Everyone-a-banker or Ideal Credit Acceptance Game: Theory and Evidence
Play the game of credit to better meet your personal and financial goals. Credit Scoring & Wealth...
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Transcript of Play the game of credit to better meet your personal and financial goals. Credit Scoring & Wealth...
Play the game of credit to better meet your personal and
financial goals.
Credit Scoring & Wealth
the Game
Carl Spiteri 6333 Greenwich Dr. Suite 200
San Diego, CA 92122619-544-6444
What is a Credit Score?
• A 3-digit number used to evaluate the risk associated with you.
• The most widely used credit scores are FICO scores, which were developed by Fair Isaac and Company, Inc. back in the 1960’s.
• Your FICO score is Between 350 and 850.
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What does your score mean?
Score Odds
Above 800 1292 to 1
760 to 799 597 to 1
720 to 759 323 to 1
700 to 719 123 to 1
680 to 699 55 to 1
660 to 679 38 to 1
620 to 659 26 to 1
601 to 619 14 to 1
500 to 600 8 to 1
Below 500 Forget it!
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Statistical chance of you becoming 90 days late…
This is a Very Big Game8
*80% of Americans have one or more errors on their credit report.
*40% of Americans are paying a higher mortgage payment due to lower than necessary credit scores.
*25% of Americans have credit report problems that would prevent them from securing a loan or new employment.
*myfi
co.c
om
, **investe
d a
t 8%
net a
fter ta
x
Difference over 30 years in cost of same house:
$1,084,981.68**
The Next Step…• Order Credit Reports and Scores- You
need to get a complete picture of where you are today.
• Verify the data being reported- it is your responsibility to verify the accuracy of the data on your report.
• Dispute any inaccurate information- contact the creditors and the bureaus to have errors on your report corrected.
• Develop a monitoring schedule going forward- guarantee your success!
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