What Determines Your Credit Score? (Video)
Report cards don’t stop once you graduate. As an adult, you get a new kind of report card–a credit report. In this video, we go over why it’s important to have a good credit score as well as how your actions affect your score.
Here’s a breakdown of how banks view various credit scores:
- Excellent Credit: 750+
- Good Credit: 700-749
- Fair Credit: 650-699
- Poor Credit: 600-649
- Bad Credit: below 600
For all of you newcomers who are just joining us, this video is part of a series called #BrokeUniversity where we break down the most important personal finance basics in 90-second videos.
Did you miss the first seven #BrokeUniversity classes? Check them out!
- Class #1 – The Easiest Way To Start Budgeting
- Class #2 – What To Do With The Money You Save
- Class #3 – 401(k), IRA, Traditional and Roth
- Class #4 – How The Wealthy Think About Income
- Class #5 – How Taxes Affect Your Paycheck
- Class #6 – Borrowing Money? Then You Need To Understand Interest Rates
Read the original article on Invibed, Copyright 2015. Invibed is an online destination that makes personal finance relevant, accessible and entertaining to millennials. Follow Invibed on Facebook and Instagram.
i wish i had seen this when i was in my 20’s – when i was in debt
Credit reports are awful. They take a long time to clean up too.
This is a good series. It’s too bad times are hard for so many and sometimes there is little we can do to keep our credit at it’s best. Everyone should do what they can though!