1. First Semester Review

2. Credit Score Credit score is lower if: Very brief credit history Apply for new cards frequently Exceed your credit card spending limit Pay some bills late Having credit card balances near your maximum spending limit

3. Higher scores: Consistently pay bills on time Only apply for cards when you need them Have high income compared to what you owe Good credit history for a longer period of time

4. Credit Account summary summarizes your transactions Credit line is your spending limit APR= annual percentage rate you will be charged to use the card Transaction is the list of what you charged

5. Credit Cards Look for lower interest rate Pay bill as quickly as you can Review your bill or statement every month Pay before the grace period to get no interest charged

6. Be sure to read any fine print on applications or loans Elderly are at risk for scams As are people who have limited English, minorities, and people with limited financial knowledge

7. Careers should be chosen on personal aptitude, interest, and income When applying for a job you should ask about the 401 or 403 plans for retirement

8. When moving change your address immediately Put a hold on mail if you are going out of town Don’t put bills out in open rural mail boxes If you stop receiving mail tell the post office right away Reduce fraud by signing up for electronic statements and bills

9. Landlords can check your credit history Your credit history follows you the rest of your life You can increase or decrease your credit score

10. Why is it Important to go to college? On average a college graduate earns $1.2 million more in their lifetime than a high school graduate

11. Lenders might say “no” to a loan for a few reasons; Irregular employment Not enough income Too small down payment Poor credit history Lack of credit history Short time at residence

12. Credit Card Tips Always pay more than the minimum Say no to new card offers Be aware of credit card rates and fees If you get into trouble contact the lenders immediately to discuss lower payment or contact a debt counseling center Make a list of bills and a plan to pay them off

13. Banking A basic idea of reconciling is important to keep from having an overdraft To avoid fraud you should monitor your accounts often Online banking can help you monitor, pay bills and transfer funds

14. Credit Bureaus Experian Equifax TransUnion How often can you check your history??

15. Save—Invest—Build Wealth How do you build wealth By investing –interest rate, how long money is kept, and how the institution pays interest Your collection of investments is called_________ Most studies say you should not withdraw more than ________% of your savings a year in retirement