June  5, 2010 – Credit expert, Danny Rosario of Starting Over LLC, joins the Young Wealth Show to give young adults helpful information on building credit. During the third episode, Jason Hartman asks Rosario, “why is it so important to take care of your credit?” Rosario replies, “for anyone who is 18 or older, credit is going to be a quintessential part of your life.”

Although 80 million Americans have credit problems, bad credit is not the end of one’s life because it can ultimately be repaired. Using a secured credit card (backed by one’s own capital) for 12 months with on-time payments will result in the credit card’s conversion into an unsecured credit card (the institution’s money).

During the episode, Rosario stresses the importance of the FICO score and what it means to a consumer. The score ranges from 300-850 and serves as an identity by placing a risk category on consumers; the higher the score means that the banking institution views you as a lower risk. The score represents the likelihood that you will go 90 days late in the next two years. “The magic score is 740,” Rosario states, “it used to be 720, but now that credit is tighter, 740 viewed as an A+ to the banking institutions.”

Concluding the episode, Rosario gives away tips to help listeners improve their credit score. “Don’t screw up the first 12 months of having credit, but really, you don’t ever want to be late,” he says. “Keep a mixture of credit, keep credit history open and active, and keep a debt-to-income ratio around 10% and pay the balances off as soon as you can.” He also suggests obtaining the FICO score regularly. “Go to www.myfico.com,” Rosario continues, “and avoid all of the “free” credit report marketing schemes on TV.”

The Jason Hartman Foundation recognizes that life as a young adult can be very confusing and chaotic.  In the midst of completing formal education and beginning a career, there is a constant level of uncertainty concerning what will transpire in the future. The Jason Hartman Foundation is specifically concerned with helping young adults develop the necessary skills for financial success. The Young Wealth Show offers free educational information to help young adults develop the financial literacy needed to become financially independent. The show can be found on www.JasonHartmanFoundation.org/articles/young-wealth-show or the iTunes store.

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Contact Info:
Brittney Roberts
The Jason Hartman Foundation
Phone: 714-820-4267
Email: Media@JasonHartman.com
Web: http://www.JasonHartmanFoundation.org