Day 31

Credit Reports

Day 31 - Credit Reports

Day 31 (Book Reading E.C. - Optional, Please see instructor for details)

Today starts with an activity to introduce Credit Cards. Students, in groups, will be given two minutes to find as much information as they can about Credit Cards. (some keywords to search are provided at the top of the worksheet.) Each group is then given 30 seconds to write as much NEW information as they can on the board. As soon as a group duplicates info that is already on the board they are “out” or once a group has run out of information to put on the board they are “out.” Last group with info on the board “wins.”

The lecture is about credit, what it is, how its established and how it’s used. Next class will be about how to pick a credit card. An example of a Credit Report (Isabela’s) is provided to show where different sections of the report are and what info is included in each section.

In order to secure the best rates for a home mortgage the lender will be looking for both revolving and installment credit. Revolving (Credit Cards) needs to have 5 years of history. Installment (such as a car loan) needs to have 3 years of history.

  1. Budget Question Day 3

It’s the 18th of the Month

    • Teacher: Bank Account = $521.60
    • Auto Technician: Bank Account = $624.83
    • Associate Professor: Bank Account = $1,139.23
    • Lab Technician: Bank Account = $1,484.77
    • Computer Programmer: Bank Account = $1,566.01
      1. You got a parking ticket when you parked illegally at the Trapstep rave. Do you have $83 in your budget to cover the ticket?
  1. Credit Research Activity (In Class Activity)
  2. Video: Using Credit Wisely
  3. 01 Credit Reports
    1. Credit
    2. Lender
    3. Credit Card Bureau
    4. Soft Check/Hard Check
    5. Credit Scores
    6. FICO
    7. Positive/Negative Impact
    8. Free Credit Report
  4. (Journal Questions 1-3) What is the due date for your Report, your Credit Report