July #ZebraChat: Understanding Your Credit Score

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Understanding Your Credit Score | July #ZebraChat

We’re all well aware that our credit is important. It can impact your interest rates, whether you qualify for a loan, and can even keep you from getting a job. Although credit scores are a large part of personal finance, most people still don’t understand how they work.

A 2016 survey conducted by Consumer Federation of America (CFA) and VantageScore Solutions, LLC, found that most consumers understand the basic facts about credit scores but do not understand credit score details with important cost implications. (For example, did you know that electric utilities companies, landlords, and cellphone companies may use your credit score?) When it comes to insurance, credit scores can determine how much you pay in monthly premiums, too. In fact, The Zebra’s 2016 State of Auto Insurance report found that a driver with a low credit score can pay up to twice as much on car insurance as those with excellent credit.

Because credit is such a huge part of personal finance education and can have a significant impact on our everyday lives, we would like to focus on this topic in our next monthly #ZebraChat. And you’re invited!

Here are the details of July’s #ZebraChat:

When: Tuesday, July 25 at 2 p.m. CT

Topic: Understanding Your Credit Score

Hosted by: The Zebra and Neil Richardson

Featured Guests: CentSai, Credit Sesame, Louis DeNicola, and Navicore Solutions

Don’t forget to use the hashtag #ZebraChat to participate. You can also join one of these chat rooms or tools to keep track of the conversation.

Optional Chat Rooms: tchat.io or TweetChat
Twitter Tools: Tweetdeck

About Our Featured Guests:

CentSai (a play on the Japanese word sensei) is a digital finance community for Millennials and Generation X where they teach personal finance via storytelling. CentSai helps readers navigate the myriad of financial decisions they’ll need to make as an adult — whether buying your first home to determining what type of insurance you need to negotiating a better salary.

Credit Sesame is a fast-growing credit and loan management platform that is changing the way consumers apply for and manage their credit. As a strong consumer advocate, they provide consumers the free tools they need to reach their financial goals. Since launching in 2010, Credit Sesame has helped millions of consumers find better financial products and do more with their credit score.

Louis DeNicola is a personal finance writer who works with Fortune 500 financial services firms, FinTech startups, and non-profits to help promote financial literacy. He covers a variety of topics, from credit scores to student loans, and helps turn complex concepts and topics into easy-to-understand stories. You can regularly find Louis’s work on Credit Karma and ClearPoint (a nonprofit credit counseling organization).

Navicore Solutions provides compassionate counseling solutions to consumers nationwide in the areas of personal finance, consumer credit, student loans, foreclosure prevention and housing.  A national 501(c)(3) organization, Navicore Solutions operates 12 offices in 11 states nationwide and our certified counselors assist more than 100,000 consumers each year through in-person, telephone and Internet counseling across the United States.

July #ZebraChat Questions: Understanding Your Credit Score

Q1.) What is credit and why should we care about it?
Q2.) What’s the difference between a credit score and a credit report?
Q3.) How often should we check our credit scores and why?
Q4.) What tools/apps/websites are you using to monitor your credit?
Q5.) What are some important things to monitor on your credit history?
Q6.) What are some unexpected or surprising ways your credit can impact your day to day?
Q7.) What are some common credit mistakes people make?
Q8.) What advice would you give to someone who is in the process of establishing credit?

New to Twitter Chats? Here’s How to Participate

We’ll share a series of numbered questions (Q1, Q2, Q3, etc.). Share your reply with “A” and the question number.

If you’re joining us via Twitter or TweetDeck, don’t forget to use the #ZebraChat hashtag so we can find your response. If you’re joining us via one of the chat rooms, the hashtag will automatically be added to the end of your response.

For example: If you’re responding to Q1, you might reply:

A1 Credit is like a personal report card on how well you handle debt. #ZebraChat

Easy as pie! After the chat, we’ll share a post recapping the conversation and share chat highlights as well.

Save the date! We hope to see you on July 25th to talk about credit.