edge presentation winter 2016 final (2)
-
Upload
mary-donohue -
Category
Documents
-
view
14 -
download
1
Transcript of edge presentation winter 2016 final (2)
![Page 1: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/1.jpg)
Financial Fitness Fundamentals:
Part I Winter 2016
![Page 2: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/2.jpg)
Part I: Credit Basics
![Page 3: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/3.jpg)
FICO Score Breakdown
![Page 4: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/4.jpg)
Credit Score What it Means 760-849 Excellent score. A lender is likely to offer you
their best interest rate.
700-759 Great score. You should have no trouble getting a loan at a good interest rate.
660-699 Good score. You should have no trouble getting a loan at a good interest rate.
620-659 Fair score. You may qualify for a loan but not a good interest rate.
580-619 Poor score. You may qualify for a loan, but the interest rates will be extremely high.
500-579 Very poor score. If you qualify for a loan the interest rates will be extremely high.
![Page 5: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/5.jpg)
Damage Points How Mistakes Affect FICO Scores
Credit mistake If your score is 680 If your score is 780
Maxed-out card Down 10 to 30 pts. Down 25 to 45 pts.
30-day late payment Down 60 to 80 pts. Down 90 to 110 pts.
Debt settlement Down 45 to 65 pts. Down 105 to 125 pts.
Foreclosure Down 85 to 105 pts. Down 140 to 160 pts.
Bankruptcy Down 130 to 150 pts. Down 220 to 240 pts.
Source: FICO
![Page 6: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/6.jpg)
Credit Report vs. Credit Score Credit Report
• Compiled by Equifax, Experian, and TransUnion
• Shows credit history • Check to verify information
and prevent identity theft • Request at
annualcreditreport.com
Credit Score
• Raw number • Ranges from 300-850 • Used by lenders, apartment
companies, potential employers to determine risk
• Use estimators or request
official
![Page 7: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/7.jpg)
Get Your Free Credit Score Here
• Fico Score Estimator
• Credit Karma
• Credit.com
• Quizzle.com
![Page 8: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/8.jpg)
Credit Terminology Annual Percentage Rate (APR) The interest rate you will pay if you carry a balance
Grace Period The number of days you have to pay your bill in full before a finance charge is applied
Finance Charge Additional fees added to the
original amount of the loan
Fees These charges include annual, cash advances, balance transfers, late payments, returned items, and more
Balance Transfer Transferring the balance of one card over to a second card
![Page 9: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/9.jpg)
Pros of Credit Use
• Building a credit history
• Budgeting and managing finances
• Planning purchases
• Emergencies
![Page 10: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/10.jpg)
Cons of Credit Use
• Affects your financial future
• Over-spending
• Selecting the wrong card
![Page 11: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/11.jpg)
Part II: Apartment Renting Fundamentals
![Page 12: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/12.jpg)
Before You Begin
• Fees § Application § Credit Report Check
• When Signing § First Month’s Rent? § Security Deposit?
• Monthly Expenses
?
![Page 13: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/13.jpg)
Wait, What Can I Afford?
Living Expenses 80%
Savings 10%
Debt Repayment
10%
![Page 14: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/14.jpg)
Are You Up For A Challenge?
• Track your expenses for 3 months • Save all receipts • Hate tracking expenses? Use Mint.com or Budgetracker.com
![Page 15: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/15.jpg)
Make ‘em S.M.A.R.T Specific Goal Measurable Time-
Sensitive Attainable Realistic Action
Security Deposit (Short term) $800 4 months $200/month
$50.00/week
Cut back Starbuck’s lattes to twice a week
Buying a Sofa (Intermediate) $600 6 months
$100/month ($25.00/week)
Cut back weekend restaurant spending
Move to River
North (Long term)
$3000 10 years $300/month ($75/week)
Keep debt low by searching for scholarships
![Page 16: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/16.jpg)
On Campus vs. Off Campus
Sanctuary Hall Standard $1,200/Monthly
V.S.
3 Bedroom Apartment $600/ Monthly
Food: $200.00/Monthly
Food: DePaul Plan $402.00/Monthly
![Page 17: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/17.jpg)
Step 1: Determine Who You Want to Live With
![Page 18: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/18.jpg)
Determine the Expectations How will you pay rent?
What is the visitor policy?
Will you share groceries?
How will you handle bills?
Are there quiet hours?
![Page 19: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/19.jpg)
Step 2: Start Browsing
Explore Neighborhoods
Talk to people
Visit Friend’s Apartments
![Page 20: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/20.jpg)
What to Look at First • Location • Size • Safety • Ability to paint • Pet policy • Architectural details • Amenities
![Page 21: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/21.jpg)
![Page 22: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/22.jpg)
Good Bad • High water pressure
• New windows
• Level floors
• Higher than 1st floor
• Hard to flush toilet
• Water damage
• Cracked walls
• Bad caulking
Apartment Characteristics
![Page 23: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/23.jpg)
Step 3: Sign the Lease
• Rent • Late charges • Security deposit • Roommate Policy • Terms for Leaving Early • Subletting Options • Cleaning at move out
READ CAREFULLY
![Page 24: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/24.jpg)
Step 4: Move in!
![Page 25: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/25.jpg)
Damage Control
• Photograph condition upon move in • Consequences for failing to report
serious damage • Repairs that exceed security deposit
amount
![Page 26: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/26.jpg)
Subletting
• Property damage
• Uncollected rent
• Lack of landlord approval
• Possible evictions
: allowing someone to live in your apartment to cover the rent while you're away Verb | sub·let | ˈsəb-ˈlet
• Written agreement covering rent
• House rules and any other provisions in the primary tenant's lease
• Transfer utility bills
Solutions Problems
![Page 27: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/27.jpg)
Know your Rights as a Tenant • Handling repairs • Security deposit • Landlord notice • You must: - Report damages - Abide by codes
- Financially responsible for negligent damages
![Page 28: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/28.jpg)
DePaul Legal Services Fair Housing Act
§ Contact DePaul Legal Services for tenant rights information § Sarah Baum, J.D.: 773-325-1588
Illinois Tenant Union § www.tenant.org § Chicago Tenant Rights § Personal consultations: (773) 478-1133
Renter’s insurance § Approximately $100 - $250 annually § Covers a variety of common damages and some property even when outside of the apartment.
![Page 29: edge presentation winter 2016 final (2)](https://reader031.fdocuments.us/reader031/viewer/2022030309/58f1cbc71a28ab473c8b45db/html5/thumbnails/29.jpg)
Let Financial Fitness Help You
1. Schedule a Financial Advising
2. Access our website
3. Follow us on Facebook and Twitter