Rating Your Credit and Help for Credit Problems. What is your credit score? A score that tells everyone if you are a good risk Credit bureaus sell credit.

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Presentation transcript:

Rating Your Credit and Help for Credit Problems

What is your credit score? A score that tells everyone if you are a good risk Credit bureaus sell credit score information to lenders Higher score means you can borrow money at a lower interest rate

Your Credit Score

Typical Scores…..

How is the average American doing?

Great Credit Score Saves You Money

Poor Credit Score Costs You Money

It obvious…you want a good credit score $639,720 $891,720 Credit Scores Make a Big Difference!

Credit score determined by…. Employment and income Housing (rent or own?) Assets  What you own (investments, savings accounts, etc.) Credit history  How many loans do you have?  What do you owe on each one?  Are you close to your credit limit?  How prompt are you with payments?

If you don’t pay off your loans…… Called defaulting on a loan Property can be repossessed Home foreclosure Wages garnished Bankruptcy  Reduces what you owe but future borrowing will be very difficult

How do you fix your credit problems? Change behavior  Cut up credit cards  Needs versus wants Get on a budget! Work with creditors to create new payment schedules Non-profit credit counseling agencies Profit credit counseling agencies  Careful! You often must pay a fee…another bill!