If you’ve ever struggled to increase your credit score, then you know all too well how hard it can be. It’s not easy to pay down debt and make payments on time when times are tight. In fact, it can seem almost impossible.
But one man is giving hope to those people with a poor credit record. His name is James Cooper, a 50-year-old who recently raised his credit score by almost 300 points. Cooper is the founder of Fedup-4u, a nonprofit organization that spreads an anti-bullying, anti-violence, and anti-gang message to youth across America. And now he’s spreading a message to kids about the importance of good credit.
Man Strives to Fix 524 Credit Score
In 2017, Cooper’s credit score was 524, or a “bad” credit score, according to credit.com.
Credit.com’s credit rankings are broken out as follows:
- Excellent Credit: 750+
- Good Credit: 700-749
- Fair Credit: 650-699
- Poor Credit: 600-649
- Bad Credit: below 600
“I never had a credit card,” Cooper told The Penny Hoarder. “I had $6,000 worth of unpaid bills.”
So, Cooper decided enough was enough. It was time to fix his credit score once and for all. He teamed up with a Fedup-4U partner, and the journey began.
Be Cautious of Credit Repair Companies
One primary lesson Cooper learned during the credit-repair process was dealing with less-than-reputable credit repair companies. Unfortunately, he and his partner were “burned” by several credit repair companies who took his money and then disappeared.
“We got burned for about $4,500 altogether,” Cooper said.
Cooper says some warning signs to look for are credit repair companies asking for money upfront and making too-good-to-be-true promises.
Cooper Increased Credit Score by Almost 300 Points
How did Cooper improve his credit so dramatically? Luckily, Cooper and his friend finally found a legitimate credit repair resource company, called Credit Sesame. The company is a credit and loan management platform that provides consumers with free tools to reach their financial goals.
“They showed me the ins and outs — how to dot the I’s and cross the T’s,” Cooper said. “I applied for my first credit card ever.”
After getting a credit card, Credit Sesame recommended that Cooper ask for a credit increase on the card. Then they suggested that he keep strict control over his credit utilization, below five percent of his credit limit, meaning he shouldn’t spend more than five percent of his available credit.
These steps helped raise his credit score.
“The highest I went was an 801,” he said.
Copper raised his score by 277 points over the six months from June to November 2017.
Cooper Works With Kids About the Importance of Credit
Cooper’s nonprofit visits 75 school assembles and speaks to more than 65,000 children every year. Beginning in August, they started a school-approved curriculum on the importance of credit.
“How can we talk about banking and checking without talking about credit?” Cooper asked. “I’m speaking to these kids, finding out what they know and what they don’t know.”
Cooper’s main mission with his new curriculum: teaching Generation Z about the importance of building good credit from day 1. “We’re not in the business of fixing credit. We want to get to you before you have to fix your credit,” he said.
CREDUP Program Uses Real-World Blueprint
Please SHARE this with your friends and family.
Cooper’s new program is called CREDUP, which stands for “Career Ready Education Development on a Student’s way UP.” The blueprint for the program comes directly from what Cooper learned from improving his own credit by using the free tools offered by Credit Sesame.
“Too many of these kids are living on their own — 18 years old, seniors in high school, living in their own apartment and working a part-time job for tips,” Cooper said. “But they don’t know anything about credit.”
Cooper is proud to be helping kids around the U.S. learn how to create a good credit score from day 1, which will help them avoid having problems qualifying for a credit card or buying a car or a house in the future.
