Credit Report
What is a credit report?
Report that shows how one pays bills/loans and current credit status
What is the credit score range?
300-850
How does a low credit score affect you?
Not able to borrow/qualify for a loan
Renting challenges
Could hinder employment
The only place you'll always find money is?
In the dictionary
Are you able to view your credit score with an INOVA account?
Yes, every month
What are the 3 major credit bureau?
Experian
Transunion
Equifax
What is a good score to have?
>750
Why is it important to pay more than minimum due on credit cards?
Saves interest
Debt is paid sooner
Improves your credit score
lowers your stress
What is the credit union philosophy?
People helping people!
If money grew on tress, what would best the best season to get it?
Fall
Where does the credit report come from?
Lenders, creditors, credit unions, banks, public records, collections agencies etc
Name 3 that do not affect your credit score?
Age
Amount of money in your account
Employment history
rates on your debit cards
Name 3 tips to keep your credit score up.
Pay everything on time all the time
Do not max your credit
Avoid excessive hard pulls
Mix tradelines
Two ways you can build credit at INOVA?
Credit Builder loan
Secured Visa credit card
Why did the dollar bill need a nap?
Because it was feeling a little spent.
How long does a late payment stay in your account?
7 years
What are 2 most important factors that affects your credit score?
Payment history
Amounts owed- credit utilization
How long does a late items stay on your credit report?
7 years
What advice can you give someone about money?
Always budget
Pay your bills on time
Invest
Save more than you spend
learn how to manage money well!
What do you call an ant who is great with money?
An account-ant!
Which trip do you take every year for free by living on earth?
Trip around the sun
3 reasons why a good credit score is important?
Access or loan approvals
Better interest rate
Landlord-renting
Employment
Insurance rates
How does INOVA Federal help build your credit?
Debt management
Credit Builder loan
Secured Visa Credit card
Coaching and counseling sessions
What is one lesson you are learning about choices?
Each person in the group gives their answer.
Each choice has a consequence
Affects lives through out
Life is made up of many choices
What is the best way to teach your kids about taxes?
By eating 30% of their ice cream