If you’re working to create economic mobility in your life, building your credit is a necessary component. You can’t create a better financial situation without understanding credit and why you need it.

There are a lot of misconceptions about credit and they can be damaging to your credit score and your ability to grow financially. However, the great news is, there are resources to guide you to a better score and expanded opportunities .

Credit Is King, Transforming Your Credit to Royalty, by Will Roundtree is a great resource for understanding credit and what steps you can take to improve yours. Roundtree explains everything you need to know about credit, debunks myths you’ve been told, and gives clear steps on how to communicate with creditors and collectors, how to establish business credit, and more. Here are five of our takeaways from this must-read.


Credit is unique because everyone uses it and everyone needs it

There are a lot of people who think their only connection to credit is a credit card and as long as they aren’t swiping, all is good. Not true! In his book, Roundtree explains just how much credit really matters. At some point you’ll need credit to buy something, secure a loan, or get a job. Everyone needs it. Your credit score will determine how much you will pay for goods and services throughout your life. If you have a low credit score you’ll pay more in interest and fees, and may even have your application denied in many situations.


Get informed or get a credit advisor

There’s quite a bit to know but it’s not impossible knowledge to come by. We have access to all of the information we need but we need to know what questions to ask and where to go to find the answers. Figuring it all out on our own isn’t the only option. You can also hire a credit advisor to guide you through nearly anything concerning your credit and how to make the right decisions to put you in a more desirable position. It’s also a great idea to read through some of the information available on the credit bureaus’ websites. TransUnion, Equifax, and Experian have blogs where you can find posts about building credit, how to dispute items on your credit, fraud, debt management, and more. 



For the most part, our credit is the outcome of a set of choices we previously made. Building seemingly unconnected skills such as discipline can have a big impact on the credit score we have. The choices we make with our money on a daily basis can impact how our score shapes up and if we’ll have the score to do the things we need and want to in the future.  

Build your business credit too

If you’re an entrepreneur, you can and should build your business credit too! This book is a reminder that there are key pieces of information that large segments of the population oftentimes don’t know. Having access to certain knowledge can be the determining factor in whether you sink or swim. Not only did Credit Is King teach us to establish business credit, but also to ask, ‘what other new knowledge can I acquire’.


Be diligent, it takes time

Overall, building your credit can take quite a bit of time depending on what shape yours is currently in. Consistent good habits are key, so stick with it because the fact remains, the decisions you make today will determine the score you have tomorrow. Understanding what credit is, knowing your rights, and having clear goals will inevitably help you get your credit score to where you want it to be, in time.

Download the MoCaFi app and enroll in a MoCaFi Bank Account to get started.