Week 3 Credit Report and FICO Scores

This is a very important assignment; if you want to take responsibility for your personal finances, getting a Free Credit Report every year is a very good habit. Start now. Feel free to share this assignment with friends and family members who may also benefit by getting a FREE Credit Report – Every Year!

• FICO Scores and Credit Report QUIZ

• Free Credit Report

• How to Invest (for students with no Social Security number)

• Creditor List

• Capstone Review

• Update Your BayRock/RightCapital Plan Today! [ScreenShot Required: Detailed Expenses Screen]

Budget Note: If you Link Accounts

As we have discussed in our Zoom Meetings, you can link accounts in your BayRock RightCapital account. If you do so, you will be able to use the planning portal to manage your budget. If you choose not to link your accounts, the BUDGET feature will not be available in your financial plan.

Before You Begin – Take Week 3 Quiz at MoneyStudyGroup.com

*Include ScreenShot, Please do not submit this assignment until AFTER you pass Week 3 Credit Quiz!

• Take this week’s quiz in your Money Study Group Course

• Grab a ScreenShot

• Include the Screen Shot in this week’s article

Part One Get Your Free Credit Report

Go to AnnualCreditReport.com and obtain at least one Free Credit Report for yourself.

Free Credit Report Online

Part Two Create a List of Creditors

Create a List with four columns, in the first column List of ALL of your Creditors,

• In the second column list the balance of your loan with each creditor,

• In the third column, the monthly payment amount (if student loan, the monthly amount you will pay after college),

• In the fourth column, include the address and phone number for contacting your creditor

• Add each of your Debt Items to your financial planning portal

Save a PDF copy of your Credit Report in a safe and convenient place so that you can easily retrieve it later.

Part Three Capstone Review and Next Steps

By now, every student should have already registered at BayRock/RightCapital.

• If you have not already done so, do it now.

• Be sure you have completed Week 2 Assignment!

• My team will need to update your planning portal in order to give you access to several additional data cards.

• You will need access to these data cards for next week’s assignment!

If you delayed in completing your Week 2 Assignment, my team will not be able to update your planning portal and you will not be able to complete your assignments moving forward.

Part Four Upload One Document to BB

In order to receive full credit (50 points) for this assignment, you will need to upload each of the items listed:

• Screenshot of Week 3 Credit Quiz in Money Study Group (Passing Score of 80%)

• PDF copy of Credit Report (Optional, I don’t care to see it but I want you to either upload it for me to see or provide a summary of what’s on your credit report)

• Your Creditor List as outlined above (if you have no creditors, just tell me that)

• Brief Narrative Commentary about what you found on your Credit Report (Not Optional!!)

• Screenshot showing your BayRock/RightCapital Plan – Detailed Expense Screen

Your Credit Report can be submitted as a PDF document in BlackBoard Learn. I will delete your credit report once I have viewed it. If you have questions about your credit report and want my input, I will need to see it. On the other hand, if you’re not comfortable sharing this confidential information, simply provide comments about your credit report sharing what you learned in this assignment.

When I pulled my own Credit Report I found a lot of information that did NOT belong on my Credit Report. After a little research, I discovered that (by co-signing a car loan for one of my employees) much of their credit information was now a part of my Credit Report.

This is a very important assignment; if you want to take responsibility for your personal finances, getting a Free Credit Report every year is a very good habit. Start now. Feel free to share this assignment with friends and family members who may also benefit by getting a FREE Credit Report – Every Year!

Free Credit Report Online

Class Collaboration – This Week and Every Week Moving Forward

This week’s “Class Collaboration” Screenshot (what you need to know for this week’s Class Collaboration Assignment) will be discussed in this week’s Zoom Meeting. While you are not required to attend the live Zoom Meeting, you ARE REQUIRED to watch the Zoom Meeting that is live-streamed and then saved to the YouTube Playlist for this semester.

Assignment B

For Students with NO Social Security number.

How to Invest

This Assignment is ONLY for Students with No Social Security Number and no Credit Report

If you can get a Credit Report, you must complete the Week 3 Credit Report Assignment

Part One

Before You Begin – Take Week 3 Credit Quiz in MoneyStudyGroup.com

Grab a ScreenShot showing you Passed with 80%

Include the Screen Shot in this week’s article/PDF

Part Two — How to Invest

• Go to the YouTube Link and watch the entire video: How to Invest

• Provide an Outline of the entire video (be sure to include the title of each section).

• What is the Purpose of this Lecture? (begins at about 21 minutes)

• Becoming an Investor (the rest of the video has a lot of GREAT information about being an investor).

— Watch all of the video and create a professional outline of the lecture.

— Write an article (800 — 1000 words) about becoming an investor (starting at about 21 minutes into the video):

Organize your article and apply good formatting so that your article is easy to read and professional in appearance.

Part Three Capstone Review and Next Steps

By now, every student should have already registered at BayRock/RightCapital.

• If you have not already done so, do it now.

• Be sure you have completed Week 2 Assignment!

• My team will need to update your planning portal in order to give you access to several additional data cards.

• You will need access to these data cards for next week’s assignment!

If you delayed in completing your Week 2 Assignment, my team will not be able to update your planning portal and you will not be able to complete your assignments moving forward.

Part Four Upload One PDF Document to BB

In order to receive full credit (50 points) for this assignment, you will need to create one PDF file containing each element listed:

• Screenshot of Week 3 Credit Quiz in Money Study Group (Passing Score of 80%)

• Your Video Summary/Article — How to Invest

• Screenshot showing your BayRock/RightCapital Plan – Detailed Expense Screen

More About Credit Reports and FICO Scores

Every individual’s financial journey is closely connected to two crucial elements: their credit report and FICO scores. These two aspects play an integral role in determining one’s financial credibility and access to financial resources. In this article, we delve deep into the significance, workings, and nuances of credit reports and FICO scores, offering a comprehensive understanding of these pivotal financial tools.

Understanding Credit Reports

What is a Credit Report?

A credit report is a detailed record of an individual’s credit history, assembled from sources such as banks, credit card companies, collection agencies, and governments.

Key Components of a Credit Report

• Personal Information: Includes your name, address, social security number, and sometimes employment details.

• Credit History: Encompasses your loans, credit cards, and other financial commitments.

• Public Records: Contains financial data such as bankruptcies, tax liens, and court judgments.

• Inquiries: Lists every entity that has asked to view your credit report.

Significance of FICO Scores

What is a FICO Score?

A FICO score, named after the Fair Isaac Corporation that developed it, is a three-digit number derived from the information in your credit report. It ranges from 300 to 850, where a higher score indicates greater creditworthiness.

What Determines Your FICO Score?

1. Payment History (35%): Records of timely payments boost your score.

2. Amounts Owed (30%): Refers to how much you owe compared to how much credit you have – known as credit utilization.

3. Length of Credit History (15%): A longer credit history usually, but not always, means a better score.

4. New Credit (10%): Opening several new credit accounts in a short time can lower your score.

5. Types of Credit Used (10%): A mix of accounts can show you can handle all types of credit.

Tips to Enhance Your FICO Score

• Timely Payments: Always ensure you pay your bills on time.

• Monitor Your Credit: Regularly review your credit report for inaccuracies.

• Reduce Debt: Aim to decrease your debt rather than moving it around.

• Limit New Credit: Only open new accounts as needed and not in bulk.

Understanding the Interplay Between Credit Reports and FICO Scores

Your credit report directly influences your FICO score. A clean credit report, free from late payments or negative public records, typically results in a higher FICO score.

Credit reports and FICO scores are foundational to our financial ecosystem. By understanding their components, significance, and interplay, we can make informed financial decisions and pave the way for a secure financial future. Ensure you regularly monitor both and make conscious efforts to maintain their integrity for optimal financial opportunities.

Credit Reports & FICO Scores Video Description

📈 How to Master Your Credit Report & FICO Score! 🚀

Ever wondered how your credit report impacts your FICO score? Dive deep with us into the world of financial credibility and discover the secrets behind these two crucial elements! 🧐💳

🔍 What we cover:
1️⃣ The anatomy of a credit report 📋✅
2️⃣ Demystifying FICO Scores: What you need to know! 🌟🔢
3️⃣ Tips and tricks to enhance your FICO score 📊📈
4️⃣ Understanding the golden link between credit reports & FICO scores 💡🔗

💡 Stay informed and unlock doors to better financial opportunities! 💰💼

👍 Don’t forget to LIKE, SHARE and SUBSCRIBE for more insightful financial content! 🔔📢

#CreditReport #FICOScore #FinancialTips #MasterYourCredit #FinancialJourney #CreditMastery 🚀

25 Funny Tweets About Credit Reports & FICO Scores

1. 🧐 Checking my credit report feels like looking at my report card in school. At least there’s no detention for bad scores! 😂 #CreditThrowback #FICOFun

2. 📉 When my FICO score drops, I tell myself it’s just practicing limbo – how low can it go? 🕺 #FICOLimbo #CreditMoves

3. 🥑 Spent all my money on avo-toast. My credit report now reads: “Tastes good, doesn’t budget well.” 😆 #MillennialCredit #FICOFeast

4. 🚀 Trying to raise my FICO score like it’s a Tamagotchi from the ’90s. Stay alive, little buddy! 📈 #CreditCritters #FICOFlashback

5. 💳 When my credit card company says, “It’s not you, it’s your FICO score.” Ouch, financial breakup! 😅 #ItsNotMe #CreditCrush

6. 🕵️‍♂️ Sherlock’s greatest mystery: How is my FICO score calculated? 🧩 #DetectiveDebt #MysteryScore

7. 🏖️ Dreaming of a beach vacation, but my credit report says, “Maybe just a sandbox in the backyard?” 😂 #CreditVacay #FICOFantasy

8. 📉 My FICO score’s favorite ride? The rollercoaster! Ups, downs, and unexpected loops! 🎢 #CreditCarnival #ThrillScore

9. 🚀 Why did the FICO score go to school? To improve its credit-entials! 🎓😂 #FICOFunnies #SchoolOfCredit

10. 🌌 I wish upon a star for a perfect credit score. Star: “Wrong department, buddy!” 🌠 #ShootingStarScore #FICOWishes

11. 🍪 Treating myself to a cookie every time my FICO score goes up. Let’s call it… credit crunch! 😋 #ScoreSnacks #FICOFoodie

12. 🐢 Slow and steady wins the race, they said. My credit score must be winning somewhere… right? 🏁 #TortoiseCredit #FICOPatience

13. 💡 My idea of a lightbulb moment: Finally understanding my credit report! 😅 #BrightIdea #FICOFlicker

14. 🎵 Writing a love song about my FICO score. “You’ve got the range, from low to high, oh my!” 🎤 #FICOBallad #CreditCrooner

15. 🛒 Wanted to splurge on shopping. Credit report: “How about window shopping instead?” 😂 #RetailTherapy #FICOFeels

16. 🎣 Gone fishing… for a better FICO score. Hoping to catch the big one! 🐟 #CreditCatch #FishingForFICO

17. 🎃 Halloween idea: Dressing up as a scary credit report. That should get some screams! 😜 #FICOFright #CreditCostume

18. 🐦 Tweeting to raise my FICO score. Hey, worth a shot, right? 🤣 #TwitterCredit #FICOFly

19. 🚗 If my credit score was a car, it’d be a roller-skate. Room for improvement! 🤪 #RollingCredit #FICOFastlane

20. 🌱 Planting a “credit score tree.” Hope it grows as fast as Jack’s beanstalk! 🌲 #CreditGrowth #FICOFairytale

21. ⛏️ Mining for gold, or a better FICO score. Whichever comes first! 🏆 #GoldenCredit #FICOFortune

22. 🧘‍♀️ Meditating for inner peace and a higher credit score. Om… 800! 😄 #ZenCredit #FICOFocus

23. 🍕 My FICO score’s like a pizza. Some slices are bigger, some are cheesy, but it’s all mine! 📊 #SliceOfCredit #FICOFood

24. 🌈 At the end of the rainbow, I found… a pot of credit reports? Leprechauns are financial planners now! 😂 #RainbowReports #FICOFolklore

25. 🎂 Wishing for a better credit score on my birthday. Cake calories and credit: two things I’m counting today! 🎉 #BirthdayBonus #FICOFest