever tried to apply

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Speaker 7: for a credit card, I got tonight because I had

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Speaker 7: absolutely no history. But I feel like, just like being

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Speaker 7: an artist doing anything sort of are related. I feel

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Speaker 7: like it's a marathon, it's not a sprint.

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Speaker 1: We caught up with him in the studio to discuss

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Speaker 1: credit and being a creative.

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Speaker 4: Congratulations without your success. Thank you so much.

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Speaker 7: I appreciate it.

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Speaker 2: Yeah.

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Speaker 4: Nah, you've blown up man taking over the world. That's

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Speaker 4: the plan. Okay, So let's talk about financial anxiety.

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Speaker 5: Yeah, did you ever have any level of financial anxiety

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Speaker 5: growing up?

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Speaker 4: Oh?

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Speaker 7: For sure.

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Speaker 4: I mean.

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Speaker 7: Coming from a not so wealthy family, you know, like

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Speaker 7: there's always been some sort of financial anxiety I've always

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Speaker 7: been aware of, Like, you know, you need to have

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Speaker 7: a job and you need to have like steady income.

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Speaker 5: So yeah, so at what point did you realize like, Okay,

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Speaker 5: I got my stride in this situation.

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Speaker 1: So like, are your peers realizing that you have this talent?

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Speaker 1: Does your family know you have this talent? It was

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Speaker 1: just like I'm closing the door, I'm in the lab

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Speaker 1: and nobody knows what's going on.

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Speaker 7: Well, I'm gonna be honest. It wasn't talent in the

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Speaker 7: first place. It was really bad in the beginning. I

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Speaker 7: kept it a secret mainly for my family for a

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Speaker 7: little bit, and then you know, you can't really hide it.

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Speaker 7: I'm screaming in my room at two in the morning

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Speaker 7: trying to make music with peers. It was like, you know,

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Speaker 7: a little bit of bullying, you know, I mean eventually

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Speaker 7: then they were like, yo, she's kind of tough. People

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Speaker 7: usually have this thing where they like are embarrassed by

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Speaker 7: what they do because they know like bad or whatever.

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Speaker 7: But like I had this full on confidence that I

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Speaker 7: was like, I'm gonna make it. I'm next up. Three

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Speaker 7: years in, I had my first song reach one hundred

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Speaker 7: k place, which was like huge for.

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Speaker 4: Me at the sound clo yeah on SoundCloud.

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Speaker 7: Quit my Boba job the next day, no more, Yeah,

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Speaker 7: no more Boba.

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Speaker 1: There's a mental side of this as well, right, obviously,

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Speaker 1: if you have to create, there's a pressure to create.

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Speaker 4: This is your livelihood.

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Speaker 1: How are you handling that at such a young age.

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Speaker 7: Oh, it's hard. Just the people around me that are

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Speaker 7: also going through the same things that I am. Like,

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Speaker 7: just keeping that kind of company really helps. Do you

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Speaker 7: guys want to hear some new stuff?

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Speaker 4: Yeah?

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Speaker 7: I started out with just a laptop and a USB microphone.

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Speaker 7: There was a good three years where I was just

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Speaker 7: making really bad music and I didn't think I was

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Speaker 7: I thought it was awesome. I got denied my first

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Speaker 7: couple of credit cards. You know, I was living with

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Speaker 7: my parents. I had no credit history whatsoever. But as

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Speaker 7: time goes on, you realize more of these things and

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Speaker 7: like you realize, oh, like I can actually get better

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Speaker 7: at something. Yeah, now I'm living my dream making music

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Speaker 7: and making money off of it, and there's still so

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Speaker 7: much more left to do. We're on the same journey

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Speaker 7: together and we're gonna get to wherever we need to

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Speaker 7: be as long as we keep going.

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Speaker 1: Bigsb's companies him resilient and it's fueling his success and

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Speaker 1: to help Margaret gain the kind of confidence she has

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Speaker 1: in her dancing with her finances, it's clear, all she

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Speaker 1: really needs is some trustworthy guidance.

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Speaker 4: All right, let's get.

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Speaker 1: Into you know, the ABC's of how credit actually works. No,

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Speaker 1: this is important, right, So it breaks down to one

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Speaker 1: hundred percent circle.

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Speaker 4: Right.

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Speaker 1: The biggest percentage inside of how to improve your credit

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Speaker 1: is making sure that you have a great payment history.

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Speaker 1: So thirty five percent of your score comes to that, right.

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Speaker 1: So it's important to know your due date. In fact,

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Speaker 1: it's also important to know the reporting date of the

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Speaker 1: financial firm or the institution that is loaning you with credit.

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Speaker 1: You always want to pay before them because again, it

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Speaker 1: shows you how trustworthy you are that you're able to

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Speaker 1: pay off that debt before they're even asking for it.

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Speaker 4: The next one is the utilization.

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Speaker 1: Utilization raisings how much of the card you're using. Typically

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Speaker 1: they'll tell you to make sure that it stays about

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Speaker 1: thirty percent. We love to tell people make it ten percent.

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Speaker 4: That way, you're overperforming.

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Speaker 1: At that level so that you're more credit worthy and

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Speaker 1: more trustworthy.

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Speaker 3: So like keeping the lowe or rate, that makes people

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Speaker 3: more willing to improve you because I think.

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Speaker 4: You'll pay exactly.

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Speaker 1: The next one is the length of your credits. Right,

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Speaker 1: So this is about another fifteen percent of your credit score.

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Speaker 1: This is why having an authorized user card helps. Now

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Speaker 1: that you're an authorized user, you get to have the

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Speaker 1: freedom of having the report of their credit now affecting you.

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Speaker 1: Now you have two credit cards with thirty years, they're

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Speaker 1: going to divide it. Now your credit length is fifteen years.

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Speaker 1: This is how it works. That's why have an authorized

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Speaker 1: card is so important.

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Speaker 4: But you got to use it. The next one is

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Speaker 4: the mixture.

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Speaker 1: Of credit, right, like, how many different places feel that

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Speaker 1: I'm trustworthy to get credit?

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Speaker 4: Yeah, to that point.

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Speaker 1: One simple way to improve your chances of getting approved

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Speaker 1: for a first time credit card like Chasing Starter card

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Speaker 1: is to have a Chase Checking account open when you apply.

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Speaker 2: That is the ADCs.

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Speaker 1: If you can stick to that format number one, your

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Speaker 1: credit is going to improve. But you're also going to

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Speaker 1: create a credit history for yourself.

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Speaker 3: So those two cards that I was denying, do those

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Speaker 3: count against me as derogatory mark?

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Speaker 1: Probably has, only because you were denied, But finding out

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Speaker 1: why you would deny it would be the first step.

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Speaker 1: And now you're on the path of building new right

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Speaker 1: so that that authorized.

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Speaker 4: User card is super important.

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Speaker 1: Figure out a system of how much we're going to

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Speaker 1: use keep that utilization low so you can start building

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Speaker 1: your own and then maybe six to eight months try

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Speaker 1: again and apply.

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Speaker 3: Okay, Yeah, I think the way that they laid it

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Speaker 3: out like so simply and because it's strustworthy, makes it

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Speaker 3: almost easier to understand than like information from social media

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Speaker 3: or anywhere else I would get it.

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Speaker 2: I feel like that information just confuses me even more.

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Speaker 3: Having this are these are your four your five steps

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Speaker 3: that you need to do, and this is how important

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Speaker 3: they are, what percent they count towards your credit score.

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Speaker 2: This just gives you like clear guidance on what to

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Speaker 2: focus on.

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Speaker 3: It's nice to like have a plan and just be

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Speaker 3: confident in like working towards credit scores.

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Speaker 4: Margaret Man talk about dreamers I believe in.

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Speaker 5: You know, coming from Florida to New York City is

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Speaker 5: not easy as a teenager, you know, being rejected from

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Speaker 5: having credit that's something that you know, it's not usual.

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Speaker 4: You know. Now it's an authorized user.

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Speaker 5: She can take the stairs as opposed to just haveing

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Speaker 5: an elevator.

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Speaker 1: Yeah, she's extremely courageous. She got the determination to say

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Speaker 1: I'm gonna make dance work. But you gotta give her

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Speaker 1: a lot of.

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Speaker 4: Credit for There you have it. I don't dance, but

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Speaker 4: two step, two step, all way out of here.