Tips and Tools For Financial Success - Newton Free Library

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Activity 1: Maria’s Credit Report (from FDIC Money Smart) Read about Maria’s situation and answer the questions provided. Maria’s Situation Maria is planning to buy a home. She has already received one free credit report from each of the three credit reporting agencies earlier this year. However, she wants to get a copy of her credit report before she applies for a home loan to make sure the information in the report is still accurate. Can Maria get this new credit report for free? Why or why not? Since Maria is applying for the home loan with her husband, can she get a credit report that includes both her and her husband’s credit information? Explain your answer. Maria and her husband decide to shop around for the best price on a home loan. Several lenders prequalify them for a home loan. Maria realizes that each time they got prequalified the lender requested a copy of their credit reports. Should Maria and her husband be worried about these inquiries affecting their credit scores? Explain your answer. 95
Activity 2: John’s Credit Report (from FDIC Money Smart) - Use the information on the sample credit report to answer the questions about John’s credit history. JOHN Q CONSUMER Report #1234567 Personal Information 123 Main Street #2 Somewheresville, USA 01234 SSN#123-45-6789 DOB 02/01/68 Potentially Negative Items Televise Cable Comm. Acct# 1234 5678 1234 5678 Date filed 05/01/05 Status: Delinquent in collections 120+ days Amount $35.00 Credit limit N/A Accounts in Good Standing XYZ BANKCARD USA Acct# 0110220 Date added 12/12/98 Status: Open/Never late Monthly Payment $15 High balance $129 Credit Limit $1,000 Report Date 01/01/2006 Employers 1. ABCDE Engineering Corp, Somewheresville USA 2. Port City Engineering, Anywhere, USA Homeowner Credit Services Acct# 0110220 Date added 04/23/00 Status: Closed at consumer’s request 08/22/2004 Monthly Payment $0 High balance $3,228 Credit Limit $1,000 Requests for Credit History VISA Card Address: PO Box 1414 NY NY 10001 Date: 04/01/05 John Consumer has an account that has been sent to a collection agency. Where on his credit report would you find this information? Who is the original creditor? In August 2004, an account was closed at John’s request. What was the high balance on this account? In what section did you find this information? Who does John work for? Where did you find this information? Hint: current employers are listed first. 96
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Financial Literacy at the Library T
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Background and Acknowledgments Fina
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Chapter V. Credit Overview of Credi
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6 Newton Free Library hosted Financ
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8 © 2011 American Consumer Credit
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Goal Setting & Financial Planning (
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Financial Goals Worksheet (SMART)
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Planning For Unexpected Life Events
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1. Determine what to keep at home a
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5. Keep a close watch on your bank
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20 Kip Child, FDIC Community Affair
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Introduction to Banks (from FDIC Mo
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24 Debit Cards • Fees? • Fee wa
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Ways to Take Money Out of Your Acco
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Using Electronic Banking (from FDIC
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Activity 1: Checking Account Fees (
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Activity 3: Record Transactions in
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Sample Check Register Check Number
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Paper Money Copy, cut, and put the
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III. Budgeting Practice Good Habits
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Create a Budget—and Pay Yourself
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Household Budgeting Worksheet Housi
Page 46 and 47: Read the scenario, review the Month
Page 48 and 49: Increase Your Income How might how
Page 50 and 51: Develop a Spending Plan A spending
Page 52 and 53: Implement Your Plan Seek Assistance
Page 54 and 55: • Educate yourself and learn more
Page 56 and 57: Budgeting Quiz 1. How long should y
Page 58 and 59: Budgeting Quiz -Answers 1. Correct
Page 60 and 61: IV. Saving and Investing Preparing
Page 62 and 63: The true magic of compound interest
Page 64 and 65: 9. Pay off high-interest credit car
Page 66 and 67: Risk-Return Relationship Table (FIN
Page 68 and 69: Compounding with Tables (FINRA Inve
Page 70 and 71: Retirement Savings Vehicles (FINRA
Page 72 and 73: In most cases, you roll over a trad
Page 74 and 75: Activity 2: Savings Goals Worksheet
Page 76 and 77: Investing Quiz 1. Which of the foll
Page 78 and 79: Investing Quiz - Answers 1. Correct
Page 80 and 81: Making your First Investments http:
Page 82 and 83: V. Credit Overview of Credit What i
Page 84 and 85: What Is a Credit Report? (from FDIC
Page 86 and 87: How the Credit Report Is Used (from
Page 88 and 89: How to Get Your Free Annual Credit
Page 90 and 91: Credit Cards: What Are They Used Fo
Page 92 and 93: Credit Card Comparison Chart (from
Page 94 and 95: ACCOUNT ACTIVITY Date of Transactio
Page 98 and 99: Activity 3: Who Poses the Most Cred
Page 100 and 101: Credit Terms and Definitions Bankru
Page 102 and 103: 8. All of the following appear on y
Page 104 and 105: VI. Borrowing Basics Types of Loans
Page 106 and 107: Car Loans (from FDIC Money Smart) T
Page 108 and 109: To Rent or To Own? (from FDIC Money
Page 110 and 111: Activity 1: Which Loan Is Best? (fr
Page 112 and 113: Activity 3: How Much Mortgage Can P
Page 114 and 115: Note: Make sure you compare loan of
Page 116 and 117: Estimated prepaid amounts for inter
Page 118 and 119: Borrowing Basics Quiz 1. Which of t
Page 120 and 121: Answers for Borrowing Basics Quiz 1
Page 122 and 123: VII. Life Skills Menu Planning Work
Page 124 and 125: Grocery Shopping Tips 1. Clean out
Page 126 and 127: Computer Terms and Definitions Comp
Page 128 and 129: Housing Terms and Definitions Appli
Page 130 and 131: 8. According to the 2010 Consumer E
Page 132 and 133: VIII. Glossary Glossary (excerpted
Page 134 and 135: Compounding: Interest paid on money
Page 136 and 137: Interest: A percentage of your bala
Page 138 and 139: Stocks: Parts of a company, called
Page 140 and 141: IX. Recommend Resources Bibliograph
Page 142 and 143: Careers and Life Skills Bostick, Na
Page 144 and 145: Heath, Julia A. Personal finance es
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Debt information for teens: tips fo
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Tutor/Teacher Cordell, Jane. Cambri
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Newton Free Library Financial Educa
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I. Learning English Online Resource
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Investor Knowledge Quiz - http://ww
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American Consumer Credit Counseling
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Nationwide Resources (from American
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