Establishing and Managing Good Credit in 2018-2019
Learn how to establish and manage good credit in the year 2018-2019 with key tips such as setting up a budget, reviewing credit reports, understanding credit scores, and more. Take control of your financial future by following these practical steps.
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Presentation Transcript
2018-2019 Managing Your Credit Office of Student Financial Assistance
2 2018-2019 Managing Your Credit Establishing and maintaining good credit can provide many benefits to your financial future.
3 2018-2019 To Do List: Set up a realistic budget and stick with it. A budget templet can be found at www.NavingatingYourFuture.org. Open a checking and a saving account if you have not already. Transfer money from checking to savings on a regular basis. Evaluate your current credit situation.
4 2018-2019 Establishing Good Credit Know what type of accounts that are identified on your credit report. Review your credit report annually. Verify the information on your credit report is accurate. Pay the minimum payment (or more) ON TIME each month. Avoid going over your credit limit.
5 2018-2019 Establishing Good Credit, Continued Charge only what you can afford to repay. Try to make a payment larger than the minimum payment in order to pay off the card faster. Keep your card in a safe place. Shred your receipts once your monthly statement has been verified. Keep your address current with your credit card company so your bill get delivered promptly. Sign up for E-Statements, if available.
6 2018-2019 Your Credit Reputation Character how well you pay back borrowed money. Capacity is defined as the financial ability to assume a certain amount of debt. Capital consists of the financial assets at your disposal to pay off debt. This may include your car, home, stocks, bonds, mutual funds, etc.
7 2018-2019 Credit Reports and Credit Reporting Agencies Visit www.AnnualCreditReport.com to obtain a free credit report. You may also contact the 3 major credit reporting agencies below directly: www.Equifax.com www.Experian.com www.Transunion.com 800-685-1111 888-397-3742 800-888-4213 Consumers are encouraged to review all 3 reports, as information may vary from one report to another.
8 2018-2019 Your Credit Score Lenders track your credit score and use it to determine if they should: Offer new credit Increase or decrease your interest rate Increase or decrease your credit limit A good credit score is vital part of your financial reputation. Request your credit score for small fee at: www.AnnualCreditReport.com or www.MyFico.com.
9 2018-2019 Credit Score Table Range Rating 730-850 Excellent 700 729 Great 670 699 Good 585 669 Average 300 584 Bad
10 2018-2019 Credit Report Verification Personal Credit Accounts Public Records Negative Information Inquiries
11 2018-2019 Correcting Errors on your Credit Report You have the right to file a consumer dispute with the credit reporting agency. They are obligated to verify the accuracy of their reports when notified of disputes. When you pull your report online, consumer disputes can be filed electronically. For more information on how to dispute credit report errors, visit www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm.
12 2018-2019 Protecting your Identity Leave important documents at home. Keep documents in a safe place. Protect your Social Security number. Protect your driver s license. Protect PINs and computer passwords.
13 2018-2019 Protecting your Identity Pick up checks from the bank not from your mailbox. Use a safe deposit box if necessary to receive important information. Check your credit report annually. Report suspected fraudulent activity or stolen card to the appropriate office.
14 2018-2019 If your Identity is Stolen Immediately Contact Creditors and Financial Institutions Law Enforcement Federal Trade Commission Department of Motor Vehicles (for driver s license) Social Security Administration (for social security card)
15 2018-2019 If your Identity is Stolen Record Keeping It is important to maintain written chronological record of dates, times, and names of telephone contacts. After telephone contact has been made, it is crucial to follow up in writing and keep records of all written correspondence.
16 2018-2019 Tips to Remember Maintain good credit to help you in your financial future. Know the difference between good and bad credit in terms of credit scores and credit reporting data. There are negative consequences to defaulting on any credit account and this will impact your overall credit rating. Protect all of your confidential and private information. Credit is like an individual s reputation it is a precious commodity!
17 2018-2019 Navigating your Financial Future OSFA offers a variety of tools and resources to help you in your pursuit of higher education. www.NavigatingYourFuture.org
18 2018-2019 Contact us Email: osfa@fldoe.org Telephone: 888-827-2004 OSFA Outreach: Pedro Pete Hernandez (850)245-1821 Pedro.Hernandez@fldoe.org
19 2018-2019 Questions?
20 2018-2019 Thank you for attending this presentation.
