Credit Report & Score
What is the range of credit scores?
300-850
What are the 3 credit bureau?
Experian
Transunion
Equifax
Why is INOVA Federal a great credit union?
Any valid answers
Do you think you are financially free? Why?
Any valid answer.
When you throw a blue stone in the red sea, what does it become?
Wet
Do you know your credit score?
Any valid answer
What is the special offer for everyone in this class?
$200 bonus towards building credit and must meet other requirements.
What are 2 things that keep you from financial freedom?
Lack of budgeting
Not keeping tracking of spending
Lack of financial goals
Accumulating debts
laziness/self control
Fair Isaac Corporation came up with a way to calculate your creditworthiness, but you probably know the company as what four-letter acronym that's associated with your credit score?
FICO
What are some ways to improve or boost you credit score?
Pay bills on time
Do not max your credit
Budget
Avoid pulling credit unnecessarily
How long does a late payment stay in your credit report?
7 years
What is INOVA's mission?
To improve members' financial wellbeing!
What is financial freedom?
Control of your day-day finances
On track for financial goals
Ability to absorb a financial shock
Freedom to make choices that enables you enjoy life
Who is in charge of my progress, success or decision making?
Myself
Which aspect of credit has the highest percentage that affects your credit score?
Payment history
Why should you have a great credit score?
More loan approvals
Better rates
Saves money
Renting
Employment
How is INOVA Federal involved in the community?
Free financial education
INOVA/Tolson Scholarship
Community sponsorship of organizations
Employees volunteer in the community
How does filing bankruptcy affect my credit report?
Negatively
Chapter 7 - 10 yrs
Chapter 13 - 7yrs
What is your plan to achieve financial freedom?
Be specific
-plan to pay debts
-investing
-financial advisor
-Budgeting
Name ways INOVA Federal can assist you build credit?
Credit Builder loan
Secured visa credit card
Debt consolidation
Debt management- GreenPath
Give the breakdown on how the credit score is calculated?
Payment history- 35%
Amounts owed - 30%
Length of credit history- 15%
Types of credit used- 10%
New credit - 10%
What is the philosophy of INOVA
People helping people
What is the path to financial success
Save more than you spend
Invest early and frequently
Pay off debt and use credit sparingly
Build assets
Have multiple and passive income
How are you overcoming past failures/mistakes/regrets?
Not repeating mistakes
Accepting the mistakes & Learning from them
Faith/forgiveness
Asking & receiving for help