Credit Score, And Why Is It Important For Your Future...

What is your credit score, and why is it important for your future success? Describe and demonstrate knowledge of credit scores The word credit has its origins on the Latin word â€Å"credere†, meaning â€Å"to place one s heart; to trust, believe† (http://www.oxforddictionaries.com/us). A credit score is a number between 300 and 850 that shows lenders the capacity of a borrower to repay loans (http://www.oxforddictionaries.com/us). The FICO score was first introduced in 1989 by FICO, then called Fair, Isaac, and Company (source). VantageScore exists as a competitor of FICO score since 2006. It’s been said that capacity was reputation-based in the past -mouth to mouth- which made it hard to judge fairly a person because business’ owners and lenders used to take into account the character of a person (specific habits, etc). So the concept of credit score was invented as a way of making fair decisions for lenders to improve business decisions. It consist on formulas -that evolve with time- that are based on the information of millions of consumers from three key areas of their credit reports: your credit accounts and repayment information (including credit cards, auto loans, student loans, mortgages and rent), public records (such as tax liens, collections or bankruptcies) and inquiries (requests by lenders to access your credit information when you apply for credit). (www.chase.com). There are three national credit bureaus in the U.S. that capture, update and store creditShow MoreRelatedEssay on Teaching Our Children to Make Good Financial Choices1709 Words   |  7 Pagesfront yard, front porch swing, and a dog bouncing about (Calder, 1999, p. 3). So what does it take to acquire this dream one may ask. The answer may seem simple, but rather is the product of years of credit and debit management, defined by the ever illusive credit score and intertwined with financial success, and hard work. Fewer than half of Americans, 44%, actually believe they have attained the American dream, another 31% believe they will acquire it in their lifetime, and only 3% of the nation doesRead MoreShould There Be Grade Requirement For Athletics?1235 Words   |  5 PagesIn order to be on the honor roll, your GPA must be a 3.0. A student’s GPA must be a minimum of 2.0 in the required 16 core classes.Students beginning in their second year of high school, must earn 5 credits which count during state high school graduation requirements. In the beginning of their third year, they must earn 10 credits or 5 credits during the 12 month proceeding the first day of the current school year. Students must take the SAT or ACT and score a minimum of 400 on the SAT or 37Read MoreCase Study Of Hispanic Growth Strategies730 Words   |  3 PagesHispanic Growth Strategy Updates †¢ Ramon will begin to do business development starting in October †¢ Stamford FCU kicked off Hispanic Heritage Month (HHM) with a staff celebration on September 15th. For the duration of HHM, the credit union staff will wear buttons wishing members a Happy Hispanic Heritage Month. †¢ Ramon will begin build relations and partnership with community organizations. Ramon has a background in banking, radio, and comedy. Stamford is confident Ramon’s personality will be wellRead MoreWhat Does You Do Outside Of The Classroom?977 Words   |  4 PagesSure success in college means obtaining and maintaining a high GPA however, college is much more than just getting good grades and smiling and nodding at your professor (even when you may not understand a concept). Success is found in what you do outside of the classroom. How are you studying on your own? Are you making the most of resources available to you on campus? Are you being flexible and open minded? Are you participating in activities that will benefit your future career goal(s)? DOS FormRead MoreEducation System Is The Foundation Of Our Society1298 Words   |  6 PagesOur education system is the foundation of our society. The powerful leaders, top politicians, and all important figures in our community have been exposed to our education system when they were younger. One thing the United States’ education system struggles with is teaching kids information that will never apply to their occupation, therefore they forget the information altogether. Looking outside of the United States, it is easy to see that countries like Finland, Canada, and the United KingdomRead MoreIs Finance Management Be Within Students Reach Regardless Of Their Set Of Circumstances?876 Words   |  4 Pageslaziness. Smart money management skills are the key to accomplishment. Success in financial management is a planned process of organization to ultimately avoid debt, save, and achieve life stability. Many students are reckless and enjoy living on the edge with their money not because necessity or benefits, but ease and flexibility, â€Å" Those who pay their credit-card bills on time every month are taking steps to build a solid credit score. But it s far too easy for 20-somethings to misuse their cards.Read MoreEssay On Hispanic Growth And Growth748 Words   |  3 PagesHispanic Growth Strategy Updates †¢ Ramon will start his new role as Business Development ____ in October †¢ Stamford FCU kicked off Hispanic Heritage Month (HHM) with a staff celebration on September 15th. For the duration of HHM, the credit union staff will wear buttons wishing members a Happy Hispanic Heritage Month. †¢ Ramon will begin to build relationships and partnerships with community organizations. Ramon has a background in banking, radio, and comedy. Stamford is confident Ramon’s personalityRead MoreThe Importance of Business Assessment1545 Words   |  6 PagesWhy is it important to have an assessment of one’s business? Will it create any difference to where your company stands right now? As a leader, how will you create and implement business strategies towards your company? As I am composing my ideas on which to discuss about my current employer, I ended up thinking about what could be the best quote that will be the bench mark for me to begin this analysis. I ended up looking for one person that inspires not only me but a lot of people, companiesRead MoreAir Asia1297 Words   |  6 PagesThe new competitive edge A survey conducted by Management Centre Europe shows how managers view service and the key issues affecting future profitability and growth. customer unless it has been explained to them. Communicating this message is a priority for any company. †¢ There needs to be more systematic measurement of customer satisfaction. Not enough companies have accurate intelligence systems. THE SERVICE PRIORITY INDEX Two key points in the questionnaire have been combined in the finalRead MoreCareer And College Research Paper1741 Words   |  7 Pagesand how they interact with the world around them (â€Å"Psychologists†). I chose this career, because I’ve always loved listening to people and understanding why people do the things they do. Also, I’ve always had a strong desire to help others lead easier lives and give them the tools to deal with their personal problems and life. It is important to understand the education or training requirements, skills or talents needed, salary and benefits offered, and the duties for a particular career when making