Credit Score Is Your Report Card Using Debt

October 2021 - Newsletter

Credit Score - Your Report Card with Debt

The month of October, we are excited to share resources about Using Credit Wisely. You will find information below that can help you in and out of the classroom that can help you put your best foot forward with your credit score since you can think of it as your report card showing how you are managing the different obligations you have.

Speaking of credit scores, the three national reporting agencies (Equifax, Experian, and Transunion) have made it so you can check your credit score for free, weekly until April 20, 2022.

You can check your credit score by going to AnnualCreditReport.com.

You Can File Your FAFSA

The Free Application for Federal Student Aid (FAFSA) opened for Academic Year 2022-2023 on October 1st.

It's best to file early for the best chance of getting more financial aid since it's on a first-come, first-serve basis.

You can learn more at StudentAid.gov.

Credit Resources

Building strong credit habits does take time and discipline. Paying on time is a key element of your credit score. Knowing your due dates will help you avoid late payments.

When it comes to using debt like a credit card, you want to keep track of your credit limits and don't spend more than you can afford. A rule of thumb is staying below 30% of your credit utilization. For example, if you have a credit card with $1,000 credit limit, keeping your balance below $300 will help you keep your utilization under 30%.

Below you will find a list of resources that can help create conversations with your students on this very important topic as well as ideas that you can implement into your own financial plan:

Experian. Has created a Credit Score Basics booklet on the fundamentals of your credit score and how you can improve it. Also included is a classroom presentation about "Giving Me A Little Credit".

Pocket Change. They create change by building community and taking action together. They've created a conversation with its Money Buddies: Asking for a Friend series. Episode 10 has a real history of credit scores that let's you talk about money to create change together.

Practical Money Skills for Life. They have various resources focused on managing credit as well as videos, activities, and calculators that can make the topic come alive.

Professional Development Opportunities

We are building a calendar of professional development opportunities and other events. Please let us know if you have information to add.

OCTOBER SPOTLIGHT PROFESSIONAL DEVELOPMENT

Council for Economic Education (CEE): October is National Economic Education Month! You can find ways to participate during the month by clicking here. They have live virtual events featuring prominent economists as well as videos on how to use economics in the real world to create activities for your classroom.

You can follow along and engage with the different events by using #EconEdMonth

Below you will find several virtual opportunities throughout the month of September and into the fall by the following organizations:

NGPF

Jump$tart Financial Foundations for Educators

MI DIFS

MSU Extension

MI MCEE

MI Financial Wellness

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