50:50

Welcome to
Who Wants to
be a Credit
Score
Millionaire?

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$1 Million
$500,000
$2...
PowerPoint template by Mark E. Damon (used with permission)
Content from “The Road to 850” by Al Bingham
Created by Luke E...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$100 Question
Which of the following is NOT one
of the three major credit bureaus?

50:50

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$100 Question
Which of the following is NOT one
of the three major credit bureaus?

50:50
A: FICO
A: FICO
C: Equifax

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1...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$200 Question
Which of the following is NOT used
to match information on your credit
report?

50:50
A: Email Address
C: Na...
$200 Question
Which of the following is NOT used
to match information on your credit
report?

50:50
A: Email Address
A: Em...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$300 Question
The single most important factor
in building good credit is:

50:50

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$1...
$300 Question
The single most important factor
in building good credit is:

50:50

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$1...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$500 Question
This type of loan will damage your
credit score even when paid back on
time.

50:50
A: Auto Loan

C: Finance...
$500 Question
This type of loan will damage your
credit score even when paid back on
time.

50:50
A: Auto Loan

C: Finance...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$1,000 Question
Which two factors make up 65%
of your FICO credit score?

50:50

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$1 M...
$1,000 Question
Which two factors make up 65%
of your FICO credit score?

50:50

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$1 M...
Congratulations!
Congratulations!

You’ve Reached
the $1,000
Milestone!
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$2,000 Question
The website to access your free
credit report with no fees is:

50:50
A: AnnualCreditReport.com

C: FreeCr...
$2,000 Question
The website to access your free
credit report with no fees is:

50:50
A: AnnualCreditReport.com

C: FreeCr...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$4,000 Question
Which of the following causes the
most damage to your credit score?

50:50

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$4,000 Question
Which of the following causes the
most damage to your credit score?

50:50

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4
...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$8,000 Question
What is highest possible FICO score?

50:50

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A: 1050

B: 300

C: 550
...
$8,000 Question
What is highest possible FICO score?

50:50

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A: 1050

B: 300

C: 550
...
Distribution of FICO Credit Scores
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$16,000 Question
Studies show that about ______%
of all credit reports have at least
one error.

50:50

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10
...
$16,000 Question
Studies show that about ______%
of all credit reports have at least
one error.

50:50

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10
...
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1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$32,000 Question
The total potential increased costs of having a
credit score of 638 instead of 808 is:
(includes 30 yr $2...
$32,000 Question
The total potential increased costs of having a
credit score of 638 instead of 808 is:
(includes 30 yr $2...
Congratulations!
Congratulations!

You’ve Reached
the $32,000
Milestone!
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1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$64,000 Question
The difference (+/-) between a FICO
score and a “FAKO” score (any score
other than FICO) can be up to ___...
$64,000 Question
The difference (+/-) between a FICO
score and a “FAKO” score (any score
other than FICO) can be up to ___...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$125,000 Question
Which of the following has the smallest
negative impact on a credit score?

50:50
A: Short Sale

C: Walk...
$125,000 Question
Which of the following has the smallest
negative impact on a credit score?

50:50
A: Short Sale

C: Walk...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$250,000 Question
“Golden” accounts add substantial value
to your FICO score. How long must you
have an account for it to ...
$250,000 Question
“Golden” accounts add substantial value
to your FICO score. How long must you
have an account for it to ...
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1

$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$500,000 Question
A chapter 13 bankruptcy (debt
restructuring) remains on your credit
report for seven years from the fili...
$500,000 Question
A chapter 13 bankruptcy (debt
restructuring) remains on your credit
report for seven years from the fili...
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$1 Million
$500,000
$250,000
$125,000
$64,000
$32,000
$16,000
$8,000
$4,000
$2,000
$1...
$1,000,000 Question
The closer your balance to your credit
limit, the greater the negative impact.
Anything above ____% is...
$1,000,000 Question
The closer your balance to your credit
limit, the greater the negative impact.
Anything above ____% is...
YOU WIN $1
MILLION DOLLARS!
Credit Score Millionaire: University of Idaho Extension
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Credit Score Millionaire: University of Idaho Extension

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SlideShare - Web based version of the Credit Score Millionaire game on building credit scores. Developed by Luke Erickson with University of Idaho Extension

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  • Source: http://www.bankrate.com/finance/credit-cards/fico-score-over-780-is-good-enough.aspx
  • Credit Score Millionaire: University of Idaho Extension

    1. 1. 50:50 Welcome to Who Wants to be a Credit Score Millionaire? 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    2. 2. PowerPoint template by Mark E. Damon (used with permission) Content from “The Road to 850” by Al Bingham Created by Luke Erickson Madison County Extension erickson@uidaho.edu Download for free at idahostwocenttips.com
    3. 3. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    4. 4. $100 Question Which of the following is NOT one of the three major credit bureaus? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 A: FICO B: Experian C: Equifax D: TransUnion
    5. 5. $100 Question Which of the following is NOT one of the three major credit bureaus? 50:50 A: FICO A: FICO C: Equifax 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: Experian D: TransUnion
    6. 6. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    7. 7. $200 Question Which of the following is NOT used to match information on your credit report? 50:50 A: Email Address C: Name 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: Social Security # D: Birth Date
    8. 8. $200 Question Which of the following is NOT used to match information on your credit report? 50:50 A: Email Address A: Email Address C: Name 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: Social Security # D: Birth Date
    9. 9. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    10. 10. $300 Question The single most important factor in building good credit is: 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 A: Never use a credit card B: Never miss a payment C: Never close an old account D: Never check your own score
    11. 11. $300 Question The single most important factor in building good credit is: 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 A: Never use a credit card B: Never miss a payment B: Never miss a payment! C: Never close an old account D: Never check your own score
    12. 12. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    13. 13. $500 Question This type of loan will damage your credit score even when paid back on time. 50:50 A: Auto Loan C: Finance Co. Loan 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: Credit Card D: Mortgage
    14. 14. $500 Question This type of loan will damage your credit score even when paid back on time. 50:50 A: Auto Loan C: Finance Co. Loan C: Finance Co. Loan 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: Credit Card D: Mortgage
    15. 15. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    16. 16. $1,000 Question Which two factors make up 65% of your FICO credit score? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 A: New accounts & length of accounts B: New accounts & types of credit C: Payment history & amount owed D: Types of credit & length of accounts
    17. 17. $1,000 Question Which two factors make up 65% of your FICO credit score? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 A: New accounts & length of accounts B: New accounts & types of credit C: Payment history C: Payment history & amount owed & amount owed D: Types of credit & length of accounts
    18. 18. Congratulations! Congratulations! You’ve Reached the $1,000 Milestone!
    19. 19. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    20. 20. $2,000 Question The website to access your free credit report with no fees is: 50:50 A: AnnualCreditReport.com C: FreeCreditReport.com 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: CreditReport.com D: DudeWheresMyScore.com
    21. 21. $2,000 Question The website to access your free credit report with no fees is: 50:50 A: AnnualCreditReport.com C: FreeCreditReport.com 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: CreditReport.com D: DudeWheresMyScore.com
    22. 22. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    23. 23. $4,000 Question Which of the following causes the most damage to your credit score? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 A: Bankruptcy B: Foreclosure C: Short Sale D: Repossession
    24. 24. $4,000 Question Which of the following causes the most damage to your credit score? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 A: Bankruptcy B: Foreclosure C: Short Sale D: Repossession
    25. 25. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    26. 26. $8,000 Question What is highest possible FICO score? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 1050 B: 300 C: 550 D: 850 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    27. 27. $8,000 Question What is highest possible FICO score? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 1050 B: 300 C: 550 D: 850 D: 850 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    28. 28. Distribution of FICO Credit Scores
    29. 29. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    30. 30. $16,000 Question Studies show that about ______% of all credit reports have at least one error. 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 70% B: 50% C: 98% D: 18% $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    31. 31. $16,000 Question Studies show that about ______% of all credit reports have at least one error. 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 70% B: 50% C: 98% D: 18% $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    32. 32. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    33. 33. $32,000 Question The total potential increased costs of having a credit score of 638 instead of 808 is: (includes 30 yr $200k mortgage, 6 yr 20k auto loan, $10k balance credit card, homeowner’s and auto insurance) 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: $100,000 B: $50,000 C: $10,000 D: $5,000 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    34. 34. $32,000 Question The total potential increased costs of having a credit score of 638 instead of 808 is: (includes 30 yr $200k mortgage, 6 yr 20k auto loan, $10k balance credit card, homeowner’s and auto insurance) 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: $100,000 A: B: $50,000 C: $10,000 D: $5,000 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    35. 35. Congratulations! Congratulations! You’ve Reached the $32,000 Milestone!
    36. 36. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    37. 37. $64,000 Question The difference (+/-) between a FICO score and a “FAKO” score (any score other than FICO) can be up to _______ points. 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 79 B: 13 C: 400 D: 37 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    38. 38. $64,000 Question The difference (+/-) between a FICO score and a “FAKO” score (any score other than FICO) can be up to _______ points. 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 79 A: 79 B: 13 C: 400 D: 37 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    39. 39. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    40. 40. $125,000 Question Which of the following has the smallest negative impact on a credit score? 50:50 A: Short Sale C: Walk Away 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: Foreclosure D: Deed in Lieu
    41. 41. $125,000 Question Which of the following has the smallest negative impact on a credit score? 50:50 A: Short Sale C: Walk Away 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 B: Foreclosure D: Deed in Lieu D: Deed in Lieu
    42. 42. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    43. 43. $250,000 Question “Golden” accounts add substantial value to your FICO score. How long must you have an account for it to be considered “golden.” 50:50 A: 30 years C: 5 years 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 B: 3 years D: 10 years $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    44. 44. $250,000 Question “Golden” accounts add substantial value to your FICO score. How long must you have an account for it to be considered “golden.” 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 30 years B: 3 years C: 5 years D: 10 years D: 10 years $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    45. 45. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    46. 46. $500,000 Question A chapter 13 bankruptcy (debt restructuring) remains on your credit report for seven years from the filing date. How long does a chapter 7 bankruptcy (liquidation) remain on your report? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 20 years B: 7 years C: 10 years D: 3 years $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    47. 47. $500,000 Question A chapter 13 bankruptcy (debt restructuring) remains on your credit report for seven years from the filing date. How long does a chapter 7 bankruptcy (liquidation) remain on your report? 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 20 years B: 7 years C: 10 years C: 10 years D: 3 years $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    48. 48. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    49. 49. $1,000,000 Question The closer your balance to your credit limit, the greater the negative impact. Anything above ____% is considered a high debt ratio & can drop your score. 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 50% B: 25% C: 90% D: 10% $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    50. 50. $1,000,000 Question The closer your balance to your credit limit, the greater the negative impact. Anything above ____% is considered a high debt ratio & can drop your score. 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 A: 50% B: 25% C: 90% D: 10% $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100
    51. 51. YOU WIN $1 MILLION DOLLARS!

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