Brody Babosh, Austin Francis, Kjerstin Lacina, Samantha Riley

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Presentation transcript:

Brody Babosh, Austin Francis, Kjerstin Lacina, Samantha Riley 5 C’s of Credit Brody Babosh, Austin Francis, Kjerstin Lacina, Samantha Riley

The 5 C’s of Credit Character Capacity Capital Collateral Conditions

Credit Score & How It’s Calculated A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of the person.

What Affects your Credit Score Payoff History Bankruptcy Collections Amount Owed vs. Available Credit Closed Accounts The Types of Credit Used Inquiries

How to maintain and improve your credit score. Pay bills on time Create a monthly budget Don’t blow money on things you don’t need To Improve: Check your credit report Pay off the most expensive accounts first Set up payment reminders

How to apply for Credit and Loans Applying for Credit: Know your credit score Reduce your debt Shop around Include all of your income on the application Applying for Loans: Check your credit Research before you buy Get everything you need for the loan application Start local

What info you need and where you can apply for different forms of credit What’s Needed: Mortgage: W-2, pay stubs, most recent tax return, List of Debts, List of Assets, Canceled Checks for Mortgages Auto Loan: Proof of income, Credit and Banking History, Proof of Residence, Vehicle info, Proof of insurance Credit Card: Legal Name, Birth Date, SS#, and annual income Where to go to Apply: Mortgage: Your bank, in person or online Auto Loan: Your Bank in person or online Credit Card: Online or At your bank

Equal Credit Opportunity Act Prohibits creditors from discriminating against credit applicants on the basis of race, religion, and sex

What does it mean for creditors? Credit applicants will have equal opportunity

What kind of protection does it offer? Protection in organizations that extend credit

Credit Bureaus Ensure that creditors have the information they need. The people who are using the credit Information about you is given to them by banks, public records, credit cards, etc.

3 Main Credit Bureaus Equifax Experian TransUnion

Works cited www.investopedia.com/terms/c/creditbureau.asp https://www.thebalance.com/who-are-the-three-major-credit-bureaus-960416 https://www.federalreserve.gov/creditreports/ http://www.mcmf.net/MCMF_BuyHouseLink2.html https://www.justice.gov/crt/equal-credit-opportunity-act-3 http://www.myfico.com/credit-education/improve-your-credit-score/ http://www.wikihow.com/Manage-Your-Credit https://www.nerdwallet.com/blog/credit-cards/apply-for-a-credit-card/ http://time.com/money/2791957/what-is-my-credit-score/ http://blog.credit.com/2015/05/what-do-i-need-to-apply-for-a-credit-card-115793/ http://www.bankrate.com/finance/mortgages/documents-you-need-to-get-a-home-mortgage-1.aspx https://www.lendingtree.com/auto-loans/auto-loan-documentation-article https://www.linkedin.com/pulse/equal-credit-opportunity-act-overview-damages-samantha-alves-orender