LARGO, Md. — Prince George’s County wants to help residents with their credit scores.
It’s a matching grant program to build up credit scores and wealth. It’s based on a program that has already seen some success in the county.
Taiwo Ajayi pulled out his laptop and gets down to searching. He is looking to become a homeowner.
As big a step as that is, a year ago he could not have imagined doing it. His credit score was floundering.
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“I think I was at a 640,” he smiled, a bit embarrassed. “People tell you ‘buy things, pay off your credit card and build credit.'”
“They don’t tell you: buy more things don’t pay it off really bad things happen to your credit score.”
Last year his twin brother told him to look at a Prince George’s County Credit Program. Ajayi invested $44 a month in a Prince George’s County Federal Credit Union account and the county matched it.
“I saw results immediately it was 650, 660, 667 680, 690 and eventually it got to 705,” he said.
This year, 8th District Councilman Ed Burroughs is expanding it to his district. He is also adding a financial planning component.
It’s pretty much a similar program, $44 a month matching funds in the Federal Credit Union account for a year, ending with more than $1,000. Sending the results to the credit bureaus.
“We’ve seen individuals raise their credit scores by over 70 points,” he said.
This years' program has 576 slots.
If you’re wondering- who is paying for this? Burroughs said it comes from grant money paid by the MGM casino.
“That’s what was promised when the casino came, the big seller was that we would get additional benefits for this local region,” Burroughs said.
Now gambled dollars will become planned dollars for people like Ajayi.
“I feel like I’m in a better position than I was a year ago,” he smiled “I’m very appreciative of that.”
Now, he is in a position to buy his first home.
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