what is your credit - master your card...3 master your card is a community empowerment program that...
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![Page 1: What is your credit - Master Your Card...3 Master Your Card is a community empowerment program that helps you get the most from your money through prepaid, credit and debit cards](https://reader034.vdocument.in/reader034/viewer/2022051900/5feec9f182452269e74998a9/html5/thumbnails/1.jpg)
What is your credit score?
A community empowerment program brought to you by MasterCard®
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Understand what a credit score is so you can make sure you’re making
smart decisions right from the start.
Master Your Card A community empowerment program brought to you by MasterCard®
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Master Your Card is a community
empowerment program that helps
you get the most from your money through
prepaid, credit and debit cards.
Master Your Card A community empowerment program brought to you by MasterCard®
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Mastercard is a technology company that builds safe, smart and simple solutions for making payments
and purchases.
4Master Your Card A community empowerment program brought to you by MasterCard®
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Your credit,
your future
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What’s a credit rating and why do I always hear people talking about it?
6Master Your Card A community empowerment program brought to you by MasterCard®
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A credit rating or credit score is what lenders, banks, landlords and others use to evaluate your financial strength.
7Master Your Card A community empowerment program brought to you by MasterCard®
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Credit scores change over time, ranging from
about 300 to more than 850.
300 850Master Your Card A community empowerment program brought to you by MasterCard®
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A number of thingsinfluence your credit score.
Master Your Card A community empowerment program brought to you by MasterCard®
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10%New credit
10%Types of credit used
15%Credit history length
30%Amounts owed
35%Payment history
A number of thingsinfluence your credit score.
Master Your Card A community empowerment program brought to you by MasterCard®
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EXC
ELLE
NT
740-850 Higher scores will save you money. The higher the score, the lower the interest rate you will pay.
GO
OD 620-740 Improve your score by paying your bills on time
and keeping your balances low.
POO
R 300-620 Financial institutions consider you a greater risk. You may not be approved for a loan at all.
Master Your Card A community empowerment program brought to you by MasterCard®
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EXC
ELLE
NT
Higher score=lower ratesPO
OR Lower score=higher rates
as low as
7.9% as high as
28.9%
Master Your Card A community empowerment program brought to you by MasterCard®
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EXC
ELLE
NT
Higher score=lower ratesPO
OR Lower score=higher rates
as low as
5.1% as high as
18.9%
Master Your Card A community empowerment program brought to you by MasterCard®
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EXC
ELLE
NT
Higher score=lower ratesPO
OR Lower score=higher rates
as low as
3.9% as high as
9.5%
Master Your Card A community empowerment program brought to you by MasterCard®
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Typical $160,000 loan with a 30-year fixed mortgage
Typical 5-year auto loan of $25,000
Credit card rates may vary due to different factors
Credit scores offer lenders an idea of how much risk you might pose
EXC
ELLE
NT
740-850 3.9%APPROXIMATE
5.1%APPROXIMATE
8.0%APPROXIMATE
Higher scores will save you money. The higher the score, the lower the interest rate
you will pay.
GO
OD 620-740 4.6%
APPROXIMATE
8.8%APPROXIMATE
13.1%APPROXIMATE
Improve your score by paying your bills on time and keeping your
balances low.
POO
R 300-620 9.1%APPROXIMATE
18.4%APPROXIMATE
24.4%APPROXIMATE
Financial institutions consider you a
greater risk. You may not be approved for
a loan at all.
Master Your Card A community empowerment program brought to you by MasterCard®
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Good credit opens doors
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Follow these simple rules for a high credit score and a low-stress
financial future.
Master Your Card A community empowerment program brought to you by MasterCard®
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• Pay your bills on time.
• Pay off monthly balances in full.
• Know your credit limit and don’t go over it.
• Keep your monthly balance low.
• Pay off debt rather than move it around.
• Read the fine print to know about fees and how to avoid them.
• Use your phone to monitor your balance.
• Review your credit report regularly with free annual reports, and dispute any inaccuracies right away.
• Report lost or stolen cards right away.
• Take advantage of special products and tools.
• Set smart spending limits—you can tell the bank what your max limit should be.
Do
Master Your Card A community empowerment program brought to you by MasterCard®
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Don’t• Don’t close unused credit cards.
• Don’t open multiple accounts in a short period of time.
• Don’t let someone else in the family open up a card in your name.
Master Your Card A community empowerment program brought to you by MasterCard®
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But more than anything,
Master Your Card A community empowerment program brought to you by MasterCard®
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borrow only what you can
repay!
Master Your Card A community empowerment program brought to you by MasterCard®
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Thank you
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To get the most value from electronic payments, visit www.masteryourcardUSA.org