1. Credit Reports
It is your responsibility to check your score and report any errors

2. Credit Reports
You can obtain a free credit report once a year and within 60 days of denial of credit
Annualcreditreport.com
NOT freecreditreport or creditkarma!!!

3. Credit Reports
Access to your reports is given to landlords, employers, and lenders

4. Credit Score (FICO) Factors that hurt your credit score
Applying for credit card

5. Credit Score (FICO) Factors that hurt your credit score
Getting a new loan

6. Credit Score (FICO) Factors that hurt your credit score
Not paying your bills on time

7. Credit Score (FICO)
Factors that hurt your credit score
Bankruptcy

8. Credit Score (FICO)
Factors that hurt your credit score
High debt

9. Other vocab with credit cards
Cash advance
Credit card company will give you money, but they charge you tons of interest

10. Other vocab with credit cards
Credit Limit—the amount the card holder is allowed to charge
Start with a low limit and establish credit history

11. Other vocab with credit cards
Grace Period
The time between the date on the credit card bill and the date payment is due

12. Other vocab with credit cards
Minimum Amount Due
You can pay minimum, but you will end up paying longer and more!

13. Other vocab with credit cards
Late Fee
A record of late payments may trigger a higher interest rates (they will give you 45 days notice)

14. To fix your credit Consumer Credit Counseling Services (CCCS)
Can help you!

15. Bankruptcy Chapter 7— “Straight Bankruptcy” Most common type
Courts divide up debtor’s assets among creditors (groups owed money)

16. Bankruptcy Chapter 11— “Reorganization of Company”
Business is allowed to reorganize
Overseen by courts

17. Bankruptcy Chapter 13— “Reorganization of Individual”
Debt Consolidation/Financial Rehab
Supervised by courts

18. How to Protect Your Credit
Protection from Identity Theft
Protect your information
Protect your Personal Identification Number (PIN)
Protect your Social Security Number (SSN)

19. How to Protect Your Credit
Avoid predatory lending
Don’t take loans from groups that offer instant cash (e.g. payday loans)

20. How to Protect Your Credit
Be careful online
Phishing—thief pretends to be real site so that they can acquire your information