Your Credit. Objectives. An Introduction to Personal Credit. By the end of this presentation you will have a understanding of: 1/19/2016.
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1 Your Credit An Introduction to Personal Credit Objectives By the end of this presentation you will have a understanding of: Credit Score Where can I find it? What is it? How do I get it? Advantages of Good Credit 1
2 Objectives Tomorrow s presentation will cover: Your Credit Report: Who compiles it What info is on it Wise Credit Use: How to build a credit score How to repair a bad credit score How your credit impacts your future Credit Cards What is credit? Banks [and Credit Unions] more frequently enable honest and industrious men of small and perhaps no capital to undertake and prosecute business to themselves and to the community. Alexander Hamilton,1790 2
3 What is credit? Credit allows you to buy something now with an agreement that you ll pay for it later. What is credit? Your Credit Score determines your eligibility for credit cards, home loans, student loans, apartment rentals, and even certain jobs. It can mean the difference between a low or high interest rate. 3
4 What is credit? 3 C s of Credit: Character: How well do you honor your financial obligations? Capacity: How easy will it be for you to repay the debt? Collateral: Will the loan be secured by something? Types of Credit From a lenders point of view, there are several types of credit: Unsecured: Credit Cards, Personal Loans Guaranteed: School Loans Secured: Backed by pledge of investments Collateral: Backed by homes, cars All extensions of credit must be legally disclosed 4
5 Types of Credit From a borrowers point of view, there are two main types of credit: 1. Loans allow you to borrow money for a major purchase and pay it back over a set amount of time. 2. Credit cards allow you to make purchases without immediately paying for them, up to a maximum credit limit. If you decide to pay the money back over time, you will pay interest until the borrowed amount is repaid.!beware! Find Your Credit Score Get your free credit report at: 5
6 Find Your Credit Score Once per year, the government entitles all consumers to a free credit report from each of the three major credit bureaus: Find Your Credit Score Once per year, the government entitles all consumers to a free credit report from each of the three major credit bureaus. Your first report is free. Subsequent reports cost $$$ Cancel membership to avoid the membership fee. 6
7 Credit Score A good credit score shows lenders that you have responsibly managed your debt and have consistently made timely payments on your accounts. Your score is a 3-digit number determined by Fair Isaac Corporation (FICO). Credit Score Base FICO Scores range from Higher is better. Every lender sets its own standards for what constitutes a good FICO score. 7
8 Credit Score is determined by: Credit Score is determined by: Length of History: For particular groups, like people who have not been using credit long, the relative importance of these categories may be different. 8
9 Credit Score is determined by: Payment History: Delinquencies Public records Collections Bankruptcies Foreclosures Lawsuits Liens Judgments Credit Score is determined by: Amounts Owed: How many accounts have balances: A larger number of accounts with amounts owed can indicate higher risk of over-extension. 9
10 Credit Score is determined by: Credit Mix: 1. What types of credit accounts you have 2. How many types of credit accounts A closed account will still show up on your credit report, and its history will be considered by your FICO Scores. Credit Score is determined by: New Credit: 1. Length of time since credit report inquiries were made 2. How long it's been since you opened a new account 3. Whether you have a recent good credit history, having bounced back from past payment problems 10
11 Advantages of Good Credit Your credit history is one of the most important factors lenders consider when you apply for a loan. Good credit history makes it more likely you ll be approved for loans in the future. A higher score saves you money. Advantages of Good Credit Sarah and Sam walk into a car dealership together and buy the same car for $19,000. They each make a $4,000 cash down payment They each borrow $15,000 for 5 years to finance the purchase Sarah s credit score is 750. Sam s credit score is 575. How much will they pay for the same car? 11
12 Advantages of Good Credit How much will Sarah (750) pay for her car? Credit Score Range Type Rate 725 to 850 A 2.99% 675 to 724 B 3.99% 600 to 674 C 4.99% 550 to 599 D 6.99% Below 550 F 8.99% Advantages of Good Credit How much will Sam (575) pay for his car? Credit Score Range Type Rate 725 to 850 A 2.99% 675 to 724 B 3.99% 600 to 674 C 4.99% 550 to 599 D 6.99% Below 550 F 8.99% 12
13 Advantages of Good Credit How much will Sarah pay for her car? Because Sarah has a good credit score, the interest rate on her car loan is 2.99%. The total cost of the $15,000 car loan will be $16,168 over 5 years. ($269/month) How much will Sam pay for his car? Because Sam has a poor credit score, the interest rate on his car loan is 6.99%. The total cost of the $15,000 car loan will be $17,817 over 5 years. ($297/month) Sam will pay $1,649 more for the exact same car as Sarah s. Advantages of Good Credit Now imagine borrowing $300,000 mortgage loan for 30 years Your credit score can mean a difference of $100,000 in interest 13
14 next up? Tomorrow s Credit presentation will cover: Your Credit Report: Who compiles it What info is on it Wise Credit Use: How to build a credit score How to repair a bad credit score How your credit impacts your future Credit Cards HOMEWORK: Get your FICO Credit Score and TransUnion Credit Report next up? Taxes & Insurance by Certified Financial Planners from The Colony Group Personal Taxes & Tax Planning The Basics, Gross Income, Adjustments Deductions, Exemptions Ways to Save Risk Management & Personal Insurance Health, Auto, Property, Liability, Life, Disability Identity Theft 14
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