This document provides an overview of credit reports and scores to help students understand how their credit history is assessed. It explains that a credit report details an individual's credit accounts and payment history, while a credit score grades them on their creditworthiness. A good credit score is important for major purchases and opportunities. The document advises students to check their credit reports annually from each of the three major bureaus to ensure accuracy and catch any errors or fraudulent activity.
Investing in Real Estate Module 7 of Family Financial Freedom Floyd Saunders
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he seminars are available to anyone including financial planners, and other professionals in the financial services industry who would like a set of the materials, participant's workbooks or the Family Financial Freedom book (discounts for volume purchases)You can now view the presentation here, order the Family Financial Freedom book from any of the ebook sites for iPhone, iPad, Kindle, Nook, Kobo reader etc. contact me at floyd.saunders@yahoo.com for a copy of the presentation or more information on how to get seminar materials.
Investment Planning basically deals with the Investment compponent of your Financial Plan. It talks about Goal based planning. It compares Risk & Return of all invesment products available in India. It talks a great deal about investments in Equity, Debt, Gold and Real Estate. It also talks about Basic principles of investing.
Farmer's Agribusiness Training Course: Module 3 - Entrepreneurship. Lesson 5:...PiLNAfrica
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This Farmers' Agribusiness training course has been developed to help both farmers and farmer organisations. Its intention is to provide access to provide access to additional skills and knowledge that will allow farmers to move from a 'farm' to a 'firm'. This lesson describes funding possibilities, the process for sourcing funds, the measures that should be taken to ensure effective utilization of funds, repayment procedures.
Investing in Real Estate Module 7 of Family Financial Freedom Floyd Saunders
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he seminars are available to anyone including financial planners, and other professionals in the financial services industry who would like a set of the materials, participant's workbooks or the Family Financial Freedom book (discounts for volume purchases)You can now view the presentation here, order the Family Financial Freedom book from any of the ebook sites for iPhone, iPad, Kindle, Nook, Kobo reader etc. contact me at floyd.saunders@yahoo.com for a copy of the presentation or more information on how to get seminar materials.
Investment Planning basically deals with the Investment compponent of your Financial Plan. It talks about Goal based planning. It compares Risk & Return of all invesment products available in India. It talks a great deal about investments in Equity, Debt, Gold and Real Estate. It also talks about Basic principles of investing.
Farmer's Agribusiness Training Course: Module 3 - Entrepreneurship. Lesson 5:...PiLNAfrica
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This Farmers' Agribusiness training course has been developed to help both farmers and farmer organisations. Its intention is to provide access to provide access to additional skills and knowledge that will allow farmers to move from a 'farm' to a 'firm'. This lesson describes funding possibilities, the process for sourcing funds, the measures that should be taken to ensure effective utilization of funds, repayment procedures.
How To Manage Finances & Funding for Educational InstitutionsProcurify.com
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Every organization and every person has a spend culture.
Spend culture is a set of shared beliefs and practices that informs a person how, why and when money should be spent.
Whether planned or random, all organizations have a spend culture.
Culture is fluid. It evolves with time and with each additional person. Understanding your spend culture and how it affects the people who work in your organization will influence how much value you get out of your spending.
Find out what your Spend Culture is: https://spendculture.procurify.com/
Understanding Your Credit with SpringCoinCarrie Smith
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A complete presentation from SpringCoin on Understanding and Improving Your Credit Score. How to establish or re-establish credit properly to save money and pay down debt.
A groups of presentations regarding federal loan debt, repayment, and what to do if you cannot make payments. Also includes specific information for programs at UNTHSC and their cost of attendance, disbursement and budgeting.
What is financial coaching? Can it help you achieve financial freedom? Could you use some help with financial planning, investing, budgeting, debt management, insurance or other personal finance areas?
Managing your expenses within the framework of a budget is necessary to survive financially. A budget is the best way to break the crippling cycle of debt. U.S. consumer debt has reached epidemic proportions. According to the Federal Reserve, Americans have accumulated more than $2 trillion in consumer debt and charged more than $740 billion on their credit cards.
Financial Planning - Helping You Sail Successfully into the FutureFrank Wiginton
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This is a short e-book I wrote to help dispel some of the myths about financial planning and educate the public on what financial planning really is and what it can do and provide.
Learn how to manage your credit thereby increasing your credit scores. Learn how and why you should separate your personal credit from your business credit.
Details of the Retired Teacher Gratitude Project. We welcome any ideas or suggestions of possible Pension Managers. We do not underestimate how hard it will be to get them to take this on, so no worries if you were going to warn us. Trust me, we know! But we loved our teachers, so we are going to try!
How To Manage Finances & Funding for Educational InstitutionsProcurify.com
Â
Every organization and every person has a spend culture.
Spend culture is a set of shared beliefs and practices that informs a person how, why and when money should be spent.
Whether planned or random, all organizations have a spend culture.
Culture is fluid. It evolves with time and with each additional person. Understanding your spend culture and how it affects the people who work in your organization will influence how much value you get out of your spending.
Find out what your Spend Culture is: https://spendculture.procurify.com/
Understanding Your Credit with SpringCoinCarrie Smith
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A complete presentation from SpringCoin on Understanding and Improving Your Credit Score. How to establish or re-establish credit properly to save money and pay down debt.
A groups of presentations regarding federal loan debt, repayment, and what to do if you cannot make payments. Also includes specific information for programs at UNTHSC and their cost of attendance, disbursement and budgeting.
What is financial coaching? Can it help you achieve financial freedom? Could you use some help with financial planning, investing, budgeting, debt management, insurance or other personal finance areas?
Managing your expenses within the framework of a budget is necessary to survive financially. A budget is the best way to break the crippling cycle of debt. U.S. consumer debt has reached epidemic proportions. According to the Federal Reserve, Americans have accumulated more than $2 trillion in consumer debt and charged more than $740 billion on their credit cards.
Financial Planning - Helping You Sail Successfully into the FutureFrank Wiginton
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This is a short e-book I wrote to help dispel some of the myths about financial planning and educate the public on what financial planning really is and what it can do and provide.
Learn how to manage your credit thereby increasing your credit scores. Learn how and why you should separate your personal credit from your business credit.
Details of the Retired Teacher Gratitude Project. We welcome any ideas or suggestions of possible Pension Managers. We do not underestimate how hard it will be to get them to take this on, so no worries if you were going to warn us. Trust me, we know! But we loved our teachers, so we are going to try!
Using Credit is part 4 of the 6-part Money Matters class, created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your libraryÂŽ, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.
The Ultimate Guide to Student Loan RepaymentAnik Khan
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This presentation is designed for the 44M Americans with student loans. It provides a comprehensive overview of student loan repayment options from pausing payments to income-driven repayment plans and refinancing. It also demonstrates how to objectively evaluate different repayment options and gives tips on how to think about repayment in the context of other financial objectives and decisions.
This self-paced course is designed to provide you with a basic understanding of personal financial management to help you meet life's challenges and opportunities in college and in life. Major topics covered include: financial planning; budgeting; information on the various sources of financial aid; credit use; standards of progress for financial aid eligibility; affording the loan debt that you have borrowed; using your maximum credit wisely; and retirement planning. Students will be provided with information that will enhance their knowledge and skills to assist them with making more informed decisions that are related to various practices as they pursue their education at Madison College.
Consumer CreditCHAPTER12
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1-256-64971-6
Business Math, Ninth Edition, by Cheryl Cleaves, Margie Hobbs, and Jeffrey Noble. Published by Prentice Hall. Copyright Š 2012 by Pearson Education, Inc.
Get Out of Debt Diet
12-1 Installment Loans and Closed-End Credit
1. Find the amount financed, the installment price, and the finance
charge of an installment loan.
2. Find the installment payment of an installment loan.
3. Find the estimated annual percentage rate (APR) using a table.
12-2 Paying a Loan Before It Is Due: The Rule of 78
1. Find the interest refund using the rule of 78.
12-3 Open-End Credit
1. Find the finance charge and new balance using the average daily
balance method.
2. Find the finance charge and new balance using the unpaid or
previous monthâs balance.
Having trouble paying your bills? Constantly making mini-
mum payments each month? Donât know how much you owe?
Worried about getting a bad credit report? According to Index-
CreditCards.com, the average U.S. household has credit card
debt of over $7,300, with interest rates ranging from the mid-
dle to high teens. Credit card companies have made running
up that balance deceptively easy.
However, there are a number of steps you can take to pay
off the debt and get back on track. Of course, this will require
you to adjust your spending habits and become more careful
about your spending.
1. Determine what you owe. Make a list of all the debts
you have including the name of the creditor, your total
balance, your minimum monthly payment, and your
interest rate. This will help you determine in which order
you should pay down your debts.
2. Pay it down. Work overtime or take on a second job and
devote that income to paying down debt. Cash in CDs, pay
down home equity loans, and pay down loans against retire-
ment. Have a garage sale. Do whatever you can to earn extra
money and devote that money to paying down your debt.
3. Reduce expenses. Eliminate any unnecessary expenses
such as eating out and expensive entertainment. Clip
coupons, shop at sales, and avoid impulse purchases. Brown
bag it at work and be creative about gifts. Above all, stop
using credit cards. Just giving up that expensive cup of coffee
each morning can save you more than $750 dollars a year.
4. Record your spending. This is actually your key to
getting out of debt. Youâre in debt because you spent
money you didnât have. Avoiding more debt starts with
knowing what you are spending your money on. Each day
for at least one month, write down every amount you
spend, no matter how small. Reviewing how you spend
your money allows you to set priorities.
5. Make a budget based on your spending record. Write
down the amount you spent in each category of spending
last month as you budget for spending for the next month.
Categorize your monthly expenses into logical groups
such as necessities (food, rent, medicine, pet food, and so
on), should have (things you need but not immediately,
such as new wor.
A guide to helping you understand your credit score.
Table of Contents:
Understanding your credit score 1
How much does a low score cost you 2
How are credit scores calculated 3
Cracking the code 7
Improving your credit score 9
Stanford CS 007-06 (2020): Personal Finance for Engineers / DebtAdam Nash
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These are the slides from the 6th session of the Stanford University class, CS 007 "Personal Finance for Engineers" This seminar focuses on compounding, mortgages, auto loans, student loans, credit cards and credit scores.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Palestine last event orientationfvgnh .pptxRaedMohamed3
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An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
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http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasnât one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
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This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
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Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
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Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
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This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Embracing GenAI - A Strategic ImperativePeter Windle
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Thesis Statement for students diagnonsed withADHD.ppt
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Are You Credit Wise? Financial Literacy Workbook
1. You might be book smart, but...
AREYOU
CREDITWISE
A program to teach
?
students the ins and outs of
credit and personal ďŹnance.
2. AREYOU
CREDITWISE
?
Contents
i Introduction: Why Should You Care
About Being Credit Wise? p.1
1 Creating (and Sticking to) a Budget p.4
2 Understanding Your Credit History p.10
3 Establishing Good Credit p.18
4 Managing a Credit Card p.20
5 Student Loans p.24
6 New Ways to Pay p.25
3. Introduction
Weâve all been there⌠you signed up for a credit
card at the mall just to get the one-time discount but donât
understand how it will affect your credit history, you got hit with a
tuition increase and donât know how to fit it into your budget, you
were tempted to put your flight to Cancun for spring break on your
credit card, youâve freaked out over your credit card debtâŚ.
And if youâre like most college students:
⢠You have a credit card (84% do)
⢠You even have more than 4 credit cards
84%
(the average student does)
⢠You might use a credit card to pay tuition (33% do)
⢠You use a credit card for textbooks or other
education expenses (90% do)
⢠You donât pay off your balance at the end of each
month (less than 20% do) of college students
own a credit card
⢠You may graduate with $4,000+
credit card balance, not including
student loans (the average
student does) 1
80% Donât pay off the
balance of their card
each month
1 How Undergraduate Students Use Credit Cards: Sallie Maeâs National Study of Usage Rates and Trends 2009. Rep. Sallie Mae, Inc., Apr. 2009. Web.
4. A program to teach students the ins and outs of credit and personal ďŹnance
But why should you care about being credit wise?
Because being credit wise now will save you financial heartache in the future.
Plus, savvy money skills:
⢠Establish your independence
⢠Tell a future employer or lender youâre responsible
⢠Allow you to get a car, house or grad school loan in the future
⢠Help you prepare for life after college by living within your means
Plus, itâs a whole new world out there.
The Credit Card Accountability, Responsibility and Disclosure Actâthe CARD Act for shortârecently
went into effect, and with it many things have changed:
INTEREST RATES
⢠Most interest rate increases will affect only new purchases, not existing balances, unless
you miss payments for more than 60 days.
⢠Lenders generally canât raise your interest rate within 12 months of opening the account,
but after that they can raise your interest rates however they want, as long as they give you
45 days notice.
Lenders generally canât raise your interest rate within 12 months of
opening the account, but after that they can raise your interest rates
P.2
however they want, as long as they give you 45 days notice.
DISCLOSURES
⢠Each monthly statement must include information on how long it would take you to
pay off your balance if you only make minimum payments, as well as the total youâll
pay including interest. Lenders also have to tell you how much you need to pay each
month in order to pay off your balance in 36 months, as well as the total youâll pay
including interest.
⢠Statements must include a toll-free number to call if you want to be referred to a credit
counseling service.
5. AREYOU
CREDITWISE
?
SERVICE FEES
⢠Annual and application fees cannot exceed 25% of your initial credit line.
⢠Lenders canât charge fees to make payments online or over the phone in the first year,
unless they provide an expedited service by a customer service representative.
GRACE PERIODS
⢠Billing statements must be sent 21 days before the due date.
⢠Your due date should be the same each month.
⢠Payments are considered on time when received by 5 p.m. on the due date, or the next
business day after a holiday or day the lender does not receive mail.
⢠Payments above the minimum must be applied to the highest-rate balance first.
OVER THE LIMIT FEES
⢠Cardholders are not charged a fee if they exceed their credit limit unless they agree
ahead of time to pay a fee, so unexpected fees arenât charged. Lenders may decline
these transactions, however.
And maybe most importantly for youâŚ
YOUNG ADULT ACCESS
⢠Anyone under 21 can no longer get a credit card unless the applicant has a co-signer who
is at least 21 or can demonstrate âability to pay.â
⢠A lender cannot increase your credit limit if you are under 21 and have a co-signer without
that co-signerâs permission.
P.3
It may seem complicated, but it doesnât
have to be. ARE YOU CREDIT WISE?
has sorted it all out for you!
6. A program to teach students the ins and outs of credit and personal ďŹnance
1 Creating
(and Sticking to)
a Budget
Your first step to becoming credit wise
is to create your own financial plan, or what most people call a
budget. This may seem daunting (or boring), but trust us.
Creating a budget helps you:
⢠Live within your means and know what âyour meansâ are
⢠Set short- and long-term goals for saving
⢠Stop worrying
⢠Know where your money is going
First thingâs first. You have to assess where youâre at money-wise, meaning you need to determine
your income vs. expenses. For the majority of college students, the answer is very lopsided.
However, youâve figured out ways to balance this, whether itâs taking out loans, working an extra job
or running up your credit card debt. Keeping track of your income vs. expenses is a key part of
sticking to a budget.
P.4
For the majority of college students, the answer is very lopsided. However,
youâve figured out ways to balance this, whether itâs taking out loans,
working an extra job or running up your credit card debt. Keeping track of
your income vs. expenses is a key part of sticking to a budget.
7. AREYOU
?
CREDITWISE
* ACTIVITY 1: Income vs. Expenses
Fill in your income sources and expenses for either this semester or entire year.
CATEGORY TOTAL $
INCOME
Jobs
Parents
Student Loans
Scholarships
Financial Aid
Miscellaneous
INCOME TOTAL
EXPENSES
Tuition
Books
Rent / Room and Board
Utilities
Groceries / Meal Plan
Clothing
Toiletries
Professional Fees
(e.g., haircuts, doctor appointment co-pays)
P.5
Internet
Cell Phone
Car Payment / Gas / Public Transportation
Insurance
Eating Out
Going Out / Entertainment
Miscellaneous
(e.g., Netflix subscription or birthday gift)
EXPENSES TOTAL
Now, take your total expenses and subtract it from your total income.
How does your budget stack up?
Most come up short.
Total Income $_____________ - Total Expenses $_____________ = $_______________
8. A program to teach students the ins and outs of credit and personal ďŹnance
Where Can I Adjust? If you spend $3.50
After youâve laid it all out, ask yourself, âWhere can I adjust?â on coffee every
weekday...
⢠Distinguish wants vs. needs (maybe have your mom or dad
⢠In a 5-day school week,
weigh in on this one) youâll spend $17.50
⢠Understand that when a need increases (e.g., tuition), you ⢠During the month, youâll
must either decrease a want (concert tickets) or increase spend more than $70
income (extra hours waitressing) ⢠Over a year, that totals
⢠Remember that the little things add up $840 in coffee
There are some good free tools out there that can help you set up a
budget online, track your spending and find areas where you can save money. We suggest
using Mint.com or, if you have a checking account, your bank may have a free online budget tool.
P.6
Setting Financial Goals
(and devising a plan to achieve them)
Now that you have a better feel for where youâre at money-wise, itâs time to set a game plan.
Setting financial goalsâand achieving themâkeeps you coming back to good money management
habits and helps you afford the things you want, when you want them.
Itâs important not only to think about what youâll need in the next semester, but what youâll
need when youâre no longer going by semesters. With that in mind, try thinking of your
financial goals like this:
⢠Short-term goals (What will I need to afford this semester?)
⢠Mid-term goals (What will I need to afford this year?)
⢠Long-term goals (What will I need to afford after college and beyond?)
9. AREYOU
?
CREDITWISE
* ACTIVITY 2: Goal Setting WorksheetâShort-term goals
Find out how much money you need to save per month in order to achieve your
short-term goals for this semester:
AMOUNT YOU
NEED TO SAVE WAYS YOUâLL SAVE
GOAL COST PER MONTH INCREASING INCOME OR
DECREASING EXPENSES
TOTAL/MONTHS IN SEMESTER
Babysit two Friday
New bike for nights per month
$300 $75 ($50); bring lunches
getting to class
to school rather than
eat in cafeteria $25)
P.7
10. A program to teach students the ins and outs of credit and personal ďŹnance
* ACTIVITY 2: Goal Setting WorksheetâMid-term goals
Now, do the same for mid-term goals.
AMOUNT YOU
NEED TO SAVE WAYS YOUâLL SAVE
GOAL COST PER MONTH INCREASING INCOME OR
DECREASING EXPENSES
TOTAL/MONTHS IN YEAR
Decrease amount
$1000 $83 Get a Part-time
of school loans
by $1000 job for 10 hours
per week
P.8
11. AREYOU
CREDITWISE
?
* ACTIVITY 2: Goal Setting WorksheetâLong-term goals
Itâs a little harder to do with long-term goals because thereâs no time limit.
However, you can set up an open-ended plan to achieve your goals:
AMOUNT
TARGET WAYS YOUâLL SAVE
NEEDED TO
GOAL COST LENGTH OF (Increasing Income or
SAVE EACH
TIME Decreasing Expenses)
MONTH
Pay off my $333 Live in a cheaper
school loans $20, 000 5 years neighborhood to
within (5 years=60
make up the
5 years months)
difference in rent
P.9
12. A program to teach students the ins and outs of credit and personal ďŹnance
2 Understanding Your
Credit History
Your credit history, which can include
your history with loans, credit cards, housing payments and other
transactions, determines your financial future. It says a lot about you,
and more people look at it than you may think, including:
⢠Future employers
⢠The landlord for that apartment you want to rent
⢠The loan officer you have to get through to buy that house or car, or get a loan for grad school
⢠Banks that decide what kind of rates youâll get on current and future cards
And remember, missed payments and other âoopsâ can stay on your
credit history for up to 7 years!
Credit Reports and Credit Scores:
P.10
P.10
How Is Your Credit History Measured?
A credit report and credit score are both evaluations of a personâs credit history and credit worthiness.
Lenders review your credit report to determine if you are a good risk. Consumers with the best credit
history get the best interest rates.
Think of a credit score as the grade you receive on a midterm paper and a credit report as all of the
red-inked feedback your professor provides throughout the paper.
13. AREYOU
?
CREDITWISE
How Can You Get Your Credit Report?
⢠You must have a credit history to get a credit report. In general, that means you must have
at least one credit account that has been open for at least six months.
⢠The only federally accredited program is
www.annualcreditreport.com. It links to
accredited credit reporting agencies Equifax,
Experian and TransUnion. The Fair and Accurate
Credit Transactions Act (FACT Act) allows you to
order one free copy from each of the three
agencies every 12 months.
⢠Not all lenders report to all three agencies, so
your reports from TransUnion, Equifax and
Experian could be different from each other. Itâs
important to check all three credit reports
annually to make sure they are accurate,
up-to-date and that there are no dramatic
differences between them, which could
mean thereâs an error.
⢠Steer clear of gimmick programs that may charge hidden fees or offer to increase your
credit score. You can help avoid these unauthorized players by sticking with
www.annualcreditreport.com.
⢠In general, you should check your credit report or credit score six months before you plan
a major purchase like a car. This will give you time to fix inaccuracies and improve your
score, if necessary.
P.11
Whatâs a Good Credit Score?
Credit scores calculated by FICOÂŽ range from 300 to 850. Most people are in the 600-800 range.
National Distribution of
FICO Scores (% of 27%
Population)
18%
15%
12% 13%
8%
2% 5%
up to 499 500-549 550-599 600-649 650-699 700-749 750-799 800+
FICO SCORE RANGE
Source: âAbout Credit Scores.â Credit Education Center Credit Basics. Fair Isaac Corporation. Web.
www.myfico.com/crediteducation/creditscores.aspx
14. A program to teach students the ins and outs of credit and personal ďŹnance
Reading a Credit Report
Whatâs included on
Whatâs NOT included
your credit report?
on your credit report?
⢠Personal information
⢠Most checking or savings account
⢠Accounts summary
information
⢠Accounts opened
⢠Demographic information like race or
âClosed or inactive accountsâ
ethnicity
these can stay on your
report for 7â11 years! ⢠Salary
âType of account and date opened ⢠Certain types of inquiries:
âCredit limits / loan amounts âConsumer-initiated inquiriesârequests by
âWhether you paid on time you for your credit report
âBalances âPromotional inquiriesârequests by lenders
⢠Credit inquiries within the to offer you pre-approved credit
last 2 years âAdministrative inquiriesârequests by
⢠Negative items lenders to review your account
⢠Missed payments âEmployer inquiries
⢠Overdue debt ⢠Your credit score
Credit scores are not on the credit report itself. In general, there will be a charge to obtain your
credit score. However, your score is generated from your credit report, so checking that will help
you take action to improve your credit score.
P.12
Whatâs an Inquiry?
When you apply for credit, lenders can askâor "inquire" âfor a copy of
your credit report from a credit agency. When you check your credit
report, you may notice that those credit inquiries are listed, including
some from businesses you don't know. The only inquiries that count
toward your credit score are the ones that result from your applications
for new credit.
15. AREYOU
?
CREDIT WISE
READING THE ACCOUNTS SUMMARY SECTION
Your credit report will summarize your lines of credit and the payment status on that credit. This is
the meat of your credit report and plays a big part in determining your credit score. If you notice
any inaccuracies in your credit report, be sure to report them in writing to both the credit rating
agency and your lender as soon as possible. Theyâre required by law to help you fix it.
The types of credit are listed as:
OPEN: Items and services are paid for in a single payment within a given time period
after the purchase. Interest is usually not charged.
âUtility companies, some medical services, travel and entertainment cards
REVOLVING: Transactions can occur as long as the total amount does not go over the
credit userâs assigned dollar limit. Repayment is made at regular time intervals for any
amount at or above the minimum required amount. Interest is charged on the
remaining balance.
âDepartment store cards, bank cards like MasterCard and Visa
INSTALLMENT: Items are paid for in two or more regularly scheduled payments of a set
amount. Interest is included.
âCar loans, student loans, home mortgage
* ACTIVITY 3: Reading a Credit Report
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Credit reports from the three credit agencies will appear different, but will include similar
information and have a similar format. Typically, reports include sections on negative
credit history, positive credit history, credit requests and personal information.
See the next page for a sample credit report from Experian. Read through the credit report
and answer the questions based on what youâve learned so far in this workbook.
16. A program to teach students the ins and outs of credit and personal ďŹnance
P.14
Experian: Sample Credit Report. Digital image. Experian Online Personal Credit Report from Experian for John Q. Consumer. Experian TM, 2007.
Web. 30 June 2010. www.experian.com/credit_report_basics/pdf/samplecreditreport.pdf
17. AREYOU
CREDIT WISE
?
1. John notices that a credit card he uses often does not appear under either the âPotentially Negative
Itemsâ or the âAccounts in Good Standingâ section. What should he do?
2. John paid his balance to ABCD Banks on time, not 60 days past due as it states on his credit report.
What should he do?
3. John never authorized MyTown Bank to do a credit check, but according to his credit report, they
did. What should he do?
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What Determines Your Credit Score?
Payment History: Whether or not you have paid past credit accounts on time
Amounts Owed: The percentage of available credit youâve used on open credit accounts
Credit History Length: How long your credit accounts have been established
New Credit: How many new accounts you have and how long
itâs been since you opened a new account
Types of Credit Used: What types of accounts According to FICO, factors are:
you have opened
New Credit
Your credit score considers only information 10% Payment
Types Of History
in your credit report, but some lenders, Credit Used 10%
especially for loans, often look at other factors
35% 30%
like income when making a credit decision. 35%
15%
Credit
History 15%
10%
Length 10%
30%
Source: âWhatâs in Your FICOÂŽ Score.â Credit
Amounts
Education Center: Credit Basics. Fair Isaac
Corporation. Web. www.myfico.com/ Owed 27%
crediteducation/whatsinyourscore.aspx 18%
15%
12%
8%
2% 5%
18. A program to teach students the ins and outs of credit and personal ďŹnance
Understanding How Credit Missteps
Can Affect Your Credit Score
You may run into financial difficulties that impact your credit score. Some difficulties may not
change your score that much while others can drop your score significantly. What your credit score
was before can make a difference.
* ACTIVITY 4: How Credit Lapses Affect People Differently
MyFico.com gives a comparison of the impact that credit problems can have on the credit
scores of two different people.
Hereâs a snapshot of Alexâs and Beneciaâs credit histories:
Alex has a credit score of 680 and: Benecia has a credit score of 780 and:
Six credit accounts, including several Ten credit accounts, including several active credit
active credit cards, an active auto loan, cards, an active auto loan, a mortgage
a mortgage and a student loan and a student loan
An eight-year credit history A fifteen-year credit history
Moderate utilization on his credit card Low utilization on her credit card accounts
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accounts (his balances are (her balances are 15-25% of her limits)
40-50% of his limits)
Two reported delinquencies: a 90-day Never has missed a payment on any
delinquency two years ago on a credit card credit obligation
account and an isolated 30-day delinquency
on his auto loan a year ago
Has no accounts in collections and no Has no adverse public records on file
adverse public records on file
19. AREYOU
?
CREDIT WISE
Now take a look at what happens to Alexâs and Beneciaâs credit score after one of these
things happen:
Alex Benecia
Maxing out a credit card 650-670 735-755
A 30-day delinquency 600-620 670-690
Settling a credit card debt 615-635 655-675
Foreclosure 575-595 620-640
Bankruptcy 530-550 540-560
Source: âCredit MisstepsâHow their Affect on FICOÂŽ Scores Vary.â Credit Education Center: Credit Q&A. Fair Isaac Corporation.
Web. www.myfico.com/crediteducation/questions/credit_problem_comparison.aspx
The big takeaway? Different lapses on your credit history affect your credit score differently.
Higher scores can fall farther than lower scores with the same mistake. As you can see above,
Benecia loses more points for each mistake than Alex. As you can tell by his initial lower score,
lenders from the get-go realized that he was more risky because of his
credit history. So, the addition of one more sign of increased risk
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on Alexâs credit report is not quite as significant to his score as
it is for Beneciaâs.
20. A program to teach students the ins and outs of credit and personal ďŹnance
3 Establishing Good Credit
Okay, you get it. Having a good credit history is important,
and you know the factors that are considered, but how do you
establish good credit?
⢠If you can, pay your monthly balance in full and pay it on time to
build positive length of history
-If you canât pay it off in full, be sure to pay at least the minimum balance
-Remember, what you donât pay back in full is charged interest
-Know your credit limit and donât go over it
⢠Hold off on signing up for new credit cards for one-time coupons
⢠Avoid opening multiple accounts in a short period of time
⢠Donât close unused cards as a short-term strategy
⢠Avoid paying off one card with another
⢠Avoid credit repair agencies that charge a fee to improve your score
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⢠Review your credit report regularly and dispute any inaccuracies
⢠Report lost or stolen cards right away
⢠Shop around for APRâif you start high, build good credit history and go back to negotiate
with your issuer
⢠Let your issuer know if you will be late on a payment and negotiate a plan
⢠Donât worry about having unused, available creditâit doesnât hurt
⢠Try not to keep exceedingly high balances on a credit card or âmax outâ a credit card, as it
could bring down your credit score quite a bit. Try to keep your balances below 35% of
your credit limit.
And most importantlyâŚborrow only what you can repay!
21. AREYOU
?
CREDIT WISE
?
Will
my credit
score drop if
I apply for
new credit?
Probably not much, if at all. However, if you apply for
several credit cards within a short period of time,
some lenders might think somethingâs fishy and
wonder why you need more lines of credit so badly.
Multiple inquiries from auto, mortgage or student
loan lenders within a short period of time are
typically treated as a single inquiry and will
have little impact on the credit score.
Will
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closing old
accounts
improve my
credit score?
Not necessarily. Any late payments associated with
old accounts wonât disappear by closing the account.
Also, having long-established accounts shows you
have a longer history of managing credit,
which is good.
22. A program to teach students the ins and outs of credit and personal ďŹnance
4 Managing a Credit Card
Credit can be a great thing if handled
responsibly. Before you decide to get a credit card, take a step
back and think about the pros and cons:
PROS CONS
Allows you to buy the things you need now Easy to overspend, lose track
Creates an online record of purchases Interest
Convenient Possible fees
Builds your credit Easy to buy on impulse
Can help you avoid liability on certain Itâs a loanâyou have to pay it back!
types of fraud
In addition, because of the CARD act, getting a credit card if youâre under 21 is a little more
complicated than it used to be. Here are some options you may want to consider:
⢠Wait to get a credit card
⢠Ask a parent or other trusted adult to co-sign for your credit card
P.20
⢠Build your credit history by managing a debit card and paying your rent and
utilities bill on time
⢠Become an authorized user on your parentsâ credit card (if you can prove youâre
credit wise to them, of course)
The Fine Print
So, youâre ready to choose a credit card? There are a couple of things you should look at as you
review potential card options:
Annual Percentage Rate (APR) is the interest rate youâll pay on your balance. APRs can vary greatly.
Issuers offer lower APRs to people with better credit history. When youâre looking at APR, make sure
you read the details!
⢠Some credit cards will offer you introductory rates, but many will go up after the
introductory period expires.
⢠Some cards offer non-variable APR rates while others offer variable APR rates. With a
non-variable rate, your APR can change, but the credit card company has to give you
23. AREYOU
?
CREDIT WISE
notice first. With a variable rate, your APR changes based on an index, such as the Prime
Rate, a national standard by which interest rates are measured.
⢠You can expect some lenders to cut you a break on your APR if you pay on time. But if you
donât pay on time, your interest rate will be higher.
⢠Some cards will charge you a penalty APR for late payments. The penalty may apply until
you make a certain number of consecutive minimum payments on time.
⢠Shop around for good APR. If you donât start with a good rate, build good credit history
and then go back to the issuer to negotiate.
⢠And rememberâyou can avoid paying interest all together by paying your balance in full by
the payment due date.
Prime Rate:
The national standard by which interest rates are measured. The Prime Rate is
published by the Wall Street Journal and is determined by polling 10 of Americaâs
largest banks. When 7 of the 10 change their prime lending rate, Prime Rate is
updated accordingly.
Fees are the various costs you may encounter with any given credit card.
⢠Annual fees and membership fees can be added after one year, so again, read the
offer carefully!
Account set-up fees are one-time fees.
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â˘
⢠Participation fees are typically monthly fees.
⢠Transaction fees can be charged for balance transfers, cash
advances and foreign transactions.
⢠Penalty fees can be charged
for late payments, over-the-limit
purchases and returned payments.
How important is APR? Letâs
do the math. If...
⢠I charge $1,000 to my credit card
⢠I make minimum payments of $20 per month
⢠My APR is 15%
Making only minimum payments each month,
it will take more than 6 years to pay
off my balance with $546.18 in interest,
bringing the grand total to $1,546.18.
24. A program to teach students the ins and outs of credit and personal ďŹnance
* ACTIVITY 5: Choosing a Credit Card
So, you received a pre-approved offer in the mail. Is it a good deal?
Is this offer a good deal? Why or why not?
P.22
Itâs usually best to do your own research and you may be better off applying for a credit card
rather than going with a pre-approved offer. You typically can find a better deal, and youâre
more likely to be familiar with the terms of the agreement.
25. AREYOU
?
CREDIT WISE
Cards with Benefits
Get 10% off if you apply for a card today! Earn 10,000 free mileage points if you sign
up today! Weâve all been tempted by promotions like this, but before you apply, ask
yourself:
⢠Do the benefits outweigh the costs? These cards may come with additional fees, so be
sure to weigh any fees against the benefits you think youâre getting.
⢠Is the card as good as it sounds? Make sure you look for expiration periods, as the
benefits may not be permanent. You also should check for redemption fees, because the
benefits may come with an extra cost when you want to redeem them.
⢠Will it change my spending habits? Promotional cards often incentivize buying things
you may not need. Itâs probably not a good idea to get a card that encourages you to buy
something you otherwise wouldnât have purchased.
You Apply for a Credit Card and Get Denied. Now What?
First of all, donât worry. There are lots of possible reasons someone can be denied,
and it happens all the time. If you think the reasons for denial are validâŚ
⢠Ask the lender to provide additional information or arrange alternate credit terms.
⢠Apply to another lender whose terms are different.
⢠Improve your credit history, and then reapply.
If you think the reasons for denial are invalidâŚ
⢠Examine your credit report and correct any errors.
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⢠If the lender did not provide the key reasons for the denial, ask the lender to give you
feedback. You are entitled to be provided such feedback within 30 days.
26. A program to teach students the ins and outs of credit and personal ďŹnance
5 Student Loans
Whether you get them from the
government or through a bank, student loans are another
means of credit and should be treated with the same care
that you should treat credit cards.
While youâre still in school, make sure you only use student loans for
education expenses and if you can, avoid paying for tuition
with a credit card.
When youâre about to graduate, be sure to schedule an exit interview with a financial aid advisor to
figure out a repayment plan. Youâre entitled to this interview by law. Some of the repayment plans
you and your advisor may agree on include:
⢠Standard payment plan: Fixed monthly payments for up to 10 years
⢠Extended payment plan: Fixed monthly payments for 12 to 30 years, depending on the amount
borrowed, but accrues more interest than a standard plan
P.24
⢠Graduated payment plan: Monthly payments start low and rise
every two years for 12 to 30 years, thus accruing more
interest over time
⢠Income-contingent payment plan: Monthly payments
rise based on income and total amount of debt When youâre
⢠Income-sensitive payment plan: Monthly payments
are tied to percentage of gross monthly income
about to
⢠Income-based payment plan: Available to Direct
graduate
Loan and FFEL programs, caps the monthly payments be sure to schedule an exit
at a lower percentage of a narrower definition of interview with a financial aid
discretionary income than the income-contingent advisor to figure out a
payment plan repayment plan.
"Loans: Repayment Plans." FinAid! Financial Aid, College Scholarships and Student Loans. 2010. Web. 21
July 2010. www.finaid.org/loans/repayment.phtml
27. AREYOU
?
CREDIT WISE
6 Beyond the Card:
New Ways to Pay
Prepaid Cards
Prepaid cards can be a good way to learn how to use a credit card because they
provide a model for learning how to use a credit card, are a good way to make sure
youâre sticking to your budget and may allow you to track your spending.
Plus, most pre-paid cards are:
⢠Accepted where debit cards are accepted.
⢠Safer and more convenient than carrying cash. Depending on the card, you may not be
liable for unauthorized purchases if your card is lost or stolen.
⢠Easy to getâthere is no credit check.
⢠Easy to reload online and at thousands of retailers across the country.
There are several types of prepaid cards, so you can pick the
option that best suits your needs:
⢠Everyday: Best for purchasing things you would
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normally use cash or checks for
⢠Gift: Best for gift-giving when you donât want to be
limited by store or service
⢠Travel: Best for spring breaks and studying abroad,
as theyâre accepted worldwide and
allow you the flexibility to get cash back in the
currency you need, which is much more
convenient than travelers checks
28. A program to teach students the ins and outs of credit and personal ďŹnance
Debit Cards
⢠Looks like a credit card but itâs not a loan, so thereâs no interest
⢠Comes straight out of your checking account
⢠Widely accepted
⢠Helps build good credit practices
⢠Can be a good budgeting tool
So, there you have it. You have successfully saturated your brain
with credit wise know-how to keep you out of the red and on a successful
path to good money management!
CONSIDER
YOURSELF
!
P.26
CREDIT WISE
29. AREYOU
CREDIT WISE
?
Are you Credit Wise? Participant Survey
Now that youâre Credit Wise, we want to be sure that you gained useful knowledge and skills that will help
you manage your money in the future.
Please take this short survey and hand it to your student instructor. The information will help us improve
our program and educational materials. Your responses will be kept confidential.
NAME OF YOUR SCHOOL:
WHAT DID YOU THINK?
Please rate the extent to which you agree with the following statements:
1 Strongly Disagree 7 Strongly Agree
1. The education materials (presentation and workbook) provided useful financial education information.
1 2 3 4 5 6 7
2. The instructor helped me better understand why I should care about money management.
1 2 3 4 5 6 7
3. Because of the Are You Credit Wise? program, I now feel better equipped to understand
credit and money management.
1 2 3 4 5 6 7
TAKING CHARGE
Please circle the number that best describes the statement, âAs a result of the Are You Credit Wise? program, I âŚâ
1. âPlan to create a personal financial plan / budget.â Circle N/A if you already do this:
NA 1 2 3 4 5 6 7
2. âPlan to obtain and examine my credit report.â Circle N/A if you already do this:
NA 1 2 3 4 5 6 7
30. A program to teach students the ins and outs of credit and personal ďŹnance
3. âWill try to spend less than I earn.â Circle N/A if you already do this:
NA 1 2 3 4 5 6 7
4. âUnderstand the steps I need to take to improve my credit history.â Circle N/A if you already do this:
NA 1 2 3 4 5 6 7
5. âWill be more careful about opening new lines of credit and managing my current lines of credit.â
Circle N/A if you already do this:
NA 1 2 3 4 5 6 7
6. âBetter understand what to look for if I decide to get a card (if Iâm over 21 or have a co-signer).â
Circle N/A if you already do this:
NA 1 2 3 4 5 6 7
A FEW QUESTIONS:
What did you like the most about the Are You Credit Wise? program?
How could this program be improved?
Would you recommend this program to others?
Yes No
31. A program to teach students the ins and outs of credit and personal ďŹnance
CONSIDER
AREYOU
?
CREDIT WISE
YOURSELF
CREDIT WISE !