credit score millionaire: university of idaho extension
DESCRIPTION
SlideShare - Web based version of the Credit Score Millionaire game on building credit scores. Developed by Luke Erickson with University of Idaho ExtensionTRANSCRIPT
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
Welcome to
Who Wants to be a Credit
Score Millionaire?
50:50
PowerPoint template by Mark E. Damon (used with permission)
Content from “The Road to 850” by Al Bingham
Created by Luke EricksonMadison County Extension
[email protected] for free at idahostwocenttips.com
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
A: FICO
C: Equifax
B: Experian
D: TransUnion
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$100 Question Which of the following is NOT one of the three major credit bureaus?
A: FICO
C: Equifax
B: Experian
D: TransUnion
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$100 Question
A: FICO
Which of the following is NOT one of the three major credit bureaus?
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A: Email Address
C: Name
B: Social Security #
D: Birth Date
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$200 QuestionWhich of the following is NOT used to match information on your credit report?
A: Email Address
C: Name
B: Social Security #
D: Birth Date
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$200 Question
A: Email Address
Which of the following is NOT used to match information on your credit report?
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A: Never use a credit card
C: Never close an old account
B: Never miss a payment
D: Never check your own score
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$300 Question
The single most important factorin building good credit is:
A: Never use a credit card
C: Never close an old account
B: Never miss a payment
D: Never check your own score
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$300 Question
B: Never miss a payment!
The single most important factorin building good credit is:
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A: Auto Loan
C: Finance Co. Loan
B: Credit Card
D: Mortgage
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$500 Question
This type of loan will damage your credit score even when paid back on time.
A: Auto Loan
C: Finance Co. Loan
B: Credit Card
D: Mortgage
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$500 Question
C: Finance Co. Loan
This type of loan will damage your credit score even when paid back on time.
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
A: New accounts & length of accounts
C: Payment history & amount owed
B: New accounts & types of credit
D: Types of credit & length of accounts
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$1,000 Question
Which two factors make up 65%of your FICO credit score?
A: New accounts & length of accounts
C: Payment history & amount owed
B: New accounts & types of credit
D: Types of credit & length of accounts
50:50
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$1,000 Question
C: Payment history & amount owed
Which two factors make up 65%of your FICO credit score?
Congratulations!
You’ve ReachedYou’ve Reached
the $1,000the $1,000
Milestone!Milestone!
Congratulations!Congratulations!
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
A: AnnualCreditReport.com
C: FreeCreditReport.com
B: CreditReport.com
D: DudeWheresMyScore.com
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$2,000 Question
The website to access your freecredit report with no fees is:
A: AnnualCreditReport.com
C: FreeCreditReport.com
B: CreditReport.com
D: DudeWheresMyScore.com
50:50
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$2,000 Question
A: AnnualCreditReport.com
The website to access your freecredit report with no fees is:
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
A: Bankruptcy
C: Short Sale
B: Foreclosure
D: Repossession
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$4,000 Question
Which of the following causes the most damage to your credit score?
A: Bankruptcy
C: Short Sale
B: Foreclosure
D: Repossession
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$4,000 Question
A: Bankruptcy
Which of the following causes the most damage to your credit score?
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A: 1050
C: 550
B: 300
D: 850
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$8,000 Question
What is highest possible FICO score?
A: 1050
C: 550
B: 300
D: 850
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$8,000 Question
D: 850
What is highest possible FICO score?
Distribution of FICO Credit Scores
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A: 70%
C: 98%
B: 50%
D: 18%
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$16,000 Question
Studies show that about ______% of all credit reports have at least one error.
A: 70%
C: 98%
B: 50%
D: 18%
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$16,000 Question
A: 70%
Studies show that about ______% of all credit reports have at least one error.
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
A: $100,000
C: $10,000
B: $50,000
D: $5,000
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$32,000 Question
The total potential increased costs of having a credit score of 638 instead of 808 is:
(includes 30 yr $200k mortgage, 6 yr 20k auto loan, $10k balance credit card, homeowner’s and auto insurance)
A: $100,000
C: $10,000
B: $50,000
D: $5,000
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$32,000 Question
A: $100,000
The total potential increased costs of having a credit score of 638 instead of 808 is:
(includes 30 yr $200k mortgage, 6 yr 20k auto loan, $10k balance credit card, homeowner’s and auto insurance)
Congratulations!
You’ve ReachedYou’ve Reached
the $32,000the $32,000
Milestone!Milestone!
Congratulations!Congratulations!
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
A: 79
C: 400
B: 13
D: 37
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$64,000 Question
The difference (+/-) between a FICO score and a “FAKO” score (any score other than FICO) can be up to _______ points.
A: 79
C: 400
B: 13
D: 37
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$64,000 Question
A: 79
The difference (+/-) between a FICO score and a “FAKO” score (any score other than FICO) can be up to _______ points.
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$1 Million$500,000$250,000$125,000$64,000$32,000$16,000$8,000$4,000$2,000$1,000$500$300$200$100
A: Short Sale
C: Walk Away
B: Foreclosure
D: Deed in Lieu
50:50
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$125,000 Question
Which of the following has the smallest negative impact on a credit score?
A: Short Sale
C: Walk Away
B: Foreclosure
D: Deed in Lieu
50:50
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$125,000 Question
D: Deed in Lieu
Which of the following has the smallest negative impact on a credit score?
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A: 30 years
C: 5 years
B: 3 years
D: 10 years
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$250,000 Question
“Golden” accounts add substantial value to your FICO score. How long must you have an account for it to be considered “golden.”
A: 30 years
C: 5 years
B: 3 years
D: 10 years
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$250,000 Question
D: 10 years
“Golden” accounts add substantial value to your FICO score. How long must you have an account for it to be considered “golden.”
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A: 20 years
C: 10 years
B: 7 years
D: 3 years
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$500,000 QuestionA chapter 13 bankruptcy (debt restructuring) remains on your credit report for seven years from the filing date. How long does a chapter 7 bankruptcy (liquidation) remain on your report?
A: 20 years
C: 10 years
B: 7 years
D: 3 years
50:50
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$500,000 Question
C: 10 years
A chapter 13 bankruptcy (debt restructuring) remains on your credit report for seven years from the filing date. How long does a chapter 7 bankruptcy (liquidation) remain on your report?
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A: 50%
C: 90%
B: 25%
D: 10%
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$1,000,000 Question
The closer your balance to your credit limit, the greater the negative impact. Anything above ____% is considered a high debt ratio & can drop your score.
A: 50%
C: 90%
B: 25%
D: 10%
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$1,000,000 Question
D: 10%
The closer your balance to your credit limit, the greater the negative impact. Anything above ____% is considered a high debt ratio & can drop your score.
YOU WIN $1 MILLION DOLLARS!