Credit Score 411

On October 2, John Zollinger gave a quite insightful presentation on credit scores and how credit scores can affect your life. He showed the highs and the lows of credit score. He stressed the importance of keeping a decent credit scores by showing the results of a bad credit score.He began by presenting the FICO credit score, which was created by Fair Isaac Corporation, represents the statistical likelihood of payment default within one year of credit issuance within two Standard Deviations. ( To learn more about FICO credit score visit www.smartmoneydaily.com/personal-credit/fico-score ) That was followed by the importance of credit scores. Good credit is a good trait as an employee and shows personal and financial responsibility, which is a major plus! Credit scores are also used by lenders to determine whether or not you receive a loan and what interest rate you are charged.Mr. Zollinger showed the consequences of having a bad credit score, which were basically having to settle for less. Having to by a dingy instead of a power boat, or having to settle for an apartment instead of a house.The presentation was concluded with the six ways to kill your credit score and a skit that showed where you can end up as a result of a dead credit score. According to Mr. John Zollinger, the six ways to kill your credit score are being a big spender at the wrong time, being a payment slacker, being to thin, being too young and eager, being too tidy and being too nonchalant.Being that I am a big spender who seems to sometimes have to have no control when it comes to shopping, Mr. Zollinger’s presentation really opened my eyes. I now know that that Visa credit card with my name on it can ruin my future in a couple swipes. I will now be more cautious with my spending and practice “credit card abstinence!”