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Credit Score Jillian Brown.

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Presentation on theme: "Credit Score Jillian Brown."— Presentation transcript:

1 Credit Score Jillian Brown

2 Credit Score 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.

3 Why is credit score so important?
Credit score is important because it determines what loans you will be able to obtain or qualify for and the interest rate you will pay.

4 Advantages of a good credit score
Some advantages of good credit score are… Better car insurance rates Get a cell phone without security deposits. More negotiating power Get approved for higher limits Easier approval for rental houses and apartments

5 Disadvantages of having a bad credit score
Disadvantages of having bad credit score… High interest rates on your credit care and loans Credit and loan applications may not be approved. Difficulty getting approved for an apartment Security deposits on utilities. No cell phone contract Possible denied for employment Higher insurance premiums

6 FICO acronym Fair Isaac Corporation

7 FICO credit score and what it means
FICO is created by Fair Isaac Corporation that is a type of credit score. It means that a persons credit score is calculated by FICO software.

8 Fico score determined Your score is determined by… Income
How long you have worked at your present job The kind of credit you are requesting.

9 Fico scale Industry specific FICO score range from 250-900.
They are most often used to tell whether or not you can qualify for a loan to buy a home, purchase a car, or get a credit card.

10 Ways to improve your credit score
Pay bills on time Keep balances low on credit cards Apply for and only open credit accounts when needed Pay off debt, don’t move it around.

11 Negative ways that affect your credit score
Ways to negatively affect your credit score Skip rent Failure to pay medical bills Debt in Back Taxes Miss utility payments Close unused credit accounts

12 How to access credit score
Ways to access it… Use a credit score service Talk to a non-profit counselor Check credit card or other loan statements

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