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© 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
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 you’ve used credit. How long since you’ve 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 Don’t close unused credit cards. Don’t 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
Your Credit Report © 2006 Consumer Jungle
Selecting the Right Card © 2006 Consumer Jungle
What if credit cards had a warning label on them? What would they say??
Create a Warning Label Include the following warnings: May cause…. Use only for…. Do not use for…. Avoid…. Include A Picture!!!
In a consumer society there are inevitably two kinds of slaves: the prisoners of addiction and the prisoners of envy. -Ivan Illich (1926-2002)
© 2006 Consumer Jungle Credit Scores & Reports. © 2006 Consumer Jungle Why Credit is Important FICO or credit score: Credit Card Issuers & Lenders –Determine.
Understanding Your Credit Purdue Employees Federal Credit Union.
Your Parents Can’t Fix Everything Your credit history Begins now—when you choose and use credit cards Includes your missteps for as long as 7 years.
BALANCING LIFE’S ISSUES, INC. Everything You Need to Know About Your Credit.
RAISE YOUR CREDIT SCORE 50 POINTS IN FORTY-FIVE DAYS Bruce Gustafson (303) Crestline/Universal Lending.
1 CREDIT THE TRUE STORY SMART MONEY. 2 What is Credit? An arrangement to receive cash, goods, or services now, and pay for them in the future. A claim.
HOW TO QUALIFY FOR CREDIT CH 10, 10.2 How to get credit.
A record of your credit history that includes information about: ◦ Your identity ◦ Your existing credit ◦ Your public record ◦ Inquiries about you.
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.
The “Need-to-knows” for your financial future. * Do you ever want to buy a car? * Do you ever want to own your own home? * Do you know how debt can impact.
The 60-Minute Guide to Understanding & Raising Your Credit Score Brought to you by: Ruth Schriefer, Iowa Co. FLE Peggy Olive, Richland Co. FLE Joint Council.
CREDIT HISTORY & SCORES. CREDIT REPORTS aka: credit history 3 Credit Bureaus receive and maintain information on consumers: Experian, TransUnion,
The importance of understanding credit reports The choices you make today directly impact your future. Your credit score can influence how much interest.
Credit Reports Sissy R. Osteen, Ph.D., CFP® Oklahoma State University.
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.
SCORE SOME POINTS UNDERSTANDING AND RAISING YOUR CREDIT SCORE.
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.
Forbes.com. Make payments as early as possible. Late payments will negatively impact your FICO score. The longer you pay your bills on time, the better.
1. 2 Welcome 3 rd of 16 Sessions No cost to participate. Financial Support: FINRA Foundation & United Way Worldwide Solid Finances Webpage:
Understanding Your Credit Score By Your Name Company Telephone Number & URL Logo Enter your company tag line here.
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