CreditAbility: Build a Strong Credit History. Brought to you by Duke University FCU
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1 : Build a Strong Credit History Brought to you by Duke University FCU
2 Seminar Objectives Learn: Who needs to build good credit, and why Significance of credit report and score How to establish credit if you don t have any How to rebuild a good credit history Tips for using credit wisely Pitfalls that cost you plenty Your rights and responsibilities
3 What s in a credit report? Identifying information (name, SSN, date of birth, address) Employment history Creditors and payment history Bankruptcies, judgments, liens, lawsuits Inquiries you initiated (loan and credit applications, but not credit card solicitations)
4 Who can look at your credit report? CreditAbility Lenders Landlords Potential employers Insurance companies
5 How to order your credit report Annualcreditreport.com (FACT Act) Mail request letter Call Or, order through Big 3 credit bureaus: Equifax Experian TransUnion
6 If your credit report has errors The law entitles you to correct mistakes: Write to credit bureau Bureau has 30 days to investigate, notify you of results, and delete inaccurate information Disagree? Write dispute statement for your file
7 What s a credit score? Number that represents creditworthiness The higher the number, the better Changes over time, depending on payment history Answers the question, How likely are you to repay the loan? Range: FICO 300 to 850 Order your score from Big 3 or myfico.com
8 Components of FICO credit score Payment history (35% of score) Do you pay bills on time? Amounts owed to creditors (30%) Do you owe a lot of money to a lot of people? Length of credit history (15%) How established is your credit history? New credit (10%) Are you increasing your debt obligations? Types of credit currently in use (10%) Do you have a healthy mix? 10% 10% 35% 15% 30%
9 Tips to build a strong credit score Pay all bills on time Keep credit utilization ratio < 25% of available credit Don t close all old accounts Don t open a flurry of new accounts Don t co-sign if other person has bad credit Pay your library fines
10 Don t have a credit history? Start small CreditAbility Open share draft & share savings accounts at credit union Put utilities and rent in your name; pay on time Apply for small loan or line of credit from credit union; charge and pay on time Apply for department store or gas card; pay off monthly (Continued)
11 More ways to establish a credit history Use co-signer on first few credit accounts Offer large down payment to get loan Get a secured credit card from credit union Make sure creditors report to credit bureaus Budget, track expenses, and save
12 How to rebuild a good credit history Order credit report; correct errors Pay all bills on time Pay down debt (consider consolidation loan) Establish emergency fund as backup Apply for small line of credit; pay on time Apply for secured credit card Get automated bill-pay and direct deposit Get help from CU or local CCCS
13 Tips for using credit wisely Charge small amounts; pay on time Pay in full, or more than minimum Avoid minimum payment trap Don t max out cards Avoid late and over-the-limit fees Avoid cash advances Don t open flurry of new accounts
14 Warning signs you have too much debt CreditAbility Only make minimum payments At or near credit limit on cards Don t know how much you owe Use cash advances to pay other bills Denied credit, or denied credit purchase Get calls from collection agencies Lie to spouse or family about spending More of total income going toward debts
15 Beware the pitfalls Credit repair clinics Rent-to-own Payday loans Pawn shops High-interest debt consolidations (Continued)
16 Your rights and responsibilities Get credit reports (per FACT Act) Ask why if you re refused credit Contact creditors to work out repayment plan Report violations of Fair Debt Collections Practices Act
17 What debt collectors cannot do Use threats or violence Use obscene or profane language Publish list of consumers who refuse to pay debts Repeatedly use the phone to annoy someone Use false statements or give false information to anyone Use a false name Send what looks like government/official documents Contact you by postcard Deposit post-dated check prematurely Threaten to take your property (unless it s legal)
18 Resources Credit Union National Association Equifax Equifax.com (Has calculators, budget work sheets, and credit and debt Experian resources) Experian.com Fair Isaac Corporation TransUnion Myfico.com Transunion.com Consumer Credit Counseling Service Nfcc.org or Federal Trade Commission FTC.gov
19 Contacts Financial Counselors Scottie Dowdy,CCUFC Cassandra Taylor (919) (919)
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