The materials presented during the webinar are for informational purposes only. They are not offered as and do not constitute an offer for a loan,
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1 The materials presented during the webinar are for informational purposes only. They are not offered as and do not constitute an offer for a loan, professional or legal advice or legal opinion and should not be used as a substitute for obtaining professional or legal advice. Oak Street does not endorse any comments made by the speaker. All statements and viewpoints expressed in the comments are strictly those of the speaker alone, and do not constitute an official position of Oak Street.
2 Your Credit Report: The Basis of Your FICO Score Credit reporting agencies maintain information on millions of individuals Lenders making credit decisions by purchasing credit reports Report details of your credit history When/Where/How credit has been established or requested
3 What s the difference? Ethel Stick Family Sam Stickbody - 654
4 Is there a difference? Ethel The Stick Family Sam Stickbody - 654
5 What is a credit score?
6 You Have 3 Fico Scores Equifax Beacon Experian Experian/Fico Risk Model TransUnion Fico Risk Score, Classic Why would my Fico scores be different? Are Fico scores the only risk scores? Application risk scores Customer Risk Scores Other credit scores
7 What is a credit score? Summarizes your credit risk based on a snapshot of your credit report Helps lenders evaluate your credit report & estimate credit risk Fico most widely used score Your credit score influences the credit that s available to you
8 What s in your credit report?
9 What s in your credit report?
10 What s in your credit report?
11 How FICO Scores Work 3 major credit reporting agencies Equifax / Experian / TransUnion Fico score is calculated by a mathematical equation Provides a reliable guide to future risk FICO Range
12 How FICO scores work GOOD Trans Union 682 Your FICO Score: 707 Experian 634 Equifax 707
13 How FICO scores work BAD POOR FAIR Your FICO Score: 542 GOOD EXCELLENT
14 What a FICO score considers Types of Credit in Use New Credit (Inquiries) 10% Payment History 35% Length of Credit History Amounts Owed 30%
15 Payment History Types of Credit in Use New Credit 10% Payment History 35% Length of Credit History Amounts Owed 30%
16 Payment History Approximately 35% of your Fico Score is based on this category Best indicator of how they may get paid Payment Information on many types of accounts Public Record & Collection Items Details on late or missed payments
17 Payment History Tips Pay your bills on time If you have missed payments, get current & stay current Paying of a collection account or closing delinquent account will not remove it Contact your creditors &/or a legitimate credit counselor
18 Amounts Owed Types of Credit in Use New Credit 10% Payment History 35% Length of Credit History Amounts Amounts Owed Owed 30% 30%
19 Amounts Owed Approximately 30% of your Fico score is based on this category Credit Utilization The amount owed on all accounts Amounts owed on specific types of accounts Approximately 30% of your Fico score is based on this category
20 Amounts Owed Tips Keep balances low on credit cards & other revolving credit Pay off debt rather than moving it around Don t close unused credit cards as a short term strategy to raise your Fico score Don t open credit cards you don t need Avoid credit repair agencies that charge a fee to improve your score by removing negative, but accurate, information from your credit reports
21 Length of Credit History Types of Credit in Use New Credit 10% Payment History 35% Length of Credit History Amounts Owed 30%
22 Length of Credit History Approximately 15% of your Fico Score is based on this category In general, a longer credit history will increase your Fico score How long your credit accounts have been established How long specific credit accounts have been established How long it has been since you used certain accounts
23 Length of Credit History Tips Don t open a lot of new accounts too rapidly Think before accepting 0% interest credit cards Before closing any account think about the impact if it s a long standing account
24 New Credit Types of Credit in Use New Credit 10% Payment History 35% Length of Credit History Amounts Owed 30%
25 New Credit Approximately 10% of your Fico score is based on this category New credit has bigger impact on newer credit profiles Multiple credit requests also represent greater credit risk How long it has been since you opened a new account How many recent requests for credit you have made (Inquiries)
26 New Credit Tips Shop for credit within a short period of time Be careful about opening new accounts that you don t need Re-establish your credit history if you have had problems It s OK to check your own credit report & Fico score
27 Types of Credit in Use Types of Credit in Use New Credit 10% 10% Payment History 35% Length of Credit History Amounts Owed 30%
28 Types of Credit in Use Approximately 10% of your Fico score is based on this category The score will consider the mix of accounts What kinds of credit accounts you have How many of each?
29 Types of Credit in Use TIPS Apply for & open new credit accounts only as needed Have credit cards but manage them responsibly Closing an account doesn t make it go away
30 Managing Your Credit Health
31 Best Practices Review your credit report (from all 3 agencies) at a minimum annually Plan ahead before major purchases Report errors Keep proof Monitor for Fraud / Identity Theft Protect Your Privacy
32 Contact Information Equifax Experian TransUnion
33
34 FAQ s How does an Inquiry on my credit report affect my Fico score? Are Fico scores unfair to minorities? How does an Authorized User affect my report/score theirs? Where can I find additional credit resources? How else can my credit report/score affect me? How do I remove negative information from my report?
35 Who we are Oak Street Funding is an innovator in niche funding providing commission-based commercial financing for insurance professionals nationwide. Founded in 2003, we have worked with thousands agents nationwide delivering the funding they need to buy, build, or sell their agencies.
36 Oak Street Resources Oak Street funding understands the needs of insurance agents and goes beyond providing loans and financing for insurance agencies. Our resources help you stay on top of the latest trends and learn strategies to take your agency to the next level. Oak Street Funding is happy to provide additional resources for agents including: The Bridge quarterly publication Complimentary webinars Personal Financial Statement Template Cash Flow Template Profit & Loss Balance Sheet Template ACQUIRE GROW SUCCEED Whitepapers
37 QUESTIONS?
38 Bill Nicholson Executive Director of Sales Oak Street Funding N. Meridian Street, Suite 600 Carmel, IN Tel: Fax: Website:
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