Build Your Credit

A

1

You buy groceries every week and pay it off immediately.

Credit Card

add +20 points

2

You use your bank card to pay for lunch daily.

Debit Card

No Points rewarded

3

You spent $1000 on a Vet bill, and make the minimum monthly payment each month.

Installment Loan

 Add+ 15 points

High Monthly Interest

Deduct -10 points

4

You just purchased your first apartment and need to furnish it.  You do not have the cash up front but want to pay it off monthly with a lower interest. You paid monthly on time for 12 months.

Credit Card

add +60 points 

B

1

You purchased a home for $400,000 and make on time monthly payments for 30 years

Installment Loan- add +100 points 

Mortgage- add +25 points

2

You buy a car in full cash

No Credit used

0 points

3

You’ve owned your home for several years and its value has increased. You need $20,000 to renovate your kitchen, so you decide to borrow money using the value built up in your home. You pay on time

Home Equity Loan

add +20 points

4

You take your unused MacBook to the pawnshop for them to hold until you can either pay it back or have them own it as collateral.  They give you the money for a credit you cannot pay it back.

Short term loan - lose -30 points 

Pawnshop loan- +20 points 

C

1

Your car breaks down and you need $500 immediately to fix it, but you don’t have enough cash saved. You plan to pay it back within a few weeks every pay period.  The interest is extremely high. You missed the first payment

Short term Loan 

Lose-75 points

Pay Day Loan

Add +50 Points

2

You use this card that has no limit to purchase a plane ticket, pay all of your bills for the month, and pay for your vacation.  You paid it all off by the due date. 

Charge Card

add +35 points

3

You spend $10,000 on replacing the roof of your home, Your card has no limit but you pay it off at the end of the month.

Charge Card

add +50

4

You use your phone bill using money directly from your bank account

No credit change

Debit card

+5 points

D

1

You took out this form of credit to go back to school.  You have now graduated and pay this on time monthly and an additional amount to cover the interest.

Student Loan

add +75

2

You take out this form of credit to purchase your first car.  You missed a payment

Installment loan- Lose -50 points

Car Note- add +60 points

3

You use your car as collateral to take out this form of credit, you pay it off in 6 months.

Short Term loan - add+ 50 points 

Title Loan- add +10 points

4

You buy a $5,000 washer and dryer set. Miss one payment

Installment Loan- Lose -20 points