[Natfinwellness] credit score

Fri Jun 24 10:46:23 EDT 2016

Hello Lauren:
This recorded webinar has the Director of Public Education at Experian discussing credit scores and credit reports. Also, Center for Financial Social Work has a great library of recorded webinars.

https://youtu.be/NE_22PA6G1E

Christine Tvedt MSW (she/her/hers)
Manager, Outreach and Education
Student Financial Services, Columbia College Chicago
600 S Michigan, Ste 303, Chicago, IL 60605
p. 312-369-6882
f. 312-369-8436
email: ctvedt at colum.edu 

 @ColumbiaSFS

When replying, please edit your Subject line so it is more specific than "Re: Contents of Natfinwellness digest..."

Today's Topics:

   1. Re: Natfinwellness Digest, Vol 20, Is (Easter)
   2. Re: Credit Scores (Starting Score) (Christel, Patricia)

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Message: 1
Date: Fri, 24 Jun 2016 13:17:38 +0000
From: Easter, Temeka<Temeka.Easter at salliemae.com>
To: natfinwellness at lists.osu.edu	<natfinwellness at lists.osu.edu>
Subject: Re: [Natfinwellness] Natfinwellness Digest, Vol 20, Is
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Hi Lauren, 

Everyone starts with no credit score.

Everyone Begins With No Credit Score
Everyone begins without a credit score because the consumer reporting agencies have no data until you borrow money. Meanwhile, banks and other lenders are reluctant to lend money to people without a rating.

Some lender has to break the cycle and be the first institution to make a loan. When you open that first account, you still do not have a credit score until months later because the information is still too new to rate. Then after a few months, you have your beginning number.

Too New to Rate

When you apply for your first borrowing account, the lender may pull your consumer report, and find nothing. Everybody experiences this the first time he or she applies for a loan of any type.

The consumer-reporting agency logs a hard inquiry establishing your first piece of behavioral information. Then lender approves your account and then thirty days later, sends you a bill. At the same time, the lender first reports the existence of this new account relationship to the consumer-reporting agencies.

You still do not have a credit score. The equations do not yet have enough history to make a confident projection with only one month of history. Your first payment is not even due yet!

If you apply for another borrowing account, the lender will see a ?too new to rate? message instead of a credit score. You are still several steps from square one.

Source:  savvyoncredit.com

Temeka Easter
Social Media
302.451.0232

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When replying, please edit your Subject line so it is more specific than "Re: Contents of Natfinwellness digest..."

Today's Topics:

   1. Credit Scores (Starting Score) (LIPINOGA, LAUREN)
   2. Re: Credit Scores (Starting Score) (Brenda J Cude)

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Message: 1
Date: Thu, 23 Jun 2016 22:41:19 +0000
From: "LIPINOGA, LAUREN" <LIPINOGA at mailbox.sc.edu>
To: "natfinwellness at lists.osu.edu" <natfinwellness at lists.osu.edu>
Subject: [Natfinwellness] Credit Scores (Starting Score)
Message-ID:
	<00DCE33F62B7AB47BE704AC1963F41E3D83A57 at CAE145EMBP06.ds.sc.edu>
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Greetings All,

I'm working on revamping our Financial Literacy consultations and what is discussed during them. For our Building & Managing Credit consultation, one topic discussed is credit scores, including the range and if you're just starting to build credit, where you generally start in terms of score? I know the range is obviously 300-850 but have seen conflicting things regarding where folks start in terms of a credit score. Does anyone know where I could find this information/know the answer so that I can pass on the appropriate information?

Thanks!
Lauren Lipinoga

Lauren E. Lipinoga, M.Ed.
Coordinator of Financial Literacy, Student Success Center Division of Student Affairs and Academic Support Thomas Cooper Library-Mezzanine
1322 Greene Street
Columbia, South Carolina 29208
Phone: 803.777.9972
Email: lipinoga at mailbox.sc.edu<mailto:lipinoga at mailbox.sc.edu>
[https://www.parkersearch.com/dashboard/uploads/photos/usc_long1351087132.jpg]
http://www.sa.sc.edu/ssc/

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Message: 2
Date: Fri, 24 Jun 2016 13:07:30 +0000
From: Brenda J Cude <bcude at uga.edu>
To: "natfinwellness at lists.osu.edu" <natfinwellness at lists.osu.edu>
Subject: Re: [Natfinwellness] Credit Scores (Starting Score)
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	<BLUPR0201MB1556FE28426504DE911F7462A62E0 at BLUPR0201MB1556.namprd02.prod.outlook.com>

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The average score is around 690 and 720-740 is considered a good target to build a credit score (http://www.credit.org/credit-scores-good-credit-scores/?gclid=CjwKEAjwtLO7BRDax4-I4_6G71USJAA6FjN1jjQrduGk9gI4YKR8MUam_MkfOhJxpxMQPo1ERt_pdxoCoVzw_wcB).

Average credit scores increase with age (https://www.creditkarma.com/trends/age) , income and state (http://www.valuepenguin.com/average-credit-score)

I also think it's important to distinguish between FICO Scores (used by 90% of lenders) and VantageScores.

bjc

Credit.org What Credit Scores Are Good Credit Scores ...<http://www.credit.org/credit-scores-good-credit-scores/?gclid=CjwKEAjwtLO7BRDax4-I4_6G71USJAA6FjN1jjQrduGk9gI4YKR8MUam_MkfOhJxpxMQPo1ERt_pdxoCoVzw_wcB>
www.credit.org
When talking about what makes up a good credit score range, we referred to our infographic, ?What is a good credit score?? The guidelines we use are fairly ...

Average Credit Score in America: 2016 Breakdown<http://www.valuepenguin.com/average-credit-score>
www.valuepenguin.com
We break down what the average credit score is in America for different age groups, income levels, geographies and first time home buyers. We also break down how ...

[https://creditkarmacdn-a.akamaihd.net/ckfiles.com/assets/435414654798/res/img/facebook/oglogo.jpg]<https://www.creditkarma.com/trends/age>

Credit Trends by Age | Credit Karma<https://www.creditkarma.com/trends/age>
www.creditkarma.com
Based on our data, there is a clear relationship between age and average credit scores. Generally speaking, younger consumers have lower credit scores on average.

Brenda J. Cude, Ph.D.
Professor and Undergraduate Coordinator
Department of Financial Planning, Housing and Consumer Economics
102 Consumer Research Center
College of Family and Consumer Sciences
The University of Georgia
706-542-4857
http://www.linkedin.com/in/brendacude/
bcude at uga.edu<https://bluprd0210.outlook.com/owa/redir.aspx?C=vOIcKdF-3E-1tQaJcKgYQF7RyIsVntAImS-Xqj8YC7a38WwtY4lVWDFxHZFCLgm286cvpkiARdE.&URL=mailto%3asworthy%40uga.edu>
Mailing Address: Department of Financial Planning, Housing and Consumer Economics, Dawson Hall, University of Georgia, Athens, GA 30602 <https://bluprd0210.outlook.com/owa/redir.aspx?C=vOIcKdF-3E-1tQaJcKgYQF7RyIsVntAImS-Xqj8YC7a38WwtY4lVWDFxHZFCLgm286cvpkiARdE.&URL=mailto%3asworthy%40uga.edu>

________________________________
From: Natfinwellness <natfinwellness-bounces at lists.osu.edu> on behalf of LIPINOGA, LAUREN <LIPINOGA at mailbox.sc.edu>
Sent: Thursday, June 23, 2016 6:41:19 PM
To: natfinwellness at lists.osu.edu
Subject: [Natfinwellness] Credit Scores (Starting Score)

Greetings All,

I?m working on revamping our Financial Literacy consultations and what is discussed during them. For our Building & Managing Credit consultation, one topic discussed is credit scores, including the range and if you?re just starting to build credit, where you generally start in terms of score? I know the range is obviously 300-850 but have seen conflicting things regarding where folks start in terms of a credit score. Does anyone know where I could find this information/know the answer so that I can pass on the appropriate information?

Thanks!
Lauren Lipinoga

Lauren E. Lipinoga, M.Ed.
Coordinator of Financial Literacy, Student Success Center Division of Student Affairs and Academic Support Thomas Cooper Library-Mezzanine
1322 Greene Street
Columbia, South Carolina 29208
Phone: 803.777.9972
Email: lipinoga at mailbox.sc.edu<mailto:lipinoga at mailbox.sc.edu>
[https://www.parkersearch.com/dashboard/uploads/photos/usc_long1351087132.jpg]
http://www.sa.sc.edu/ssc/

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Message: 2
Date: Fri, 24 Jun 2016 13:22:29 +0000
From: "Christel, Patricia" <Patricia.Christel at navient.com>
To: National Financial Wellness Listserv
	<natfinwellness at lists.osu.edu>
Subject: Re: [Natfinwellness] Credit Scores (Starting Score)
Message-ID:
	<F7D5CDEA17CE6F40AAAFBF1BAB98C78A85B5A780 at pwnifiex010.us.ad.usa-ed.net>

Content-Type: text/plain; charset="us-ascii"

Hi,  Navient and EverFi offer free, open to the public interactive video on credit scores (along videos on student loan repayment options, how interest works and other topics), available here: https://www.navientpath.com/navientpath/curriculum/show?enrollment_id=9967228&signup=1

--Patricia

[cid:image001.jpg at 01CF4E7F.62992310]

Patricia Nash Christel
Vice President, Corporate Communications Navient
123 Justison Street, Wilmington, DE 19801
302.283.4076 (t) | 202.262.1531 (c)
patricia.christel at navient.com<mailto:patricia.christel at navient.com>
Navient.com

From: Natfinwellness [mailto:natfinwellness-bounces+patricia.christel=navient.com at lists.osu.edu] On Behalf Of Brenda J Cude
Sent: Friday, June 24, 2016 9:08 AM
To: natfinwellness at lists.osu.edu
Subject: Re: [Natfinwellness] Credit Scores (Starting Score)

The average score is around 690 and 720-740 is considered a good target to build a credit score (http://www.credit.org/credit-scores-good-credit-scores/?gclid=CjwKEAjwtLO7BRDax4-I4_6G71USJAA6FjN1jjQrduGk9gI4YKR8MUam_MkfOhJxpxMQPo1ERt_pdxoCoVzw_wcB).

Average credit scores increase with age (https://www.creditkarma.com/trends/age) , income and state (http://www.valuepenguin.com/average-credit-score)

I also think it's important to distinguish between FICO Scores (used by 90% of lenders) and VantageScores.

bjc

Credit.org What Credit Scores Are Good Credit Scores ...<http://www.credit.org/credit-scores-good-credit-scores/?gclid=CjwKEAjwtLO7BRDax4-I4_6G71USJAA6FjN1jjQrduGk9gI4YKR8MUam_MkfOhJxpxMQPo1ERt_pdxoCoVzw_wcB>
www.credit.org<http://www.credit.org>
When talking about what makes up a good credit score range, we referred to our infographic, "What is a good credit score?" The guidelines we use are fairly ...

Average Credit Score in America: 2016 Breakdown<http://www.valuepenguin.com/average-credit-score>
www.valuepenguin.com<http://www.valuepenguin.com>
We break down what the average credit score is in America for different age groups, income levels, geographies and first time home buyers. We also break down how ...

[https://creditkarmacdn-a.akamaihd.net/ckfiles.com/assets/435414654798/res/img/facebook/oglogo.jpg]<https://www.creditkarma.com/trends/age>

Credit Trends by Age | Credit Karma<https://www.creditkarma.com/trends/age>
www.creditkarma.com<http://www.creditkarma.com>
Based on our data, there is a clear relationship between age and average credit scores. Generally speaking, younger consumers have lower credit scores on average.

Brenda J. Cude, Ph.D.
Professor and Undergraduate Coordinator
Department of Financial Planning, Housing and Consumer Economics
102 Consumer Research Center
College of Family and Consumer Sciences
The University of Georgia
706-542-4857
http://www.linkedin.com/in/brendacude/
bcude at uga.edu<https://bluprd0210.outlook.com/owa/redir.aspx?C=vOIcKdF-3E-1tQaJcKgYQF7RyIsVntAImS-Xqj8YC7a38WwtY4lVWDFxHZFCLgm286cvpkiARdE.&URL=mailto%3asworthy%40uga.edu>
Mailing Address: Department of Financial Planning, Housing and Consumer Economics, Dawson Hall, University of Georgia, Athens, GA 30602

________________________________
From: Natfinwellness <natfinwellness-bounces at lists.osu.edu<mailto:natfinwellness-bounces at lists.osu.edu>> on behalf of LIPINOGA, LAUREN <LIPINOGA at mailbox.sc.edu<mailto:LIPINOGA at mailbox.sc.edu>>
Sent: Thursday, June 23, 2016 6:41:19 PM
To: natfinwellness at lists.osu.edu<mailto:natfinwellness at lists.osu.edu>
Subject: [Natfinwellness] Credit Scores (Starting Score)

Greetings All,

I'm working on revamping our Financial Literacy consultations and what is discussed during them. For our Building & Managing Credit consultation, one topic discussed is credit scores, including the range and if you're just starting to build credit, where you generally start in terms of score? I know the range is obviously 300-850 but have seen conflicting things regarding where folks start in terms of a credit score. Does anyone know where I could find this information/know the answer so that I can pass on the appropriate information?

Thanks!
Lauren Lipinoga

Lauren E. Lipinoga, M.Ed.
Coordinator of Financial Literacy, Student Success Center Division of Student Affairs and Academic Support Thomas Cooper Library-Mezzanine
1322 Greene Street
Columbia, South Carolina 29208
Phone: 803.777.9972
Email: lipinoga at mailbox.sc.edu<mailto:lipinoga at mailbox.sc.edu>
[https://www.parkersearch.com/dashboard/uploads/photos/usc_long1351087132.jpg]
http://www.sa.sc.edu/ssc/

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