NGPF Podcasts: Demetria Gallegos of WSJ on 9 Myths About Credit Scores
- 0:00~1:28 Introduction
- 1:28~6:10 Utilizing a Roth IRA
- 6:10~9:05 Learning about money growing up
- 9:05~11:47 Financial lessons learned from raising children
- 11:47~14:14 Myths about credit scores
- 14:14~15:08 Using a secured credit card
- 15:08~18:01 Raising your credit score
- 18:01~23:22 Myths people believe about credit scores
- 23:22~23:48 A word from NGPF
- 23:48~25:58 How credit inquiries impact your score
- 25:58~27:15 The myth of carrying a balance
- 27:15~29:39 The impact of closing older credit card accounts
- 29:39~32:51 Comparison shopping loans
- 32:51~34:52 Strategies for paying off loans
- 34:52~36:13 When asked the question “credit or debit?”
- 36:13~38:51 Paying attention to credit card usage
- 38:51~39:59 Conclusion
“Knowing your score is the beginning of this conversation. I would say your students can encourage their parents to check their credit scores and perhaps even have them share their credit score with their students so students can begin to understand the real-world implications of this otherwise very mysterious and powerful number that is calculated against us by these companies.”
For more on this topic, be sure to check out NGPF's Managing Credit unit page which has dozens of lessons, activities, games and other resources to teach your students.
About the Authors
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
Ren is currently a student at Lafayette College in Easton, PA. Thanks to going through the NGPF curriculum multiple times, he is able to be financially aware while at college.
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