16. Credit Bureaus (“for profit” companies)= Credit History = Credit Record = Credit File = “Credit”
17. Credit Reports and Scores Genuinely Free No Strings Attached No Credit Card Required www.AnnualCreditReport.com
18. Credit Reports and Scores Report includes: Identifying information Employer information (not income) Details of all credit lines and loans Public record Inquiries Personal Statement
19. Credit Reports and Scores Credit Score: 300 - 850 Based on report Indicates risk
20. Credit Reports and Scores Credit Score: 300 - 850 Based on report Indicates risk Higher is better
21. National Distribution of FICO Scores Excellent Credit generally from 750-775 on up Source: My FICO (a division of Fair Isaac): www.MyFICO.com
22. Disputing Errors At Credit Bureau Websites TransUnion, Experian, Equifax Credit Repair Companies?
24. 5 7 8 The 5 Areas a FICO Score Considers FICO = “Fair Isaac Company”(pioneer in the scoring formula)
25. What is Interest? %-based fee of balance owed “Rent” on money Related to RISK Fixed or Variable
26. The Power of Interest Purchase Furniture: $2,000 3 years at 25% APR
27. The Power of Interest Purchase Furniture: $2,000 3 years at 25% APR No Interest: $55.56/Month
28. The Power of Interest Purchase Furniture: $2,000 3 years at 25% APR No Interest: $55.56/Month With Interest: $79.52/Month Total = $2,880 $880 in Interest!!! 44% More!!!
29. The Power of Interest Purchase Furniture: $2,000 No Interest/No Payments For 3 Years
30. The Power of Interest Purchase Furniture: $2,000 No Interest/No Payments For 3 Years Balance @ 3 Years $4,233!!! $2,233 in Interest!!! 112% More!!!
50. Who Cares About Your Credit? Utilities & Cell Phone Providers
51. Living without a Major Credit Card Checking and savings accounts Have phone and utility report your payment history Retail and gas cards Secured Card Cosigner
52. Tips for Strengthening SCORE Dispute errors Budget Stay under 33% of credit limit! Contact creditors Avoid applying for a lot of new credit within a short period
53. Tips for Strengthening SCORE Shop for best rates Don’t close old accounts Pay down balances Get accounts “current” Pay bills on timeand in full.
54. Thank You for Attending! We are ALWAYS open to your Questions