Category: Credit Scores

QoD: Which credit score band has the highest percentage of people: 670-739, 740-799, 800-850?

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May 13, 2019
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Question of the Day, Credit Scores, Research
Answer: 670-739 with 21.5% of people in that range Questions: What are some of the disadvantages of having a low credit score? What are some advantages of having a high credit score? Why do lenders use credit scores? How is this information helpful in running their business? What is your strategy to develop a high credit score?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Financial Samurai): Your credit score ranges...

QoD: Who has the highest credit score between the ages of 18 and 30?

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Apr 21, 2019
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Credit Scores, Research
Answer: 18 year olds with average FICO score of 713 Questions:  Based on the chart above, why do you think that 18 year olds have the highest credit score among 18-30 year olds? Between what two ages do you see the sharpest drop? What do you think happened to cause this drop?  What are steps that you can take to have a high credit score when you are 18?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from...

Interactive Monday: Test Your Credit Score Knowledge

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Apr 21, 2019
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Interactive, Credit Reports, Credit Scores
Hat tip to NGPF Fellow Jill Wilson for sharing this credit score quiz with us.  What's to like about the quiz? It's short (12 questions) It's thorough: covers what factor goes into a credit score, who cares about your credit score and the cost of not having a good credit score. It's a good review after you have completed your managing credit unit.  ----------------- Here are two teacher favorites when it comes to credit score activities to engage your students: Interactive: FICO...

QoD: What percent of credit card applications are declined?

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Mar 25, 2019
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Question of the Day, Credit Cards, Credit Scores, Research
Answer: 14.4% Questions: Do you think this number is higher or lower for 18-24 year-olds? Why? Why do you think are the reasons that consumers applications for credit are turned down? How do you think this percentage has changed since the Great Recession? Do you think banks and other lenders change their criteria over time as they determine who to/not to lend to?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from Value...

True or False. A parent can place a credit freeze on a minor under the age of 16 to protect against ID theft.

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Mar 19, 2019
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Question of the Day, Credit Cards, Credit Scores
Answer: TRUE Questions: What do you think a credit freeze does?  Why would you want to freeze your credit before you even have a credit card or other form of credit? Would you ask your parents to freeze your credit? Why or why not?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Federal Trade Commission): The new law also lets people like parents, guardians, and representatives acting on behalf of a young person in...

Question of the Day: What will your credit score be after your first six months of making on-time payments?

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Jan 27, 2019
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Credit Reports, Credit Scores, Question of the Day
Answer: About 500  Students often wonder if you start high (850) and go down or start low (300) and go up. The answer is that you start with no score and only after 3-6 months will you receive a score.  Questions: Why do you think the score is so low after 6 months?  Imagine you are lending money to a stranger and they were making monthly payments to you to pay off that debt. How long into a 5 year loan would you feel comfortable that they were going to pay you back in...

Best Of 2018...NGPF Video Library

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Dec 27, 2018
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Behavioral Finance, Video Resource, Compound Interest, Credit Scores, Paying for College, Budgeting
Looking for videos to supplement your existing lessons? Here's a few of teacher favorites as measured by click data in our Video Library. Drumroll please...top 10 picks for 2018: 10. The Pain of Paying from Dan Ariely of Duke University 9. Fighting the Financial Pitfalls of the Supermarket from PBS Digital's Two Cents 8. What's A Credit Score? from Kal Penn Explains 7.Why We Crave What's Cool from PBS NewsHour 6. Can I Afford It? from CNBC 5. Battle Between Your Present and Future Self from...

FinCap Friday: How To Get Extra Credit

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Nov 01, 2018
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Credit Scores, FinCap Fridays, Credit Reports
This week your students will learn about a significant change to the credit scoring system. How will UltraFICO open the door to more borrowers? Play this week's FinCap Friday and find out: ---------------------------- Looking for more FinCap Fridays to engage your students in the current events of the day? Here are the ten others!   ...

Reading List for October 27-28

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Oct 26, 2018
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Economics, Investing, Credit Scores, Current Events
Economics Have real home prices entered a cyclical downturn? What does that mean? (Bloomberg) What impact is the limitation on SALT (State and Local Property Tax) deductions having on the housing market, especially in the Northeast? I’ll give you one guess. (Bloomberg) The New York Times "Upshot" takes a look the mystery of today’s low wage growth in spite of very low unemployment. NBC News examines whether people are better off economically since 2016. Unemployment is low, but...

What is All This Buzz About the Ultra FICO Score?

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Oct 24, 2018
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Credit Scores, Current Events
Within the last twenty-four hours, more and more news outlets and bloggers are talking about the announcement by Fair Isaac Company (FICO) that they have developed a new way to calculate credit scores. Even Good Morning America had a segment on it this morning (video embedded in the link)! The buzz is because this new method of calculating the score may help millions of people obtain credit who, based on the existing methodology, would not be able to get credit, or would certainly have to pay...

FinCap Friday: The Credit Deep Freeze

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Sep 13, 2018
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FinCap Fridays, Credit Reports, Current Events, Credit Scores, Policy
This week's FinCap Friday focuses on the one year anniversary of the great Equifax hack (not so great if you were one of its victims) and a new regulation to help protect the minors in your class:  New to NGPF's FinCap Friday? It's a fun way to engage your students with current events and includes: A five question Kahoot! A 90 second video providing details about the current event and explaining why it matters to students A discussion prompt Activity ideas to extend the learning...

Reading List for September 8-9

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Sep 07, 2018
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Paying for College, Economics, Investing, Credit Scores, Career, Current Events
We will start this week off with an interesting history of the evolution of Labor Day from the New York Times. Economics This story from MarketWatch discloses new data recently disclosed by the Urban Institute that suggests 40% of Americans struggle to pay for necessities like food and rent. Investing  This article from FORTUNE magazine discusses how socially responsible investing can yield good results and provide adequate diversification. Amazon joins Apple at the $1 Trillion market...

Question of the Day: How long does it take to establish a credit history?

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Aug 26, 2018
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Credit Cards, Credit Scores, Question of the Day, Research
Answer: 3-6 months Questions: What questions would you ask a stranger who wanted to borrow money from you?  Those questions match up well with what is captured in a credit report.  In your own words, what do you think a credit history is?  Why do you think it might be important? Who might be interested in your credit history?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers...

Cartoons: Why Do Credit Scores Matter?

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Jul 19, 2018
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Cartoons, Credit Scores, Credit Reports
Questions: Do you think credit scores should play a role in choosing a partner? Why or why not?  What do you think a credit score tells you about someone's relationship to money?  ---------------------------- Questions: Can employers request to see your credit score before they hire you?  Why do you think that employers would care about their employees' credit scores?  -------------------------- Questions: In your own words, what do you think is meant by cash flow? Why...

What I'm Reading This Weekend (June 30-July 1)

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Jun 29, 2018
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Personal Finance, Economics, Student Loans, Current Events, Taxes, Credit Cards, Credit Scores
Economics Here is an interesting, though depressing look at the employment trends and lack of upward mobility among workers in the lowest quartile. The markets seem to be taking the impending trade war seriously this week. Student Loans Student debt forgiveness is good news. The bad news? Forgiveness comes with a tax bill. Employers offering help repaying student loans to attract workers in a tight labor market. Personal Finance Taxes: Have you heard about the post card sized 1040? Here is...