1. Virginia Beach Schools Federal Credit Union .
Life & Credit .

2. What comes to mind when you think of money?
Group Share…
What comes to mind when you think of money?

4. Credit Basics
How It Affects You
True Cost of Credit

6. Credit Basics

7. What are the different types of credit?
Group Brainstorm…
What is credit?
What are the different types of credit?

8. Virginia Beach Schools Federal Credit Union
Revolving Credit (ex. Credit card)
Borrow for multiple purchases without going over credit limit
Repay what is owed each month
Installment Credit (ex. Car loan)
Borrow a specific amount of money to buy something now
Make regular payments to repay over time by a set date
Cash Loans
Borrow a specific amount of cash to repay later by a set date
Service credit (ex. Cell phone, electricity)
Promise to pay for services used each month

10. Smartaboutmoney.org

12. Virginia Beach Schools Federal Credit Union
A history of how you have used credit:
Credit reports are used by creditors to see how you've managed previous credit obligations and to determine whether or not you're a good credit risk. It tells them whether it's a good bet that you'll pay off that big credit card payment or make payments on that new Cadillac right on time. Credit.com
Personal Information
Credit History
Credit Report Inquiries
Public Records

13. Identifying Information
Trade Lines
Credit Inquiries
Public Record and Collection Items

14. Checking Your Credit Report…
How many times a year should you check your credit report?

17. Credit.com

18. Where can you get credit?
Group Brainstorm…
Where can you get credit?

19. Credit Unions and Banks
Car Loans
Credit Cards
Secured Loans
Unsecured Loans
Home Loans
Home Equity Loans
Student Loans

20. Credit Card Companies Secure way to pay for items
Easy to use and often easy to get
In the Mail, Over the phone, Online
Rewards
Points
Gifts
Cash Back
Vacations

21. Department Stores Offered in stores Rewards Special discounts
Sales Days
Money back on purchases
Discounts when you sign up
Encourages you to spend more

22. Payday Lenders Short Term Loans Average term 14 days Fee/per $100
Higher Interest Rates
Don’t check credit
Can affect your credit if you don’t pay

25. How It Affects You

32. Let’s Try It…

33. Credit Card Companies

34. Trivia
Percent of undergraduate students with a credit card 76% Average credit card debt of an undergraduate student $2,200 Percent of undergraduates who had no credit history 2% Percent of undergraduate students with 4 or more credit cards 48% Percent of incoming freshman who already have a credit card 39% Percent of students who pay their card in full each month 65%
Source:

35. Group Activity Credit Card Name:
Annual Percentage Rate (APR) for Purchases
APR for Balance Transfers
APR for Cash Advances
Penalty APR and When it Applies
Minimum Interest Charge
Annual Fee
Balance Transfers
Cash Advances
Late Payment Fee
Over the limit Fee
Returned Payment Fee

37. True Cost of Credit

38. $129.99

39. $499

40. $1100

41. $2500

42. $

43. What was your gold nugget?

44. Final Thoughts…
1.Think about how your actions now will affect your credit later 2. Think before you swipe 3.Don’t say yes to every credit card offer

45. Questions?
Thank you!
For more information from today's presentation please visit any VBSFCU Branch or