Loading presentation...

Present Remotely

Send the link below via email or IM


Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.


Credit Score & Reports

Why knowing your credit score is important and understanding the difference between your score and report.

Jomarie Mauricio

on 12 September 2012

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Credit Score & Reports

The reality of what it can become after years of only making minimum payments! CREDIT SCORE & CREDIT REPORTS •Is a numerical representation of your credit worthiness that is used by most lenders, employers, and credit card issuers (freecreditreport.com)
•In simple terms, it is a number that determines whether or not you are the kind of person who can pay bills on time or debt on a loan or credit card. •Is a summary of your financial history including information from all your credit cards, any type of loan, history of debt, and bill-paying history.
•It is what is used when determining your credit score
•There are 3 main credit reporting agencies:
TransUnion Why is it important that you know what your credit score is? •Your credit score matters because it will determine whether or not you will receive a loan from a bank, be hired for a job, purchase a car, or buy a house.
•Knowing your credit score could give you the confidence in knowing that you have the chance of buying a house, receive that bank loan, better terms/rates on loans/insurance
•Side note: Now the military is looking into people’s credit histories before they enlist because in this economy most people are turning to the military to help them out of financial debt. Debt and how it affects your credit score How your credit score is calculated from your credit reports. Credit score is calculated by a number of things:
1.Equifax - Equifax reports are the only ones that summarize “Open Accounts” and “Closed Accounts

2.Experian - Experian shows you “Status Details” indicating when an account is scheduled to fall off your credit report. see a monthly “Balance History” for any accounts that are still open, or for those closed accounts with an outstanding balance.

3.Transunion - TransUnion has the most thorough employment data section in your personal summary. Three Main Credit Reports Payment history - do you pay your bills on time
Amounts owed - do you have any existing debts
Length of credit history - how long have you had a loan, mortgage, or credit card
New credit accounts - have you opened any credit cards or received any loans or inquires recently
Types of credit used - car loans, credit cards, home owners, student loans Ways to build your credit
•Easiest way to start building credit is apply for a credit cards
•Once you have established that you are responsible for maintaining a credit card you should apply for a loan of some sort, auto or student loan. Try to borrow as little as possible because interest rates will still apply and you do not want to overwhelm yourself and not be able to pay the loan off. Mountain of debt you owe •Reduce your debt if any exist, especially high interest debt
•Always pay your bills on time
•Try to pay off credit cards in full
•Do not max out your credit cards
•Keep a budget and track your spending
Helpful tactics to raise your credit score
Full transcript