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Credit Scores, Credit Cards, and Consumer Debt Unit 1: Personal Finance Economics – Mr. Khalil How can your credit score affect your life? What is your.

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Presentation on theme: "Credit Scores, Credit Cards, and Consumer Debt Unit 1: Personal Finance Economics – Mr. Khalil How can your credit score affect your life? What is your."— Presentation transcript:

1 Credit Scores, Credit Cards, and Consumer Debt Unit 1: Personal Finance Economics – Mr. Khalil How can your credit score affect your life? What is your credit score based on? How to get your credit reports and credit scores Tips for maintaining or improving your credit score

2 How can a Bad Credit Reputation Hurt Your Life? _____________________ Getting a job _____________________ Interest rates and total costs on loans _____________________ Ability to get insurance Cost of a $200,000 Mortgage Loan Good credit score Poor Credit Score Annual Mortgage Interest Rate 6.5%9.5% Monthly Mortgage Payment $1,265$1,680 Total interest paid over the life of a mortgage $255,500$405,000 Source: Manisha Thakor and Sharon Kedar, On My Own Two Feet: A Modern Girl’s Guide to Personal Finance (Avon, MA: Adams Media, 2007), p. 26.Based on a thirty-year fixed mortgage rate. Problems stay with you ___________!

3 What is your credit report based on? Do you _____________ on time? _____________ of your credit history Your debt-to-credit limit ratio Number of ______________________ you’ve recently applied for Kind of ______ you’ve used in the past

4 How to get your credit reports and credit scores 3 credit bureaus, 3 scores Equifax Experian TransUnion Free _____________________ once per year www.annualcreditreport.com (Beware of imposter websites with similar URLs trying to get your personal information!) 877-322-8228 Purchase credit scores from individual bureaus $6-10

5 Tips for maintaining or improving your credit score 1. ____________________________ 1. Mobile phone account, cable bill, or utility bill in your name 2. Part-time job and/or consistently use the same address 3. Become a co-applicant on your parent or guardian's checking account or credit card. 4. Get your own credit card, but use it wisely. 2. ________________________ 3. ________________________________________________ Is the personal information yours? Are any of the accounts not yours? Is outdated information included? 4. Keep the amount you owe on your credit cards as low as possible. 5. ____________________________________________________

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