Presented by $uccessful Start and Sponsored by the Office of Student Services

 Skill series review  Building credit  Credit cards  Credit reports  Credit scores  Repairing credit

 You want to buy your first house  A credit score of 720 qualifies you for an interest rate of 5.5%  A credit score of 580 qualifies you for an interest rate of 8.5%  On a $100,000 mortgage loan, the 3 point difference will cost you over $72,000 more over the life of the loan (approx. $2,400 more a year!)

 It takes credit to get credit  Types  Auto loans  Home loans  Student loans  Personal loans

 Prove you can handle credit  Use to establish/maintain good credit  Pay more than the minimum payment  Different types  Know APR  Benefits vs. Risks

 Know your rights  Accessing your free credit reports (3)  Stagger your reports throughout the year  Correct discrepancies

 Knowledge is power!  Invest in purchasing your score  Work to increase or maintain your score  Know the components

 Interest rates  Loan approval  Insurance rates  Job application

 Modify spending habits  TIME!!  Talk with the lenders  Pay bills on time  Secured credit cards  Review your credit report

 Active Credit Management  Paying bills on time – every time!  Starting credit history early  Reducing debt-to-credit limit ratio  Reducing debt-to-income ratio  Keeping “oldest” credit card  Organizing and correcting

 UNT Student Money Management Center  

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