Your Credit Score And why it matters .

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Presentation transcript:

Your Credit Score And why it matters 

What is a credit score? According to bankrate.com: In other words: Your credit score is a three-digit number generated by a mathematical algorithm using information in your credit report. It's designed to predict risk, specifically, the likelihood that you will become seriously delinquent on your credit obligations in the 24 months after scoring. In other words: How risky you are as a borrower

Credit Score Range 300 to 850 This is your FICO range, not your only credit score, but used by about 90% of lenders Different lenders might adjust your FICO, but it is the best basis you as a consumer has.

Who keeps track of your credit score?

What affects your credit score? Open Credit Card Utilization Percent of On-Time Payments Number of Derogatory Marks Average Age of Open Credit Lines Total Number of Accounts Total Hard Credit Inquiries

Major negative actions on your credit report Bankruptcy Foreclosure Collections Tax lien Civil judgment

Credit Report According to the Consumer Financial Protection Bureau: A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts. Keeps track of your entire financial life and is what your credit score is based upon

Why does your credit score matter? Qualifies you for loans It determines your interest rate Could get you a job Used to determine your character

Challenge things on your credit report Submit to each credit union, in writing, what is wrong Merged records – same name Paid bills – not reported to CB Wrong information

Compound interest – 8th wonder of the world Is greatly affected by interest rate Makes you money Or Costs you money