$uccessful Start and the Office of Student Services Present: EVALUATING CREDIT CARD OFFERS
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1 $uccessful Start and the Office of Student Services Present: EVALUATING CREDIT CARD OFFERS
2 SESSION OBJECTIVES Discuss the importance of credit and credit management Identify how to establish new credit and evaluate credit card offers Discuss how to correct errors on your credit card statements Identify the real cost of credit card borrowing Identify the five sections of a credit report and how to obtain one Identify the five components of your credit score
3 POP QUIZ!
4 UNDERGRADUATE CREDIT CARD USAGE What percentage of undergraduates in 2004 began the school year with credit cards? a. 22% b. 36% c. 59% d. 76%
5 UNDERGRADUATE CREDIT CARD USAGE What percentage of undergraduates in 2004 began the school year with credit cards? a. 22% b. 36% c. 59% d. 76%
6 UNDERGRADUATE CREDIT CARD USAGE What is the average outstanding balance on undergraduate credit cards? a. $2,169 b. $3,334 c. $5,088 d. $6,124
7 UNDERGRADUATE CREDIT CARD USAGE What is the average outstanding balance on undergraduate credit cards? a. $2,169 b. $3,334 c. $5,088 d. $6,124
8 UNDERGRADUATE CREDIT CARD USAGE What is the most reported use of credit cards? a. Clothing b. School supplies (paper, notebooks, etc.) c. Textbooks d. Food
9 UNDERGRADUATE CREDIT CARD USAGE What is the most reported use of credit cards? a. Clothing b. School supplies (paper, notebooks, etc.) c. Textbooks d. Food
10 UNDERGRADUATE CREDIT CARD USAGE What percentage of undergraduates pay off their credit card balances in full each month? a. 8% b. 21% c. 41% d. 56%
11 UNDERGRADUATE CREDIT CARD USAGE What percentage of undergraduates pay off their credit card balances in full each month? a. 8% b. 21% c. 41% d. 56%
12 GRADUATE CREDIT CARD USAGE What percentage of graduate students in 2006 have at least one credit card? a. 22% b. 48% c. 76% d. 92%
13 GRADUATE CREDIT CARD USAGE What percentage of graduate students in 2006 have at least one credit card? a. 22% b. 48% c. 76% d. 92%
14 GRADUATE CREDIT CARD USAGE What is the average outstanding balance on graduate credit cards? a. $2,011 b. $4,567 c. $7,831 d. $8,612
15 GRADUATE CREDIT CARD USAGE What is the average outstanding balance on graduate credit cards? a. $2,011 b. $4,567 c. $7,831 d. $8,612
16 GRADUATE CREDIT CARD USAGE What percentage of graduate students pay off their credit card balances in full each month? a. 12% b. 20% c. 35% d. 41%
17 GRADUATE CREDIT CARD USAGE What percentage of graduate students pay off their credit card balances in full each month? a. 12% b. 20% c. 35% d. 41%
18 EVALUATING CREDIT CARD OFFERS
19 WHAT CAN YOU DO? Without a good credit history, it s hard to get new credit. But without credit, it s tough to build a good credit history.
20 ESTABLISHING NEW CREDIT Open checking and savings accounts Obtain your credit report resolve mistakes and add positive information Apply for gasoline or department store credit cards Take out small personal loan from local bank Apply for a secure credit card
21 EVALUATING CREDIT CARD OFFERS Interest Rate (APR) Grace Period Finance Charges Annual Fee Cash Advance Fees Late-Payment Charges Over-Limit Fees
22 INTEREST RATES Common types of APRs: Fixed credit card company will notify you of any interest rate changes Variable typically based on an index Tiered outstanding balance is charged at different rates for different levels ** Periodic rate is used to calculate finance charges
23 GRACE PERIOD Time during which the use of the issuer s money is interest-free Grace period is often 25 days but some companies have reduced it to 20 days Shorter grace period can mean that you will accumulate interest charges by the time you receive your bill Choose longer grace periods for bills that are paid in full each month
24 FINANCE CHARGES Credit card issuers calculate outstanding balance in different ways: Average daily balance method, including or excluding new purchases Two-cycle average daily balance method, including or excluding new purchases Adjusted balance method Previous balance method
25 CASH ADVANCE FEES Most credit card issuers charge a fee for a cash advances (generally 2 4%) Cash advances can also be assessed a higher interest rate Cash advances may not have a grace period
26 LATE FEES Late fees are assessed when payments arrive late (generally $15 to $50) Multiple late fees in a specific time period can trigger a credit card issuer to assess a penalty interest rate on some accounts Credit card issuers can check client s credit report for late fees assessed on other credit accounts and use that information as a reason to raise the interest rate on their credit card
27 OVER-LIMIT FEES Fee assessed when card over specified credit limit (not necessarily a one-time fee)
28 TOO MANY CREDIT CARD OFFERS? You can remove your name from the marketing lists of the three credit reporting bureaus: call OPTOUT, or go online to
29 CORRECTING ERRORS ON YOUR CREDIT CARD STATEMENT
30 ERRORS ON YOUR CREDIT CARD STATEMENT Avoid errors and unjust fees Review statement carefully monthly Ensure all charge are yours and that any fees are justified Contact issuer immediately with any problems
31 FAIR CREDIT BILLING ACT Applies to credit cards, charge accounts and overdraft checking - does not apply to checks or debit cards Protects consumers against billing errors, unauthorized use of account, and unauthorized charges
32 RESOLVING STATEMENT ERRORS Write issuer within 90 days of bill with disputed charge(s) Letter must include your name and account number, date and amount of disputed charge, complete explanation of disputed charge Send letter to address included in your bill, NOT payment address Consider certified mail with return receipt
33 WHAT HAPPENS NEXT? Creditor must acknowledge letter in writing within 30 days Creditor must investigate within 90 days
34 DURING INVESTIGATION Consumer is not required to pay disputed charges Issuer is not permitted to take action to collect, report as delinquent, or restrict account in any way
35 RESULTS OF INVESTIGATION If error is found: Consumer s account will be credited and late fees or finance charges reversed If disputed charges are correct: Consumer must be told in writing what is owed and why Consumer will owe disputed amount AND related fees
36 FOR FURTHER ASSISTANCE National Consumer Law Center US Citizens for Fair Credit Card Terms
37 THE REAL COST OF CREDIT CARD BORROWING
38 TRUE COST OF YOUR CREDIT CARDS Select frequently used credit cards. Review year of statements and add up the following: annual fees late fees finance charges ***The fees can add up quickly!
39 CREDIT CARD EXAMPLE 1 Charge: $ Interest : 14.99% 1st Minimum Payment Due: $ nd Minimum Payment Due: $12.30 At this payment rate, how long will it take to pay the balance? How much interest was paid?
40 CREDIT CARD EXAMPLE 1 Charge: $ Interest : 14.99% 1st Minimum Payment Due: $ nd Minimum Payment Due: $12.30 At this payment rate, how long will it take to pay the balance? 56 months (4.7 years) How much interest was paid? $ or 40% of initial loan amount
41 CREDIT CARD EXAMPLE 2 Charge: $1, Interest: 17.99% Minimum Payment: $20.00 At this payment rate, how long will it take to pay the balance? How much interest was paid?
42 CREDIT CARD EXAMPLE 2 Charge: $1, Interest: 17.99% Minimum Payment: $20.00 At this payment rate, how long will it take to pay the balance? 93 months (7.75 years) How much interest was paid? $ or 86% of the initial loan amount
43 CREDIT CARD EXAMPLE 2B Charge: $1, Interest: 17.99% Minimum Payment: $20.00 Monthly Payments Made: $25.00 At this payment rate, how long will it take to pay the balance? 62 months (5.16 years) How much interest was paid? $ or 54% of the initial loan amount
44 CREDIT REPORTS
45 CREDIT REPORT FACTS Record of your credit payment history Illustrates the amount you have borrowed in credit cards and loans and your timeliness of payment Contains identifying information Used to determine creditworthiness
46 ANATOMY OF A CREDIT REPORT Section 1: Personal Identification Information Section 2: Public Record Information Section 3: Collection Agency Account Information Section 4: Credit Account Information Section 5: Companies Requesting your Credit File
47 HOW TO OBTAIN A CREDIT REPORT Credit Agencies: Equifax: Experian: Trans Union: One free report from each agency every 12 months: ** do not use ***
48 CREDIT SCORES
49 CREDIT SCORE Reflection of the information on your credit report Formula developed by Fair and Isaac Corporation (FICO) Scores range from Average score is 720 The lower the score, the greater the risk it is to lend you money
50 NATIONAL DISTRIBUTION OF FICO SCORES
51 CREDIT SCORE FACTORS 35% Payment History 30% Amount Owed vs. Available Credit 15% Length of Credit History 10% Amount of New Credit 10% Types of Credit 0% Number of Inquiries
52 QUESTIONS?
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