Author imparts wisdom on RAF Lakenheath

  • Published
  • By Airman 1st Class Kristopher Levasseur
  • 48th Fighter Wing Public Affairs
ROYAL AIR FORCE LAKENHEATH, England --  Ellie Kay, author of 11 best-selling books and renowned guest speaker on financial management visited the Liberty Warriors of RAF Lakenheath Sept. 19.

Ellie Kay has been a frequent media guest on several national news broadcasts. One of her books even inspired a seven part financial series recently featured on television.
While here, Mrs. Kay imparted some of her wisdom on Liberty Airmen.

"Being in the military, expecially with a family, means having a limited amount of money," said Master Sgt. Mark Gilliard, 48th Mission Support Squadron Airman and Family Readiness Center superintendent. "After hearing her advice, I found myself running for the coupons."

"Helping people cope with their financial issues is a very big part of what I do," said Mrs. Kay. "One way to do this is to help manage their FICO score."

According to Mrs. Kay, FICO comes from the Fair Isaac Company, which came up with the process of condensing all personal credit information into one three-digit number. Three quarters of all lenders use FICO scores when considering requests for loans or credit.

The importance of a FICO score doesn't end there. It's also used in determining a person's interest rate, the amount of a down payment and their ability to get a car loan.

"FICO scores impact dozens of areas of our lives, but following my three simple tips will have a noticeable improvement in 30 to 60 days," said Mrs. Kay.

Mrs. Kay's three tips for a better financial scope were;

1. Pay $5 more than the minimum payment on all credit bills. Even $5 or $10 more on the minimum payment shows up on paper as paying down the debt.

2. Pay a day early rather than a day late. One of the number one hits on FICO scores is late payments. If it is one day late, it is tabbed as a late payment.

"What I recommend is to go online to each of your credit cards and set up an automatic payment to draft a day before it's due," said Mrs. Kay.

3. Have 50 percent less than the available credit charged to credit cards at one time.

"I think Ellie Kay had a really strong message and gave some really important advice," said Sergeant Gilliard. "Her information was a real eye-opener and something everyone in the military can use."

Being stationed at an overseas location puts Airmen in a unique position with financial stability. Unforeseen expenses can pop up out of nowhere, but following Mrs. Kay's advice can give Airmen and their families a foothold to base their finances on.