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

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. 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

4. 15
14
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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

5. $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

6. $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

7. 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

8. $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

9. $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

10. 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

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
C: Never close
an old account
D: Never check your
own score

12. $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

13. 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

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
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. $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

16. 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

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
& amount owed
D: Types of credit &
length of accounts

18. $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

19. Congratulations!
Congratulations!
You’ve Reached
the $1,000
Milestone!

20. 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

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. $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

23. 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

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. $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

26. 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

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
$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. $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

29. Distribution of FICO Credit Scores

30. 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

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. $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

33. 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

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
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. $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

36. Congratulations!
Congratulations!
You’ve Reached
the $32,000
Milestone!

37. 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

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
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. $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

40. 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

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

42. $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

43. 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

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
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

45. $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

46. 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

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
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. $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

49. 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

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. $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

52. YOU WIN $1
MILLION DOLLARS!