What is credit?



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credit

Presented by: Farmonov Umidjon

Group: 201

Checked by: Rasulova. D

What is credit?

Credit is more than a plastic card you use to buy things - it is your financial trustworthiness.

Why do you need credit?

  • Renting an apartment
  • Buying a house
  • Buying, leasing or renting a car
  • Cell Phone Service
  • Buying online
  • Getting a job

Advantages of good credit

  • Low interest rates
  • More options
  • Saves you money

Disadvantages of Bad Credit

  • High interest rates
  • Lack of options
  • Spend more money than you have
  • Can be turned away
  • Unable to get a mortgage!

Credit Cards

What are the Advantages of Credit Cards?

  • A safe alternative to cash
  • Builds a good credit history
  • Bails you out of emergencies
  • Gives you time to pay

Tips for Using Credit Cards

  • Create a BUDGET
  • Use your credit card to make small purchases
  • Pay your entire balance before the due date on your bill
  • Never lend it to anyone
  • Never sign a blank charge slip

Credit Score

  • The most popular credit today - FICO - is a number between 300 and 850, assigned to you. It helps lenders decide how creditworthy you are – the higher the score, the lower the risk.

How FICO Scores are Calculated

  • 5% Payment history
  • 30% What you owe
  • 15% Type of credit
  • 10% New accounts
  • 10% Length of credit history

How to improve your credit score

  • Always pay bills on time.
  • Get credit. Use it.
  • Don’t max out your cards.
  • Don’t be afraid to talk to your creditors.
  • Avoid opening new accounts to spread debt around.
  • Monitor your credit.

Credit union

  • Credit Unions are not-for-profit organizations that exist to serve their members
  • How are they like banks?
    • Credit Unions accept deposits, make loans and provide other financial services
    • Credit Unions have ATMs as well as PC and Mobile Banking
    • Deposits are federally insured
  • How are they not like banks?
    • Instead of stockholders they are owned by their members
    • Profits go back to members in better rates and lower fees

Your Credit Report

  • Three major credit bureaus - Equifax, Experian & TransUnion
  • Bureaus compile and report information
  • - Payment history, public records, personal information, inquiries

  • Information is used for credit and other business decisions

What’s on your credit report


Credit Accounts
  • The date the account was opened
  • The type of credit (revolving, installment, mortgage)
  • Your credit limit
  • Your current balance
  • Who you have the account with
  • Your payment history

Credit Inquiries
  • Soft Inquiries
  • Hard Inquiries

  • Public Records
  • Bankruptcies
  • Collections
  • Repossessions
  • Foreclosures

Personal Information
  • Name
  • Former Names
  • Current Address
  • Previous Addresses
  • Social Security Number
  • Date of Birth
  • Employer

THANK YOU FOR YOUR ATTENTION

THANK YOU FOR YOUR ATTENTION


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