https://padlet.com/israel_ogbogu/6ipf4cfone8w A brief analysis of how your credit rating is determined. en-us 2018-10-15 19:02:33 UTC 2024-12-28 01:57:14 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Balance.png israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293027902 Building up a good credit rating is incredibly important to ensure you can get loans in the future.  The best way to build a good credit rating is to have a credit card and bills in your name, and ensure you pay those bills on time. 
A useful piece of information to take away from this article, is to view your credit score as the amount of trust potential future lenders have in you, to pay them back on time. The higher the number (score), the better. ]]> 2018-10-15 19:13:42 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293027902 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293036943 Every few years it is important to request a credit report to know your credit score and understand what items are on the report that are affecting your credit rating. Your credit score not only affects whether or not lenders will lend money to you, but also the interest rate on the money you pay back to them. 
A useful piece of information for viewers to take away from this video, is that although requesting a credit report yourself will not affect your credit rating, a lender requesting your credit rating will. ]]> 2018-10-15 19:32:03 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293036943 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293044785 When a lender requests your credit report it can affect your credit score. The fact that you are looking into opening a new form of credit will affect whether a lender wants to loan to you, based on the fact that you now have multiple lines of credit to repay (and may potentially be beyond your means). 
What is interesting to understand from this article, is that if you go to various lenders within a certain time period, one lender will appear on your credit report. So, this fear of a lender affecting your credit score shouldn't scare consumers off from assessing various options before deciding which loan to go with. ]]> 2018-10-15 19:50:09 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293044785 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293051458 Beware of long-term loans with low monthly payments. This article highlights a word of caution for consumers looking to purchase new cars. Many consumers are attracted by low monthly payments that are a result of long term loans (six years plus), however the interest that is accumulated throughout this period can sometimes exceed the original price of the car. The lesson that can be taken from this article is to be wary before entering into new loans, as the interest compiled may affect your ability to get future loans. ]]> 2018-10-15 20:08:46 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293051458 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293056743 This article highlights five key factors that go into determining your credit score. The five are payment history, how much you owe, credit history, applying for new lines of credit, and the type of credit. 
What is important to grasp from this article is that your credit report essentially shows whether or not you have the means to pay back the money you have borrowed on time, and if you're borrowing within your means. ]]> 2018-10-15 20:20:50 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293056743 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293063577 Credit cards are perhaps one of the easiest ways to build up credit, however it is important to understand how a credit card may affect your credit score. This video sheds light on the "credit to limit ratio", which essentially points to the fact that your credit score may lower if you are constantly hanging in the 50%-100% usage of your credit card limit.
A useful piece of information from this video is that best practice when using a credit card is to pay your credit card in full each month, or pay off enough that your balance is less than 50% of the limit.  ]]> 2018-10-15 20:38:52 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293063577 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293263142 In order to maintain a good credit rating, it is important to understand what goes into the analysis to determine your credit rating, and this video delves into each of the five factors and how each one affects your credit rating. 
The most important piece of information to take away from this video, especially for students who are just starting to build their credit history, is what they call the "two, two, two" rule. Having two forms of credit, for at least two years, with a limit of at least 2,000 dollars, will set you on the path to achieving an excellent credit score. ]]> 2018-10-16 11:57:41 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293263142 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293268982 In Canada, five key factors go into the analysis of your credit score. This graph breaks down how much each factor affects your score.]]> 2018-10-16 12:09:13 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293268982 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293272429 A good way to think of a credit report is as a report card for adults. The higher the score the more likely you are to get your first choice loan and better interest rates (kind of like getting into your first choice university, with the possibility of receiving a scholarship). ]]> 2018-10-16 12:16:26 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293272429 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293275932 30% of your credit score is based on credit utilization ratio, which essentially is of the credit available to you, how much are you using? And it's important to keep that percentage under 50% for a good credit score. ]]> 2018-10-16 12:23:45 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293275932 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293280031 2018-10-16 12:31:18 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293280031 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293280423 2018-10-16 12:32:00 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293280423 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293280694 2018-10-16 12:32:32 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293280694 israel_ogbogu https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293312484 2018-10-16 13:21:30 UTC https://padlet.com/israel_ogbogu/6ipf4cfone8w/wish/293312484