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Your Personal Credit Report

Your Personal Credit Report. Free Credit Report www.annualcreditreport.com. How to obtain credit. APPLY FOR CREDIT! A CREDIT APPLICATION is a form or interview that requests information that sheds light on your ability and willingness to repay debts. What if I am denied?.

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Your Personal Credit Report

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  1. Your Personal Credit Report

  2. Free Credit Reportwww.annualcreditreport.com

  3. How to obtain credit • APPLY FOR CREDIT! • A CREDIT APPLICATION is a form or interview that requests information that sheds light on your ability and willingness to repay debts.

  4. What if I am denied? • Half of unsuccessful applicants for credit are denied because they have no established CREDIT HISTORY. • CREDIT HISTORY is a continuing record of a person’s credit usage and repayment of debts.

  5. How might I establish a credit history? • 1. Establish both a checking account and savings account • 2. Have your telephone and other utilities billed in your name • 3. Request, acquire, and use an oil-company credit card • 4. Apply for a bank credit card • 5. Ask a bank for a small, short-term cash loan • 6. Pay off student loans Source: Personal Finance by Garman & Forgue

  6. The effects of a poor credit report: One may: • Lose a great job offer • Have trouble renting an apartment • Have trouble getting a phone • Be denied a loan for a car or home, AND be required to pay a higher interest rate • Be denied auto or homeowner’s insurance, OR be charged a higher premium

  7. A HUGE credit report myth! • When paid, the bad debt will go away • Late or missed payments can be kept for 7 years

  8. Having good credit… • Enables one to buy a car or a house • Allows you to borrow money • Shows one’s responsibility and trustworthiness

  9. MONITOR YOUR CREDIT REPORT • One should check their credit report once every year • WHY? • 1. Credit Bureaus make mistakes • 2. It can allow you see if you’ve been a victim of identity theft • 3. You know the information a prospective lender, employer, or landlord will see. Source: www.lawweekly.org

  10. Examples from my own personal credit report- • REVOLVING ACCOUNTS • Open Accounts • Chase Bank Credit Card • Closed Accounts • Bank of America Credit Card • Bank of America Credit Card • INQUIRIRIES • American Express, Capital One, Discover Financial Services • *All of my inquiries will not affect my credit report because only my name and address were provided so they can offer me credit or insurance. These types of inquiries remain on a report for 12 months. • PERSONAL INFORMATION • EMPLOYMENT HISTORY

  11. Resources: • Grosz, B. (2009). Building good credit can save you money, help you get a job. Virginia Law Weekly, 62. • Garman, E.T., & Forgue, R.E. (2012). Personal finance (11th ed.). Mason, OH: South-Western.

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