Understanding Credit

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1 Understanding Credit

2 Topics covered: Establishing Credit Credit Scores Repairing Credit

3 Why is credit necessary? Applying for a loan Applying for a credit card Applying for a mortgage Renting an apartment/house Applying for a job

4 Catch 22 To get credit, you need to have credit. If you don t have it what do you do?

5 How do you build credit? Open a checking and savings account Checking you have an account to pay bills Savings you are putting aside something for the future

6 How do you build credit? Apply for a credit card Take out a small personal loan from your credit union Use a co-signer Use share secured products

7 Secured Products Share Secured Loan Use your own savings/share account as collateral for the loan Continue to earn interest on the savings APR is 5.99%

8 Secured Products Share Secured VISA Use your own savings/share account as collateral for the loan You secure 75% of the credit line: $1,000 credit limit = $750 on deposit Interest rate is 9.9%, but Discounts are available

9 When building credit... Charge small amounts Don t be tempted to apply for more cards! Pay your bills on time Authorized users should be people you trust Avoid temptation to increase your credit limit Check your credit bureaus for accuracy

10 Topics covered: Establishing Credit Credit Scores Repairing Credit

11 Credit reports Shows history of borrowing Used to assign a credit score Used by lenders to determine your credit worthiness

12 What is on a credit report? Where you live If you own How often you ve moved How much credit you have Types of credit How you pay your bills

13 What is on a credit report? Whether you ve been: Sued Arrested Filed for bankruptcy

14 Importance of a credit score This three-digit number, helps lenders determine the likelihood the borrower will pay off the debt The higher the score, the better your rate

15 What is a FICO score? This is one of the most popular scores in the industry. FICO stands for: Fair Isaac & COmpany

16 FICO Ratings Risky: Less than 620 Uncertain: Acceptable: Very Good: 750 or more Excellent: Over 750

17 What determines your FICO score? 35% - payment history 30% - amount you currently owe lenders 15% - length of your credit history 10% number of new credit accounts you ve opened 10% on mix of credit accounts you have (mortgages, credit cards, installment loans, etc.)

18 Topics covered: Establishing Credit Credit Scores Repairing Credit

19 How can I improve my credit score? Pay your bills on time Manage credit wisely Pay your mortgage on time Keep borrowing below your credit limits

20 A few suggestions: Stop using your credit cards Pay more than the minimum Opt out of credit card offers OPTOUT Instructions for opting out are included on the back of credit card offers

21 A few suggestions: Call the credit card companies and try to negotiate a lower rate Consolidate your debts Debt consolidation loan Home equity loan Car loan (use your car as collateral)

22 A few suggestions: If you are able to take control of your finances yourself be sure to make and keep a budget. We offer budgeting online seminars which will give you some tips on developing a budget.

23 Credit Counseling Services Obviously, if you can take control of your financial situation yourself, that is the ideal situation, but if you are: Unable to make minimum payments Consistently late on payments Hounded by creditors and collection agencies Failing at working out reasonable plans with creditors

24 Credit Counseling Services You may find credit counseling services helpful.

25 Check your credit report! Checking your credit report is a good idea for many reasons. Check for errors Know where you stand Safeguard against identity theft

26 Credit Reporting Agencies Thanks to a 2004 amendment to the Fair Reporting Act, you can receive a free copy of your credit report from each of the three reporting agencies: Equifax Experian TransUnion

27 Your FREE report - Access online Call Complete request form

28

29 Brochure Found online

30 Re-establishing Credit You need two types of credit to quickly rebuild your credit score: Installment: auto loans, student loans or mortgages; Revolving: credit cards or home equity line of credit

31 Secured Products Share Secured Loan Use your own savings/share account as collateral for the loan Continue to earn interest on the savings APR is 5.99%

32 Secured Products Share Secured VISA Use your own savings/share account as collateral for the loan You secure 75% of the credit line: $1,000 credit limit = $750 on deposit Interest rate is 9.9%, but Discounts are available

33 In summary The key to good credit is: Pay your bills on time! Do not max out your credit cards Pay off your cards every month if you can, if not, pay more than the minimum Don t apply for several credit cards at the same time Check your credit report

34 In summary The key to re-establishing credit is: Learn from your mistakes! If overspending is a problem create a budget and stick to it! If you didn t have enough savings to survive an emergency get serious about establishing an emergency fund

35 Questions? For more information on products or services, please contact your local branch, or contact center. US International

36 Thank you!

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