48% of Americans Want To Improve Their Credit Score This Year — Here Are Ways To Do It
Having a good credit score is truly important and can impact your finances in many ways.
As such, a new report shows 48% of Americans want to increase their credit score this year. A credit score shows if you’re a trustworthy borrower or a potential credit risk. Say you want to buy a home or get a credit card, your approval chances are greater with a higher credit score.
Sadly, Black Americans generally have lower credit scores than other racial groups. According to this survey, some 54% of Blacks say they have no credit or a poor to fair credit score, deemed any score below 640. Statistics reveal that a credit score between 300 and 579 is viewed as poor.
The 48% of people who want to beef up their credit score was reported by The Ascent, a Motley Fool service that reviews financial products to help people make informed money matter decisions.
Jack Caporal, a research analyst at The Ascent, told BLACK ENTERPRISE that “Black Americans are less likely than white Americans to know their credit score, according to a survey from The Ascent. “Knowing your credit score is crucial because it can affect your ability to access life-changing financial products. And by knowing your score you can begin to take steps to improve it.”
He added, “Having a strong credit score can make it easier to access important financial tools at more affordable rates. A good credit score can unlock better insurance rates, mortgage and auto loan rates, and credit card interest rates and rewards.”
Here are some tips based on BLACK ENTERPRISE research to help improve your credit score.
Know what your credit score is
Get copies of your credit report to ensure the information is correct. Visit www.annualcreditreport.com, which claims to be the only authorized online source for a free credit report. You can get a free report from each of the three national credit reporting firms every 12 months.
Examine your credit report for mistakes and check it regularly
At times, your credit report might include details that should not be there and cut your score. One such error might be a delinquent debt placed on your account accidentally. That is too a good reason why you should check your report several times a year for accuracy.
Be assertive and make sure good details are included
If you check out your credit report and see an account in good standing has not been posted, get that changed quickly. Sometimes, an account that is in decent shape is omitted. Consider contacting the creditor and ask that information be added as it could help boost your entire credit score.
Pay bills by the due date
Taking care of bills on time is among the most significant factors that can determine your credit score. In fact, being timely in paying bills can help boost your score. You may do well to even establish a system where your bills are paid automatically, reducing the risk of missing a payment and incurring late fees.
These days, video editing is no longer exclusive to people with large studios and high-dollar equipment. Nearly anyone with a mobile device can do it, as programs are almost always included in your camera’s operating system. Sure, while using your mobile camera’s video-editing software can do the trick, you’ll be sorely lacking in features that can truly enhance your videos. If you’re big on using social media to share your digital captures, you need something that packs more of a punch.
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Basic editing features make it possible to trim and reduce videos, split videos into small pieces and merge various parts into a larger video, and drag media into a timeline layers list. It’s customizable, which allows you to add custom video intros, select from hundreds of fonts or create your own, convert text to speech with just one click, and perfectly position text anywhere on your video.
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Netflix CEO Reed Hastings, Wife Donate Millions To HBCU Tougaloo College
Netflix CEO Reed Hastings and his wife, producer Patty Quillin, announced Monday they are donating $10 million to fund scholarship programs at the HBCU Tougaloo College and Brown University, a predominately white school.
According to The Hollywood Reporter, half the donation will provide financial aid for Tougaloo students studying a range of disciplines such as medicine, public health, the sciences, education, and others. Hastings said during the announcement that HBCU schools have been paramount to the success of Black leaders, and the donation is an investment into America.
“HBCUs have been vastly undervalued for a long time,” Hastings and Quillin said in a joint statement Monday. “They have an incredible track record of graduating so many Black leaders across the U.S. — doctors, lawyers, engineers, and more. By investing in the extraordinary students who attend Tougaloo and Brown, we’re investing in America’s future.”
The other $5 million established the Brown-Tougaloo Partnership Scholarship Fund as part of Brown University’s endowment, providing support for Tougaloo students who go to Brown for a graduate program or an exchange program.
The partnership between the two schools began in 1964, during the height of the civil rights movement, to enrich both campuses through student, faculty, and administrative exchanges and featuring academic and cultural exchanges, collaborative research ventures, and administrative level engagements.
“The remarkable personal gift to the historic Brown-Tougaloo Partnership from philanthropists Reed Hastings and Patricia Quillin will transform the lives of Tougaloo College students,” Tougaloo President Carmen J. Walters said in a statement.
“This donation, setting a new precedent as the largest gift to the Brown-Tougaloo Partnership, is a living testimony to their strong belief in the value of giving, the value of education and the value of HBCUs. This transformative gift is a life-changing opportunity for our students, and the impact will be far-reaching.”
During the height of the Black Lives Matter movement, Hastings and his wife donated $120 million to Spelman College, Morehouse College, and the United Negro College Fund, with each receiving $40 million.
Former Wendy’s Employee Slammed For Filming Cockroaches Inside Kitchen
A former Wendy’s employee faced backlash on social media after posting a video revealing the cockroaches in the fast-food restaurant’s kitchen.
A TikTok user named Ace posted the seven-second video showing roaches around the food and condiments of the Wendy’s where he used to work in Wilmington Island, Georgia.
“Right where y’all sandwiches are made, roaches falling out,” the user captioned the video.
While the ex-employee might’ve expected to receive support for putting the poor work conditions on blast, many took to his comments section to call him out, Newsweekreports.
“How about you clean it up?” one person wrote. “You work there it’s your job to clean.”
“[I]t’s not Wendy’s it’s the people who work there,” added someone else.
“[I] work for 7.75 an hour and would SCRUB this even on my first day,” another person commented.
“Instead of videoing it CLEAN IT,” wrote someone else.
Ace returned to his comments claiming he recorded the video his second week on the job.
“All y’all talking bad it was my 2nd week and I got fired because of this video this is years of not being cleaned,” he wrote in defense of the video.
Some joined the comments sending the terminated Wendy’s work their support.
“[E]verybody is haters,” one person wrote in support. “NOBODY IS CLEANING IT IF YOURE A NEW EMPLOYEE.”
“Roaches is an exterminators job not a sandwich artists job,” one user commented. “Wendy’s is a big chain. It’s the GM’s fault and Dms fault.”
“Cause it was there 2nd week. You got me effed up if you think I’m cleaning that as a new employee after everyone else has neglected it for years,” one person said.
“It makes perfect sense tf? Not only that, I would have quit. Because clearly that working environment along with management is total garbage,” one user said in Ace’s defense.
Ginni Thomas, Wife Of Supreme Court Justice Had Ties To Capitol Riot Organizers: Report
Supreme Court JusticeClarence Thomas’ wife, Virginia “Ginni” Thomas, had ties to the Jan. 6 Capitol Riot organizers and efforts to undermine the 2020 election results.
A New York Times Magazinereport revealed details about Thomas’ role in the effort, and The Washington Post reported Thomas shared a Facebook post on Jan. 6 before the violence broke out stating, “LOVE MAGA people!!!! GOD BLESS EACH OF YOU STANDING UP OR PRAYING.”
Dustin Stockton, who helped organize the initial rally on the Ellipse, told the Times the Supreme Court Justice’s wife played a peacekeeping role “so that there wouldn’t be any division around January 6.”
“The way it was presented to me was that Ginni was uniting these different factions around a singular mission on January 6,” Stockton said.
The NYTimes noted the accounts of other rally organizers who dispute Stockton’s claim but did not offer specifics to back up their claim. The Times added Thomas also served on the advisory board of the group that sponsored the rally, Turning Point USA.
Thomas is also connected to people who tried to undermine the 2020 election results that showed Joe Biden won the election. John Eastman, a lawyer who wrote a memo to Vice President Mike Pence detailing how he could overturn the election results, clerked for Clarence Thomas in the past and is a close friend of the family.
Thomas’ wife also founded a group called groundswell with the help of Steve Bannon, who Trump pardoned for his role in the “Build The Wall” fundraising scheme.
The Times and The Post reports have led to an outcry calling for the Supreme Court Justice to resign. According to MarketWatch, ‘The View’ co-host Sunny Hostin said he is “slicing it pretty thin” in not recusing himself from Supreme Court cases that may touch upon political issues his wife has ties to.
Author Jill Filipovic said in an Op-Ed for CNN Tuesday, “That Clarence Thomas has made no effort to recuse himself from cases in which his wife has an interest is profoundly unethical.”
The summit originated out of a need to try to combat the lack of resources and/or education athletes lack. Craig Brown, partner and co-head of the Sports Business Division at NKSFB and NKSFB Sports co-founder, introduced these discussions to athletes.
Esteemed professionals and entrepreneurs indulged the audience within the subject areas of fine arts, technology, investment strategies, angel investing, venture capital, cryptocurrency, real estate, cannabis and money management, among other topics that could enhance a successful portfolio.
With the likes of Grammy-winning producer, entrepreneur, and philanthropist Pharrell Williams, football great and Good Morning America cohost Michael Strahan, and Memphis Grizzlies owner Elliott Perry, the summit returns to Miami from Feb. 23 through Feb. 25.
BLACK ENTERPRISE spoke to Adrian Muhammad, managing partner at Jackson Shah & Company, and an event leader for the summit. Muhammad spoke about how the success of the initial summit propelled the immediacy of another one less than a year later. Muhammad also discussed additional sponsors coming on board and the purpose for the summit’s various topics.
BLACK ENTERPRISE: With the initial summit built for the financial success of Black athletes, how do you see this summit being implemented within the structure of athletes going forward? What was the thought process when this idea was first implemented?
MUHAMMAD: Parable of talents. Everyone envisions themselves as good stewards of their God-given talent and the wealth that talent produces. Professional athletes, in many ways, are the best among us. Hard-working and disciplined. Purposed, fearless, and confident. The field of play in life is bigger, of course. Deeper, and in some cases, darker and more nuanced, but nothing worthy of our fear. Same in business. The goal was to create an environment of learning, shared values, and a spirit of service in undertaking the topic of wealth preservation and growth. An environment where the most talented among us could learn from those who’ve proven equally successful in business or related areas. Both are in awe of one another. Both want the same thing out of life.
In terms of how this space is maturing: This is all relatively new. Learning and working together, especially in this space is something we’re all still learning how to do better. Money evokes a lot of emotion. Most, not productive. Equally, we’ve found there’s an even greater passion to achieve generational wealth by especially Black professional athletes as they have a disproportionate reputation of “squandering” their wealth. As the yearning is organic and authentic for athletes, the population will grow in kind. Now with name, image and likeness rules changing, we see this also becoming increasingly more relevant to elite amateurs. As for the Wealth Summit, our lone job in this environment is to be good stewards and the best learning environment imaginable.
Why was it necessary to have different topics than those originally done last year for the Miami summit? Do you plan on continuing that structure and/or adding anything that would be beneficial for the participants?
In six months, NFTs have evidenced a new, exponentially growing multi-billion dollar market, Facebook has changed its name (Meta) and the housing market has exploded. So topics and tastes, and even markets, are quickly evolving. To keep pace, especially when talking strategic investment with influencers/athletes are often at the pulse of these changes; we must do the same. So, yes, this is central to our strategy.
Another change from last year’s initial summit is the addition of a Women’s Retreat. The importance of women, especially Black women, is an important discussion to have. What led to the inclusion of this retreat and what should be expected?
This has been uniquely powerful and one of the most pleasurable to see develop. When we were in Aspen, the men were thoroughly engaged. Impressively so. But the wives and mothers were absorbed. As stewards of family, you can see how important preserving wealth was to them. There’s a lot to build on here. Thankfully we’ve been blessed with the support of some of the smartest, most accomplished sisters in the country, including Kim Paige (BET), Cori Murray (Essence) and Tiffany Burns (McKinsey), as well as an equally impressive team of wives and mothers of professional athletes. They have taken in both the spirit and goals of the Wealth Summit and are doing impressive things with it. This is certainly worth watching develop.
Based on the success of last year’s summit and the feedback you were given, what is the approach to the upcoming one as opposed to the initial wealth summit?
The spirit of Miami is different from Aspen. The energy is different. Technology, art, alternative energy are as center to the city as beaches, music, and food. Since Aspen, we’ve earned some great partnerships, like Vanderhall Motor Works, the luxury, electric vehicle company, and Obsidian Investment Partners, the impact and innovation private equity firm. Partners like these have brought tremendous value to our efforts, sharing valuable industry insight, the leverage of their networks, and even accretive investment opportunities. The Miami event will benefit from these new relationships. But we expect this to continue as we evolve.
You have a variety of speakers attending with different views when it comes to business and entrepreneurship. How were they selected?
Our clear goal is to both perspectives: the value of an investment as well as providing meaningful dialogue in areas unique to this audience. And one of the true advantages of the NKSFB Sports relationship is the leverage of a profound network of both business leaders and influencers. So we’re fortunate to have NFL Hall of Famer, Coach Prime [Deion Sanders] sharing his path to purpose anew as a ground-breaking NCAA coach, or Rick Ross sharing his personal path to entrepreneurship; Harvard Business School professor Anita Elberse walking us all through one of her famed sports case studies. So while we’re intentional about having leadership from core business areas, we see it as equally important that leaders like them are also leaders that can add value to the human being.
Issa Rae, Nasdaq and Airbnb Team Up to Donate $100,000 to LeadersUp
Airbnb named LeadersUp a recipient of a $100,000 donation together with Nasdaq to help local organizations with visions in line with Nasdaq’s ambitions to advance inclusive growth and prosperity and to empower underrepresented communities in their efforts to generate wealth.
Other organizations to receive a portion of the donation include Central Neighborhood Health Foundation, which seeks to minimize disparities in health care access; and Brotherhood Crusade, a grassroots organization working towards improving quality of life for under-represented communities.
To announce this donation, Airbnb partnered with Issa Rae, who first introduced the TV world and public to her beloved South LA neighborhood with her on-screen character Issa Dee, in the HBO hit show, “Insecure.”
Ahead of Super Bowl LVI hosted at the Sofi Stadium in South LA this past Sunday, companies like Airbnb and Nasdaq aren’t just thinking about football, but rather also about the economic impact and commitment to equitable health services, youth development and job creation in the South LA area.
“Since my series debuted in 2016, it’s been an honor to showcase the people, culture and businesses that make South LA such a vibrant part of the city,” Issa stated in speaking about her listing.
On-screen and off-screen, Issa Rae is known for putting on for her community. That’s why LeadersUp is investing this entire donation back into the job seekers we serve, letting them know — “we got y’all.” This donation will allow LeadersUp to continue their work of creating career pathways, jobs and providing career coaching to BIPOC talent. LeadersUp will utilize the donation to create a community impact fund which would address their community’s barriers to accessing educational, mental health and wellness and technological resources.
“We are sincerely grateful to Airbnb and Nasdaq for including LeadersUp in this grant to advance inclusive growth and prosperity and to empower under-represented communities in their efforts to generate wealth. This level of investment speaks volumes to the value and importance of our work in this community and amongst BIPOC talent in our markets nationally. The partnership with Issa Rae, during Superbowl LVI weekend — when the eyes of the nation and beyond are focused on South LA — further speaks to the importance of highlighting and increasing the visibility of our work of bridging the divide between the diverse talent of tomorrow and forward thinking employers. As major corporations struggle to make good on their Equity and Racial Justice commitments following the murder of George Floyd in 2020, and struggle to build diverse and inclusive cultures within their organizations, this grant affirms the work we are doing in this space as a thought leader and practitioner to advance an inclusive economy. We’re excited about putting these funds where the impact is needed most — in the hands of jobseekers as they navigate the employment process,” said Jeffery Wallace, CEO LeadersUp.
LeadersUp is tremendously grateful to Airbnb, NASDAQ and Issa Rae for their commitment to economic empowerment, especially as South LA residents used #Superbowl weekend as an additional source of income.
Angela Simmons Talks Season 2 of ‘Just Angela,’ Black Maternal Health Crisis, and New Fitness Brand
As the daughter of hip-hop royalty, many assume Angela Simmons has had everything handed to her on a silver platter. But while speaking with BLACK ENTERPRISE, she explains how she had to hustle and use her own money to get her businesses off the ground.
Known for promoting her life as a celebrity entrepreneur, beloved TV personality, and doting supermom to her son Sutton Joseph Tennyson, there’s still another side to Angela that she is only just now opening up about. Despite her family’s legacy, Angela faced her fair share of trials on the path to building her empire.
As the daughter of Run DMC’s Rev Run and niece of hip hop mogul Russell Simmons, some of Angela’s early successes on television include Run’s House, Daddy’s Girls, and BET’s 106th and Park, Simmons is now an established actor and producer.
In season 2 of her show Just Angela, the TV personality and entrepreneur gives viewers an intimate look at her day-to-day life as a #girlboss. In the new season that premiered on Feb. 15, she’ll be covering a variety of topics, including a tour of her new house after moving from another state, a glimpse into her vegan diet, what her glam routine looks like, the Black maternal health crisis, and parenting through grief.
Airing on AspireTV, the network that celebrates and reflects the Black culture and urban lifestyle, Just Angela will give fans a deeper introduction to Simmons’s life as a multitalented entrepreneur, owner of her own skincare line, Simmons Beauty, and co-creator of her new fitness brand Xtreme Built Not Bought.
Angela also continues to highlight entrepreneurs on the Aspire MKTPLC online directory of Black-owned businesses where consumers can buy Black and shop with purpose.
Angela also talks about her addition to ALLBLK’s Social Society with Kendall Kyndall, Reginae Carter, and Kendra G. The new show, which premiered on Feb. 7, follows the co-hosts as they welcome some of our favorite celebrities, influencers, and Black culture experts for epic discussions on lifestyle, love, politics,
and everything in between.
Gossip Site Slammed For Reporting ‘Queen Is Dead’: Owner Refuses to Retract Story
The gossip site Hollywood Unlocked is under fire for posting an “exclusive” story on Tuesday claiming that Queen Elizabeth was dead.
“Sources close to the Royal Kingdom notified us exclusively that Queen Elizabeth has passed away,” the site claimed in its article.
According to the outlet, the Queen reportedly was due to attend the wedding of British Vogue editor Edward Enninful but allegedly died a few hours before the ceremony was set to take place. The site’s owner, Jason Lee, has doubled down on his reports saying his outlet does not report lies.
“We don’t post lies and I always stand by my sources. Waiting for an official statement from the palace,” Lee tweeted on Tuesday.
We don’t post lies and I always stand by my sources. Waiting for an official statement from the palace.
After an apology from an account claiming to be the outlet was posted online, Lee sent out another tweet standing firm in his reports of the Queen being dead.
“Woke up to some fake account posting a retraction,” Lee tweeted on Wednesday. “We do not know that account and we have not retracted our story. There has yet to be an official statement from the Palace. Staying tuned.”
Woke up to some fake account posting a retraction. We do not know that account and we have not retracted our story. There has yet to be an official statement from the Palace. Staying tuned.
However, many are calling out Lee for seemingly posting the news before the Royal Family confirmed it if it’s true. Many have pointed out that Queen Elizabeth is not known to attend celebrity weddings and is isolated at Windsor Castle after testing positive for COVID-19, Newsweekreports.
British journalists have also said royal protocols have been in place to break the news of the queen’s death, which will come from Buckingham Palace informing the U.K. prime minister, who will then announce the news on the BBC.
Lee has since become a trending topic along with “Queen Is Dead.” Many are calling out the gossip blogger for seemingly wanting to break a story first rather than following official protocols.
“Jason, this is a terrible mistake and I have no idea what you think you’re doing. The Queen is not dead,” screenwriter Emma Kennedy tweeted in response.
“I get this guy is out for clout but try harder, my man,” added someone else.
“Not sure who this dude is but Jason Lee doesn’t understand how the palace operates,” one user wrote. “They announced Prince Philip’s death like 32 seconds after it happened. They announce births as soon as the head hits the air.”
Others online used the moment to create funny memes mocking Lee.
jason lee really expects us to believe that out of all the reputable news outlets buckingham palace chose hollywood unlocked to break the news about the queen pic.twitter.com/23DQpzbnCa
I wanna know who in Buckingham Palace would see #QueenElizabeth passed away in her bed and think to themselves “oh bloody f*cking hell, we must phone Jason lee!” pic.twitter.com/729KULRuBG
Meet The Black Inventor Behind Mattel’s Second-Best Selling Card Game
For years, Black Americans have reportedly created over 100 inventions that influence how we live, even today.
Inventions range from tasty potato chips and peanut butter, necessities like traffic lights that keep us safe, automatic clothes dryers for good hygiene, and lawnmowers to help get chores done.
Yet, one that you might not have heard of is Phase 10, a rummy-type card game created by Black inventor Ken Johnson.
Johnson is partnering with U.S. toy giant Mattel to salute the card game’s 40th anniversary this year. The game is offered in over 20 languages and sold in 30 countries. According to the company, Phase 10 is Mattel’s second-best-selling card game globally behind Uno.
Mattel is launching a special-edition box set of Phase 10 for the anniversary during Black History Month.
Johnson told BLACKENTERPRISE, “Since inventing the game in 1982, it’s brought me so much joy to see how this game has become a multigenerational family tradition over the years, transcending languages and cultures to bring people together all over the world.”
The card game creator reflected on what it’s like to be a part of Black history.
“I am happy and grateful that my accomplishments serve as an inspiration and an example to other Black people. It is my hope that they will see my example and that of others and use it as fuel to build the confidence and determination they need to reach their goals, knowing that others have led the way.”
According to the New York Daily News, Mattel bought the Phase 10 licensing rights from Fundex in 2010. It’s reported over 2 million decks are sold worldwide annually. Amazon, the world’s largest online retailer, shows one pack could sell for around $9.40. This means the game alone can generate roughly $18.8 million in sales.
So how do Mattel and Phase 10 plan to reimagine the game after the jubilee?
Ray Adler, Mattel vice president and global head of games, told BLACK ENTERPRISE Phase 10 fans love the classic style of play and tradition in the game.
“We’re always looking at ways to innovate the gameplay and create new experiences for fans. For example, the Phase 10 mobile app has been a hit with fans with over 200 million downloads and has served as a testing ground for new ways to play. We’ve also introduced a Phase 10 board game, and the 40th-anniversary commemorative edition is yet another way we are evolving and extending the game to remain accessible and relevant.”
When asked if there are new audiences Phase 10 hopes to target, Adler responded, “Phase 10 is a game for everyone—so we’re being intentional about creative ways to reach new fans, whether that’s reaching digital natives through our mobile app or shining a spotlight on the origin of Phase 10.”
Johnson, who is also an entrepreneur and author, offered some tips for other prospective Black gamers and entrepreneurs considering entering the entertainment industry.
“My advice for gamers and entrepreneurs is to test your prototype thoroughly—test it among friends and family, make sure people really enjoy it,” Johnson says.
“Then, really go for it and don’t hold yourself back or let anyone hold you back. You never know where your idea can go.”
