Post 1
What your credit affects
Whether you realize it or not credit affects a lot of things in your life. It used to be that it only affected the lending side or the financial side of your life, now it affects so much more.
Example: you go to the local dentist and need extensive dental work done, the first thing they hand you is an application for credit so that you can borrow the money. Bad credit means no dental work for you.
Example: A lot of employers use a credit report in the hiring process, it comes down to two different candidates for a position a credit check could determine who gets the job.
Example: your health, stress levels rise when collectors are calling and calling and calling, being very aggressive and upsetting your life.
Example: your future, you want to go to school or buy a home, being careless now will help you make those decisions very quickly, big fat NO!
Some things that you can do.
1. It is not too late, start now.
2. Make every cent count, put extra money towards bills to get them paid off.
3. Keep a watchful eye on your credit report, get it and see where you are, then set up a plan to improve on what you got. You have to start sometime, may as well be today.
4. Get advice, ask the questions, find out what works in cleaning up your credit score. Call a financial institution and ask to talk to their loan officer. Find out what tips they can offer you as far as credit clean up.
5. Use the tips that your friend here have given you.
Right On Goodnatured! Sometimes you just have to come right out and "tell it like it is." Unfortunately most people don't realize the above info until they are already in trouble. Maybe schools should start a class for students about handling finances and credit. I wonder if it would make a difference...
Right Scott,
I agree that schools must have lessons on management of finance. That can boost the awareness about the subjects we are talking about.
Take a note of things that affect our credit scores in a negative way:
1) Late payments, defaults
2) High usage of available credit say more than a 80%
3) Unemployment
4) Liens or foreclosures
5) Too many loan applications at the same time and last but not the least
6) Bankruptcy
Keep yourself updated regarding any change in your report. That helps you build credit if you are aware of your faults.
credit
Wow.....such a subject (and advice) people can learn from. If you DO have loans or credit cards, keep paying on them.....this WILL raise your score.
Credit
How does unemployment affect your credit?
I would assume that unemployment would affect your credit because you can't pay your bills.
If you are unemployed but still making all your payments on time, then that would have no negative impact on your credit profile, providing you aren't living on credit and running up your balances.
On a side note, I am in Atlanta and working with a non-profit organization that sends us into area middle and high schools to introduce the students to the world of credit and finances and show them how that easy to get credit card you are approved for your senior year can quickly get out of hand and 4 years later you have a huge mess on your hands. It's a series of lectures that we do throughout the year, one time concentrating on credit cards, one time on mortgages, car notes, etc.
The kids are very receptive to it, especially since they hear bits and pieces on the news about the economy.
The hardest part is getting this info to people who don't realize what they don't know.
I. April Is Financial Literacy Month
April has been designated by Congress as Financial Literacy Month to raise public awareness of financial education in the United States and to warn of the serious consequences associated with a lack of understanding about personal finance.
Financial education is vital as the United States is seeing high levels of household debt, bankruptcy filings and home mortgage foreclosures. In an era when individuals are more responsible than ever for their retirement income, only 32 percent of workers have even calculated how much money they will need for retirement. Personal savings as a percentage of personal income decreased from 7.5 percent in the early 1980s to 2.3 percent in 2003. Consumer debt continues to hit new highs. More than 25 million adults are unbanked and do not even use mainstream, insured financial institutions.
Nevertheless, only 26 percent of teens and young adults reported that their parents taught them how to manage money, and only four states require high school students to enroll in a personal finance course. These facts are telling. According to the 2003 survey by the Jump$tart Coalition for Personal Financial Literacy, students who participated in a 45-minute exam measuring their knowledge about income, money management, savings and spending answered on average about 52.3 percent of the questions correctly.
According to Hawaii Senator Daniel Akaka, a Senate co-sponsor of Financial Literacy Month, "financial literacy needs to be increased in every part of the country. We need to educate our children now, during their formative years of schooling. Learning good personal financial management skills at an early age will equip them with the tools necessary to become responsible workers, heads of households, investors, entrepreneurs, business leaders, and citizens. Hopefully, students will grow into adults who will avoid skyrocketing levels of debt, or the pitfalls that could cause them to file bankruptcy or make unwise economic decisions."
II. Credit: Jazz or Blues?
In honor of Financial Literacy Month, NCEE offers three lessons on credit from Financial Fitness for Life, its award-winning, comprehensive K-12 curriculum (for more information, including ordering instructions, please see "http://fffl.ncee.net"). When it is used well, credit is a consumer's friend, allowing people to finance a home, a car or a college education. Without credit financial life would be more difficult.
When it is used carelessly, credit can destroy financial lives. Here are some disturbing facts:
The percentage of income used for household debt, including mortgages, credit and student loans, rose to the highest level ever in 2001 and remained above 13 percent in 2003. This is despite record low interest rates.
More than 1.6 million people filed for bankruptcy in 2003.
Fifty-five percent of college students acquire a credit card during their first year in college, and 83 percent of college students have at least one credit card. College students have an average debt load of $3,066.
III. High School Lesson: "Shopping for a Credit Card"
This is Lesson 15 in "Bringing Home the Gold." It utilizes two student exercises, Exercise 15.1 (Comparing Credit Cards) and Exercise 15.2 (Reading a Credit Card Statement).
Many students believe that all credit cards are created equal. The first part of this lesson emphasizes that credit cards differ from one another in terms of annual fees, annual percentage rates, grace periods and credit limits. In the second part of the lesson, the students learn to read a credit card statement so they can see the real cost of charging goods and services.
Download "Shopping for a Credit Card." (PDF - 189KB)
IV. Middle School Lesson: "Establishing Credit"
This is Lesson 13 in "Shaping Up Your Financial Future." It includes two readings and five exercises.
Lenders are in business to grant loans to individuals and businesses. However, the applicant's ability to repay a loan can mean the difference between profit and loss for the lender. To reduce risk, the lender assesses the applicant's creditworthiness by reviewing his or her character, capacity for repayment and collateral. In this lesson, the students work through exercises to assess the Three Cs of Credit of several loan applications. They discover ways they can establish a credit record, and they learn the rights and responsibilities they have as borrowers.
Download "Establishing Credit." (PDF - 495KB)
V. Elementary School Lesson: "Credit Is Based on Trust"
This is Lesson 12 in "Steps to Financial Fitness." It uses Exercises 12.1 (Whom Do You Trust?) and 12.2 (Tracking Trust--A Play).
In this lesson, the students solve a puzzle to learn about trustworthiness. They participate in a reader's theater play and analyze the connection between trust and creditworthiness.
Download "Credit Is Based on Trust." (PDF - 1.3MB)
VI. Other Credit Lessons
Did you know there are over 400 online lessons available from NCEE, including 11 that address credit issues? Use NCEE's Lesson Finder to find lessons by grade, concept, or National Standard.
View online lessons on credit issues.
VII. Questions/Comments
Let us know what concepts you would like to see covered in future Lessons of the Month. Send an e-mail to "jmorton@ncee.net".
John Morton
Designated GATEkeeper
National Council on Economic Education
P.S. Encourage your colleagues to join while membership is still "free."
"http://www.ncee.net/gate/members/communications_display.php?id=14&s=y&q…;
credit
WOW!!! How true! I DO have 2 credit cards. However.....they are both a $300.00 limit. Paying on time, every month. REALLY am improving CR with these. Also..I DO have a Cell Phone..pre-paid phone. Works just like a 'regular' phone. Pay-as-you-go. No bill at the end of the month.
Great pieces of information erb :)
credit
(Obviously....I'm NOT commenting on the above post..just on the others). Yep....your credit seems to effect every aspect of your life. I know some very good people, who are just going through rough times and trying to take responsibilty for their debts. These people just want a 'second chance' in helping themselves. The bad part about all of this, is all the Lenders see is a piece of paper (the credit report) and really don't talk to the people, THEMSELVES.
apltrHPFKL
Credit card companies only give betewen $0.95-$0.97 to the seller on credit card purchases. Unless you allow the dealership to load up their price to cover this, no way will they allow you to use your credit card. They may not anyway. And you can't get a cash advance at 0%.
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