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Managing Your Credit
- 1. Managing Your Credit Isaias Sarmiento Financial Literacy/IDA Coordinator Quincy Community Action Programs
Notas del editor
- Let’s compare two credit card offers.
- Saving vs. paying down debt– from purely numbers perspective, paying down debt first is better. But saving will help you in case an emergency occurs, so that you don’t have to pull out credit card.
- You can request only last 4 digits of SSN. Don’t worry if employer info isn’t current.
- Bankruptcy – 10 yrs from filing date (Ch 13 – in practice, 7 years) tax liens- paid: 7 yrs, unpaid: 15 yrs. Collection accounts- 7 yrs; positive information – indefinitely Paid-for closed accounts – 10 years
- adverse info (late payments)- 7 yrs Joint accounts, authorized user- adverse activity by one person affects credit of both people Should you keep an account open if you don’t use it?
- There has to be a valid reason for someone asking for your credit report. Under FCRA, if a person requests access to your credit files under false pretenses (no permissible purpose), he could go to jail.
- Dispute with creditor first: 1) may have original records, 2) must share mistake with ALL credit bureaus, 3) may not be as efficient as credit bureau Dispute with credit bureau first: 1) provide your proof to creditor, 2) must provide free copy of report if corrections, 3) doesn’t share corrections with other bureaus
- FICO score is a measure of your credit risk. Range is 300-850. Payment history and amounts owed make up 2/3 of the FICO score, so paying loans on time and not maxing out credit are best ways to increase FICO score.
- Experian has PLUS Score. TransUnion has TrueChoice score. Equifax uses FICO on its website.
- ACCC has live chat, and MMI has Ask the Expert feature on website.