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