As Black man in America I can honestly say credit is key to living a financially free life but can be hard for us black ppl to obtain that perfect score because we weren’t ever educated on the subject matter an even had inquiries opened up in our names as kids for cable etc Only thing I hate is the fact your credit can be tried at any age no offense to my parents but I wasn’t able to open up a credit line in Elementary why does it effect me today as a adult
@@richbefore40 it definitely is growing in our community with us ppl of melanin learning more about credit stocks real estate etc. I love the fact us as a people {not everybody} are trying to play a lil catch up to make sure our next generations r GOOD. Kids shouldn’t have to worry about starving, having to watch over their shoulders n shit n the hood.
If you’re responsible with your credit , depending on the terms you can add your child as an authorized user and build there credit so when they’re old enough their credit will be SOLID . Keep it up Omi, putting Philly on the map.
@@blacgod4550 no you should know the difference in what you signing regardless fool ..my loan shows what I would owe/paid after it's all said and done fool
Cash buys things on site. Credit, well you pretty much dont own it till the cash value is payed off. But you notice how much cheaper you get it for when you pay cash!
He's a fool. He's got a case pending and he's on Camera admitting he's still buying brand new cars after the FEDS confiscated many of his cars. Uncle Sam will use this as evidence to he say's he's defiant, stubborn ,arrogant. Remember the FEDS are jealous of wealthy poeple because they don't make alot of money. OMI can't shake that rich mindset even wihen facing 15 years plus prison time.
@@youknowwhyimhere2307 the point is paying cash and not credit... buying 36 cars with cash gone get feds involved vs cars with credit no feds involved ...... cash equals dirty money to feds considering 36 cars amount
Omi is wrong on this, credit is king in ALL CASES! It’s how the rich stay rich using other peoples money! Our culture needs to catch up & change our mentality 💰
Put credit like this if y’all don’t understand… it’s like having a chick uk she got the bread but she rather spend yours and save her shit to invest it into something else… you that chick use that credit save that cash and get more bread… WORK ON THAT CREDIT MY GUYYYY💯
With credit comes a lot of responsibility. Building credit takes effort tho. I want to know why tf its so easy to raise trans union, but Experian and equifax way harder. Raising fico is annoying asf! My trans union almost 800😅 but the other ones barely 700. I love my credit cards tho, especially when they get a increase. It be hurting when it’s time to pay em off. i try not to spend more than a couple hundred. They say to keep from using over 30% of a credit card. But that sh! be coming in handy! 🤣
You have to have Cedit and assests to get a lone not always cash. Most ppl don't have liquid cash laying around but they do have assests. And some banks will use the the asset your getting a loan for as collateral. But u still have to have credit. And I would never use personal credit to get a loan its to easy to start an llc and use business credit. And that's what he should be really talking about.
The only things I would say should involve credit is credit cards and a house or if you own a business but a car should be paid cash not credit unless you always switching vehicles.
Hard inquiries don’t lower your score that much, maybe 2 to 3 points, which isn’t a big deal. If you are racking up a bunch of hard inquiries to the point it lowers your score by a significant amount, then you probably have other issues going on. But each situation is different
If your responsible get credit cards and add your kids while they young. Credit history and credit utilization plays a huge part in the credit game. By the time they 18 that’s 18years of credit history of paying on time if you did it right easily 720+ credit score for your child just passing the knowledge
This is facts..i have plenty of money..but my credit score sucks because ive always paid cash for everything..so recently the guy at my credit union said to me ,"you make good money,but it means absolutely nothing if your credit isn't good". Needless to say im currently building my credit.😊
@@617KDuB Yes & No. it’s not that difficult & nothing a days worth of google searching won’t fix. But that’s people problem today, they use the internet for EVERYTHING except learning actual things that will propel you in life. Our people make the non difficult stuff seem so difficult & make the difficult stuff jus seem unrealistic & impossible to accomplish without somebody holding your hand
@@bossman1230 nobody is born with a credit score. Once you start using credit is when you should be disciplined with it. My parents didn't teach me about credit I learned myself
@@Emmanuel-ne3oi same here. Once I got my 1st apartment on my own I start figuring out how to establishing my credit. I did learn a lot of good things from my parents. They just happened to leave credit out lol
OMi So misinformed about credit you don’t need cash to get credit that’s the whole point of credit. 😂 I went from a 620 to a 800 in less than 2 years. I’ll put y’all on game if y’all are interested! 💯
I read the indictment. He paid cash for all of his cars cuz what he what he was doing was illegal. No matter how he puts it. He was stealing cable and streaming it & charging others for it.
i mean i guess but lending someone $150 and $150k is two different scenarios. and for arguments sake lets say you do get a loan for $150 its usually zero interest as long as you pay it back on time. but hes right the hard inquiry thing is literally the stupidest thing ever. like you have to hurt your credit just to GET credit smh.
Moral of the story , mind your fucking business an let ppl spend they money or swipe they cards how they want to . Don’t be worrying bout how the next man spend his shit, cus youn know what he can afford to spend . Maybe some of y’all would have more money if you wasn’t worry bout somebody else’s .
Let’s be honest he paid cash because he was tryna wash the money by funneling it into a luxury car dealership. I like Omi but that’s what it seemed like.
That’s not washing money tho, washing money is manipulating the books to the business. Which he would’ve already been doing through the construction and nightclub businesses he had if he wanted to wash money. But I don’t think he was that deep into the fraud side of business to even know to do that. If he wanted to do a dealership he woulda never put the cars at his house and he woulda been buying in bulk in the business name instead of personally from a dealership. I think he was honestly just flexing
Respect to OMI man I’m listening and thank god they made this nin99a Sean cotton he shuts up and let’s his people talk vlad needs to take notes and so does that other interviewer adam22
If Im a worker I can see myself financing or leasing. If Im an entrepreneur I cant see myself financing a depreciating asset as this life fluctuates especially depending on your success/status, however there is a greater level where I can see someone say why would I spend cash on a depreciating asset? I guess its all subjective.
Did quite explain that right 100k 4% only what your paying is paying that 100k off immediately other wise your paying 4% every year length of that loan
Omi is wrong about the loan amount of a lender giving you 100000.00 and you only owing 5000.00, depending on your rate you're probably gonna pay them upwards of 36000.00 in interest.
2:39. OMI Yes Please SCHOOL the PETTY ones out there...3:55. Omi tell them suckers and people out there mad at their assumed broke neighbor who they say " Ah he Fronting. He aint got no money and he probably leasing that car are something ". 4:03. And that's the BOTTOM LINE.
@@cceproductions8435 Yooo this Ain't About Me!!! But since were here I just copped an 09 Mazda cr7 in February & I'm fine with that ..And now that I'm back trying to get good with credit which I been fuvking up since 16...But now that I'm focused got stuff wiped off my report. I had a 300 credit score in march and its 540 today so I'm in the direction of that Benz's. Lol.....But Honestly I don't think I'll ever purchased a car that I can't buy with saved cash. I ain't paying no note....if I NeeD credit for it, that tells me its " Out of My price Range"-----
A lot of bad info here. We all start with blank credit and tradelines must be added for it to grow. Both y'all friends with Kevo....get the education on that topic. But I salute both y'all hustles.
credit is key, you can buy so many things with credit that you cant get if you only have cash because you're going to need something that you cant get because you wont have all the cash and you're going to be stuck, so many grown folks i know dont have decent credit to okay credit. i have always been cheap my whole life and my first credit card i cancelled it because the limit was only 750 and i was like why do i need this if i have over 7k cash, this was 10 yrs ago. then when i bought my car 2 yrs later and did payments i had reopened a card with my bank, its good to have both because if you got the cash, just get cashback you were going to spend that anyway might as well get paid and if you dont have the cash just use your card, some cards have low interest and shit, but buying 26 cars? he was trying to fill a hole in heart that he thought cars could fill and after the newness of the car wears off, he would feel empty again so he'd buy another, and another. no billionaire will have 26 cars that arent trophy cars, cars that will appreciate in value. the cars omi was buying was cars with no value after 5 yrs.
How do Caucasians start life with credit? I’m 23 and just got credit from buying a loner. Started at a 617, got my first credit card. It’s up to a 662. I ain’t have credit till February. Times were tough man
