BY JOYCE NANETTE JOHNSON, Staff Writer
ST. PETERSBURG — Having a low credit score can impact a person’s ability to buy a home, purchase a car or even have decent car insurance rates. Poor credit can also equal higher interest rates, thereby limiting one’s financial stability and economic growth.
“Your credit score doesn’t define you,” stated Dr. Delphinia Davis, founder and CEO of Pinnacle Financial Restoration, LLC. “However, it is your future.”
Pinnacle Financial Restoration specializes in credit counseling and restoration, how to communicate with collection agencies, navigating through the maze of bankruptcy and other financial services.
As part of the MLK Day of Service, Davis will be lending her expertise on financial literacy in a one-day workshop made possible by funding through the Florida Legislature and St. Petersburg College.
“Financial literacy is the education and understanding of various financial areas including topics related to managing personal finance, money and investing,” explained Davis, who received a doctorate in accounting from Capella University.
She said people do not like to discuss credit issues because they feel having a low credit score is embarrassing.
“However, everything is fixable and repairable. I want to promote worthiness and stop looking at traditional patterns.”
Davis stated that financial literacy involves the proficiency of economic principles and concepts such as financial planning, compound interest, managing debt, effective savings techniques and the time value of money.
Wells Fargo Bank will facilitate a portion of the workshop centered on credit basics such as establishing credit, improving credit, managing debt, preparing to borrow and exploring credit choices. They will also review the five Cs of credit: credit history, capacity, collateral, capital and conditions.
Workshop participants will receive an informational booklet entitled “Let’s Talk Credit,” which includes financial tools and educational resources that will help establish good monthly budgeting habits.
“We want to help individuals to understand that credit management is vitally important for a successful financial future, and good credit can ensure better financial stability,” she asserted.
Davis will explain learned behaviors that detrimentally impact credit such as having multiple credit cards, only paying the minimum balance and overextending oneself. She said it is essential to understand your credit report and will give participants an opportunity to have their personal reports pulled and reviewed.
The Zeta Upsilon Omega Chapter of Alpha Kappa Alpha Sorority, Inc. will be on hand to assist and Hall Brother Moving Company will give back to the community by offering free transportation to and from the event.
“One of our goals is to aid in providing education about finance involves understanding how money works, creating and achieving financial goals and managing internal and external financial challenges,” said Davis, who will challenge participants to establish a 52-week savings plan for the year.
Davis believes the first step to building an economic legacy is to establish good credit.
“It is a sense of relief to know that you can go in and get what you want,” she stated. “It’s not a black or white thing; it’s a responsibility thing.”
The Financial Literacy and Credit Counseling Workshop will be held Monday, Jan. 21 at the Jordan Park Apartments leasing office, located at 1245 Jordan Park St. S, from 8-1 p.m.
For more information, please email PFRestore@gmail.com.