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

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

3.  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!)

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

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

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

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

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

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

11.  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

12.  UNT Student Money Management Center  www.unt.edu/moneymanagement www.unt.edu/moneymanagement  moneymanagement@unt.edu

13.  www.bc.edu/successfulstart www.bc.edu/successfulstart  successfulstart@bc.edu successfulstart@bc.edu  www.twitter.com/successfulstart