What is a Credit rating by https://padlet.com/tomzielinski/j0u3scsojuwgxx7w By Tom Zielinski en-us 2021-03-29 20:41:04 UTC 2021-03-30 03:23:57 UTC hello@padlet.com About this Padlet tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1365789855 Hello, 
My name is Tom Zielinski, and in this padlet I will go into detail about what a credit rating is, and what goes into evaluating a person's credit rating. Hopefully, by the end of this padlet you will understand more about what a credit rating is, and what affects your credit rating.]]> 2021-03-29 20:52:14 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1365789855 Website #1 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1365896556 The terms credit rating and credit report can be used interchangeably. These terms represent how financially trust worth the account holder is. The credit score takes the information of the account holder's credit report and then evaluates their risk. There are many factors that are used to calculate a persons credit score, such as:
- Duration of credit.
- If a balance is present on a credit card.
- Missed payments.
- Outstanding debts.
- Number of credit card applications.
- Type of credit card.
- Debts sent to collection agencies.
- Record of bankruptcy.
There are two main credit bureaus located in Canada, Equifax and TransUnion. These bureaus are private companies that record information on how everyone uses their credit card.
I chose this site because it gives a lot of examples that can affect a person’s credit score, these examples aren’t very descriptive but they show you the many different ways you can be affected.]]> 2021-03-29 21:42:21 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1365896556 Image #1 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1365982192 This image clearly depicts the ranges of credit ratings that are bad, fair, good, and excellent. I chose this image because it is very concise and clearly displays all the information it needs in a simple manner. ]]> 2021-03-29 22:37:02 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1365982192 Video #1 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366015569     In this video, It explains how there isn't just one way of determining someone's credit score, and that there are many factors that are in play when the bureaus determine someone's credit score at that particular time because a credit report displays the individual's credit at that point in time. It is also said that credit scores may vary depending on the credit score provider, model, and target industry. And that even a low credit score can be fixed with good habits and the right tools.
    I chose this video because tells you all the key information about a credit score and how it is calculated based on different scenarios, in an efficient way.]]> 2021-03-29 23:00:09 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366015569 Website #3 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366099305 There are many factors that go into calculating a credit score, however, after researching this article, I found it to be far more beneficial to explain the negative factors that affect people's credit score. 1. One of the biggest causes of people losing a point on their credit score are simple reporting error. These errors can be from credit card theft, late payments that were late, and files that do not belong to the account holder. 
2. Moving frequently can lower an individual's credit score because requesting a credit check slightly lowers your credit score, so it is important to not move houses often. 
3. Not having a stable source of income will lower your credit score because you are not seen as a low-risk borrower. 
4. Not having a mortgage in your name can reduce your credit score because your housing is unknown making it seem like you are a risk, even if you own your own home. 
5. Not having a history of debt will reduce your credit score, because your history is valuable to determine how well you pay off loans.
I chose this article because it showed the most facts about what affects a credit score. It also went into a lot of detail about the factors that positively and negatively affect a person's credit score.]]> 2021-03-29 23:56:55 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366099305 Video #2 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366100233 This video does a great job of explaining what the 5 major factors are that affect people’s credit scores. These factors are payment history, credit utilization, credit history, credit inquiries, and types of credit. It also shares examples and situations that everyday people can encounter, while also going into detail about how to earn and maintain a good credit score. 
 The reason I chose this video is that I genuinely related to the tips the creator gave its users to maintain a good credit score, by providing an example of what someone should do in a real-world situation. 


]]> 2021-03-29 23:57:22 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366100233 Website #2 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366100537 What affects credit score? This article goes into detail about the 5 main factors that influence a credit score. These factors include: 35% of your credit history is based on your payment history. 30% of your credit history is based on your credit utilization, so the amount of credit you use is based on the limit of your card. 15% of your credit history is based on the length of your credit history, the longer the better. 10% of your credit history is based on hard credit checks, which occur when a person applies for a credit card or loan. 10% of your credit history is based on the diversity of your credit card history, which shows that the account holder can responsibly pay off their card.
 I chose this website because it gave the most descriptive and easy-to-understand answers. Followed by many examples of real-world situations that people can find themselves in.

]]> 2021-03-29 23:57:32 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366100537 Image #2 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366409792 This image shows the main 5 factors that affect a persons credit score as a pie graph. I chose this image because it give you a concise visual on what affects your credit score the most.]]> 2021-03-30 02:07:21 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366409792 Video #3 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366467639 This video goes into the small and large mistakes that can ruin your credit score. he goes into detail about these 5 points, Do not make payments later than 30 days. Do not use all the credit you have available on your credit card. Do not apply for multiple credit cards too quickly. Do not close old credit lines. Finally, not having a credit history. All of these are common mistakes regular people can make, without thinking very much of them.
   I chose this video because of how well the creator gets the point across that certain things can ruin your credit score. He also does this in a very personable way that I think many people could relate to, and learn from.]]> 2021-03-30 02:32:10 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366467639 Video #4 tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366548285 This video goes in depth about the “truths” about credit scores, as well as the common misconceptions that some people have regarding them. One of the biggest misconceptions is that applying for a credit card for rewards is a good idea, and using a free credit score app is a good idea. It also goes in depth about the factors that affect credit score. The reason I chose this video is because this video does one of the best jobs at explaining the entire concept of what a credit score is, and also because it does a great job at explaining things that seem fine, but could actually negatively impact your credit score.]]> 2021-03-30 03:08:58 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366548285 Reflective Question tomzielinski https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366550268 Before I took on this topic I wasn't really certain what the main things that affected a persons credit score, only the basic everyone should use their credit card to make small purchases to gain credit score. Everything after that was pretty new to me. What surprised me most is just how many things can negatively affect your credit score. I am very thankful that I did my research assignment on this topic because it will be very useful for my future.

This assignment really opened my eyes to how I should be using my credit card, and the actions I should take to make my credit score the best it can be. I'm hoping to make a down payment on a house within the next 4 years, so making sure I have an excellent credit score will be critical, in the way I can buy a house.

I think the most important thing about credit scored, are the things that can negatively affect a persons credit scores, most of these things aren't common sense, and people usually unknowingly make these mistakes, so knowing about them would be very helpful to a lot of people. I know that I have made a few of these mistakes in the last few years, so I know it would be helpful to someone to know that they, should not max out their credit card or that they should use credit when doing basic shopping, because it will be the easiest to pay off.]]> 2021-03-30 03:09:54 UTC https://padlet.com/tomzielinski/j0u3scsojuwgxx7w/wish/1366550268