Bc W5 A2
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Presntation on Credit

Presntation on Credit

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Bc W5 A2 Bc W5 A2 Presentation Transcript

  • Credit Scoreand YOU
    By Chioma Phillips
  • Misconceptions about credit scores
    There are a wide variety of myths floating around about what you should and shouldn’t do to improve your credit reports and credit scores . The buck stops here. These urban legends provide you with the truth about credit.
  • Misconception #1
  • Misconception #2
  • Misconception #3
  • Misconception #4
  • Misconception #5

  • How to improve your credit score
  • Continued
    Make the most of the length of your credit history- Don't open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you don't have a lot of other credit information.
    Lower your amounts owed - Keep your balances low on credit cards and other revolving credit; Pay off debt rather than moving it around; Don't close unused credit cards as a short-term strategy to raise your score; Don't open new credit cards you don't need, just to increase your available credit.
    Improve your payment history-Improve your payment history ; If you have missed payments, get current and stay current; Contact your creditors or a legitimate credit counselor if you're having trouble making ends meet
  • Tips for using credit responsibly as a student
    If you want to use credit responsibly, there are some things you can do to develop good habits with regard to your credit:
  • Even though credit can be your friend; the only true way to master it is to be financially responsible.
  • REFERENCE
    Curry, P. (2004, January 28). Smart Spending- Tips for Boosting your Credit Score. Retrieved August 6, 2010, from Bankrate.com: http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspx
    Haverkamp, K. (2009, September 28). Myth and Misconceptions about credit Scores. Retrieved from Mortagageloan.com: http://www.mortgageloan.com/myths-and-misconceptions-about-credit-scores-3495
    How to use your credit reponsibly. (n.d.). Retrieved August 6, 2010, from Collegestudentcreditcard.com: http://www.collegestudentcreditcard.com/articles9.html
    Top 5 Misconceptions about credit. (2004, MAY 8). Retrieved August 6, 2010, from YoungMoney.com: http://www.youngmoney.com/credit_debt/credit_reports/credit-report-myths/