Credit Scores

We basically just discussed what credit is all about and what we can do to have good credit and what we shouldn’t do so we don’t have bad credit. The first thing we talked about was FICO credit scores. This type of credit score is what most credit lenders use to determine whether or not one has bad credit. Credit scores can help someone in many ways. By using credit scores, people can get money faster which will speed up the entire process of receiving a loan. Credit scores are also great because if someone has had a bad credit history, it will fade over time. This gives them a chance to receive loans and not let past credit reports haunt them. Having good credit can help someone a lot. When looking for a job, the employer looks at credit scores. They do this because it can help them know what kind of a person they are about to hire. If someone has a good credit score, it will show that they are responsible and know how to manage themselves personally and financially. One thing that caught my eye the most during the presentation was the slide about good and bad jobs. Having a bad credit score can cost you your job. I know that I want to be successful and have a good job so obviously my credit score needs to be good. In the slide, they compared the jobs of a Bank Office and a Roadkill Collector. Now, I don’t know about everyone else, but collecting roadkill is not what I want to be doing to be financially stable (not that it would help). Mr. Butts also talked about things like driving a nice new car, and driving a shitty old car and living in a nice house compared to a trailer park. I think he talked about these things to not so much scare us, but make us more aware of how important our credit score is and how much of an impact it can have on our lives. He also talked about things that scared me a little bit which were the 6 ways to kill your credit score. It scared me because I am young and haven’t yet grasped that the decisions I make from this point on will really start affecting me. I really love to shop and for some reason it always happens when I don’t have a lot of money to spend. More then once, I have gone over on my debit card just because I really wanted something and just thought nothing of it. I just think to myself, “I’ll pay it back. It’s worth it.” My dad finally sent me to the bank and made me sit and have a talk with them about how important it is to be responsible with my money. It actually did really help and I have not gone over since. When I am about to spend money I don’t have I just back away and say, “once I have money I will buy this… it can wait.” It has helped me a lot in just not indulging on things I don’t need and has also taught me to kind of save up. All and all, I think the presentation was pretty cool. It opened my eyes more about how I need to be making good decisions and be conscientious because my future really rides on it. I wonder why our country is not more responsible and what the credit score would be for the United States of America....

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