Managing Credit Mansfield University trio melissa Wise First Citizens National Bank



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Managing Credit Mansfield University TRiO

Melissa Wise

-First Citizens National Bank

Credit TOPICS

  • Credit
  • Credit Scores
  • Using Credit Wisely
  • Credit Cards
  • Credit Programs

According to Citibank, “There are presently 5 to 7 million Americans who are financially overextended.”

  • According to Citibank, “There are presently 5 to 7 million Americans who are financially overextended.”

WHAT IS CREDIT?

  • Credit is when goods, services, or money is received in exchange for a promise to pay a definite sum of money at a future date.

CREDIT

  • ADVANTAGES
    • Convenient
    • Useful for emergencies
    • Often required to hold a reservation
    • Ability to purchase expensive items sooner
    • Eliminates the need to carry large amounts of cash

CREDIT SCORES

  • What is a credit score or FICO® score?
    • A prediction of how likely you are to pay your bills
    • A number between 300 and 850 derived from many different factors
    • A number that drives the approval of credit extensions and the interest rate you pay on those extensions

CREDIT SCORE KEY FACTORS

  • The FICO® scoring model looks at more than 20 factors in five categories.
    • How you pay your bills (35%)
    • Amount of money you owe and the amount of available credit (30%)
    • Length of credit history (15%)
    • Mix of credit (10%)
    • New credit applications (10%)

RANGE OF CREDIT SCORES

  • The following are some basic guidelines for interpreting a credit score:
    • 620 and below – Poor credit
    • 621-690 – Fair credit
    • 691-720 – Good credit
    • 721-750 – Good to excellent credit
    • 751-800 – Excellent credit
    • 801 and above – Nearly perfect credit

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