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© 2006 Consumer Jungle Credit Scores & Reports
© 2006 Consumer Jungle Why Credit is Important FICO or credit score: Credit Card Issuers & Lenders –Determine APR Auto Insurers – Determine Premium Employers – Are you a worthy hire? Landlords –Are you a reliable tenant?
© 2006 Consumer Jungle Credit / FICO Score Fair Isaac Company Range between 300 & 850 U.S. Median: 723 < 620 = sub prime > 760 = best rates
© 2006 Consumer Jungle The Cost of Borrowing Your Credit score: Your interest rate: Your monthly payment: 760 - 8506.13%$1,313 700 - 7596.35%$1,344 680 - 6996.53%$1,369 660 - 6796.74%$1,400 640 - 6597.17%$1,462 620 - 6397.72%$1,543
© 2006 Consumer Jungle
35% Payment History Late payments have the greatest negative impact. Recency & frequency are important too.
© 2006 Consumer Jungle 30% Outstanding Balances Total balance vs. total available credit. Are you overextended?
© 2006 Consumer Jungle 15% Length of Credit History Number of years youve used credit. How long since youve used certain accounts.
© 2006 Consumer Jungle 10% New Credit Number of new accounts. Multiple requests reduce your score.
© 2006 Consumer Jungle 10% Types of Credit Mix of: –Revolving Credit Credit cards –Installment Credit Car loan Home loan
© 2006 Consumer Jungle How to Improve Your Score Pay all bills on time. Pay any delinquent bills. Lower your total credit card debt.
© 2006 Consumer Jungle How to Improve Your Score Dont close unused credit cards. Dont open up new credit cards to increase available credit.
© 2006 Consumer Jungle How to Get Your Score Three Credit Scores –1) TransUnion –2) Experian –3) Equifax $15.95 each $47.85 (all three & includes report) www.myfico.com orwww.myfico.com 1-800-342-6726
© 2006 Consumer Jungle How to Get Your Credit Report www.annualcreditreport.com 1-877-322-8228 1 Free Report each year by each credit bureau: –TransUnion –Experian –Equifax Order once from all three companies (or) Order every 4 months from a different company
© 2006 Consumer Jungle Duration of Info on Report Trade: Sears, Macys –7 years from last activity Judgments or liens –7 years from filing. Chapter 7 Bankruptcy –10 years Medical: case by case
© 2006 Consumer Jungle Credit Scores & Reports. Are you Creditworthy? Have you ever borrowed money? Did you pay it back? Did you pay it back quickly?
© 2006 Consumer Jungle Credit Scores & Reports. Learning Target I can explain what can affect my credit score and how to improve it. © 2006 Consumer Jungle.
Credit Reports and Credit Scores By Julie Chapman For.
Credit Card Numbers in the US American Express: 38 million Visa: 109 million cards Discover: 49 million MasterCard: 82 million Total US credit Debt in.
CREDIT RATING CREDIT RATING& CREDIT REPORTS. Credit Reports A credit report is a document which includes information on your level of indebtedness and.
Lesson 9 Fixing Your Credit. Key Terms Bankruptcy Certified Mail Credit History Credit Report Fair Credit Reporting Act FICO Expansion Score FICO Score.
1. Generatated by three companies Experian Equifax TransUnion Factors How much you owe to each company Payment history for each company Credit Card Companies.
Understanding Your Credit Score Consumer Credit Nationwide.
Your Credit History consumer.gov. You and your credit Have you ever had: – Credit card? – Loan? – Utilities in your name? – Cell phone with a monthly.
Give Yourself Some Credit Understanding Your Credit Report Melanie Hurley Economics 101.
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FIXING Your Credit Objectives: Understanding how credit scores are determined. Understanding how consumers actions impact their credit scores.
Your Credit Report Understanding the puzzle The basics: What is a credit report? Your credit payment history is recorded in a file or report. These files.
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2 What Does it Mean? Determine how much money you can borrow, and how much interest you’ll pay. Each score is specific for each bureau Scores range from…
Credit Reports. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts.
March 29, 2011 Dale Ball, eni. Understanding how credit scores are determined. Understanding how consumers actions impact their credit scores.
What is a FICO Score? A FICO score is a credit rating developed by Fair Isaac & Company. Method was developed in the late 1950’s and is now widely accepted.
Your Name – Your Business Helping People Improve & Protect Their Credit Credit Concepts I.
What’s a Credit Report? From age 18 on, agencies collect data about your spending habits. Monitor your ability to handle risks (i.e. loans I installment.
Credit and Credit Reports Presented by Nancy Adelson Senior Loan Originator, Spectrum Mortgage NSCC Real Estate Program Coordinator For NSCC Investment.
CREDIT HISTORY & SCORES. CREDIT REPORTS aka: credit history 3 Credit Bureaus receive and maintain information on consumers: Experian, TransUnion,
Personal Finance. The three Cs of Credit 1. Capacity Do you have a steady job? What is your salary? How reliable is your income? Do you have other.
Understand Your Credit Report and Credit Score Make the Most and Minimize the Mess.
FICO Your Credit Score FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.
©2004 Iowa Student Loan Credit Scoring Whats Your Score? Presented By: Natalee Girardi College Consulting Services.
Credit, Credit Scoring & Identity Theft. Presentation Objectives Harvard University Credit Union Overview Credit – The Three Cs Credit Report Basics Identity.
A record of your credit history that includes information about: ◦ Your identity ◦ Your existing credit ◦ Your public record ◦ Inquiries about you.
Shopping for a Credit Card. Shopping for A Credit Card Comparison shop credit cards Don’t take the first offer that comes to you: –Pre-approval Means.
Credit – the ability to borrow money and pay it back later. Good credit means: Lenders want to loan money to you because you have a history of paying money.
Understanding Your Credit Purdue Employees Federal Credit Union.
Making the Most of Your Credit An Advantis Credit Union Better Together Workshop.
What Does it Mean?. Predicts the statistical chance of a consumer becoming 90 days late or more on a particular loan obligation Each score is specific.
You and Your Credit Score FICO. The Score The most widely used credit score is the FICO Score, the credit score created by Fair Isaac Corporation. Lenders.
Credit When goods, services, and/or money is received in exchange for a promise to pay back a definite sum of money at a futre date. Lender: the person.
CREDIT HISTORY & SCORES. CREDIT REPORTS 3 Credit Bureaus receive and maintain information on consumers: Experian TransUnion Equifax Get a copy of.
CREDIT How do you build credit? Mr. Jones and Mrs. Smith make the same amount of money, but on loans, Mr. Jones pays more. Why? What may determine if you.
The importance of understanding credit reports The choices you make today directly impact your future. Your credit score can influence how much interest.
Credit Test Review. What card takes money directly from your checking or savings account? Debit Card.
Credit Overview Brainwasheducationonline.com. CREDIT CONTROLS OUR LIVES Limits or expands our financial stability Increases or decreases our quality of.
1To Your Credit Objectives By the end of this unit, you will be able to: Describe the purpose of a credit report and how it is used. Describe the purpose.
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To Your Credit 1. 2 Purpose To Your Credit will: Show you how to read a credit report. Help you build and repair your credit history.
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RAISE YOUR CREDIT SCORE 50 POINTS IN FORTY-FIVE DAYS Bruce Gustafson (303) Crestline/Universal Lending.
the ability to borrow money in return for the promise of REPAYMENT Before using credit you should ask your self: Is it a want or a need? Do you.
10 Points Question- What is the definition of Character?
By Your Name Your Company Name Date Your Credit Score.
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