TRUE OR FALSE? - Buffini & Company Resource Hub
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When it comes to building credit, it can be difficult
to tell fact from fiction. Use this short true-or-false quiz to help
you get the facts straight and your credit in great shape!
TRUE OR FALSE?
Any debt will hurt my credit. My spouse and I can run a Get your free annual
FALSE: An outstanding mortgage being paid joint credit report. credit report at
on time isn’t the same as $30,000 worth of FALSE: Each individual receives their own annualcreditreport.com.
credit card debt. An outstanding mortgage credit score. Your joint accounts and shared
that’s paid on time is considered “good debt,” loans may impact each of your scores, since
Check your credit score
and it can raise your score. Stay away from they will appear on each of your reports.
for free with Credit
consumer debt!
Closing my paid-off credit Karma, Credit Sesame,
When I pay off my debt, it’ll card isn’t going to help my Credit.com, Equifax,
disappear from my credit report. credit score. Experian or Mint.
FALSE: Paid debt will remain on your credit TRUE: It may pay to keep it open. Closing an
report for several years. If it was paid on time, unused card reduces your amount of credit
it can boost your score. Bankruptcy, defaulted and limits your credit history, which can WANT MORE HELP
loans and other negative information can hurt, sometimes lower your credit score. But if that SORTING CREDIT
sticking around for 7-10 years. credit card is tempting you to spend, close it!
FACT FROM FICTION?
Even though I got a promotion Checking my own credit GIVE ME A CALL,
my credit score is unaffected. score won’t impact it. AND I’LL REFER YOU
TRUE: Income and job title may indirectly affect TRUE: Running your own credit report does TO A GREAT LENDER
your score, but salary is not factored into your not negatively impact your score. When a
report. Still, head’s up — lenders may ask lender checks for a mortgage, car loan or
WHO CAN HELP
about your employment to determine how credit card application, it may lower your BREAK IT DOWN.
likely you are to pay your debts. score a few points.
©2
020 Buffini & Company. All Rights Reserved. Used by Permission. RMMK MAY S
600 - 740
AVERAGE
600 or 740 or
BELOW ABOVE
NEEDS WORK EXCELLENT
WHAT’S IN A CREDIT SCORE?
Between FICO®, VantageScore and other models, there is no single way to calculate your
credit score. Take a look at the top two models and how they are calculated.
FICO Credit Score VantageScore 3.0 Model
RANGE 300-850 RANGE 300-850
21%
30%
35% 40%
20%
15% 10%
10% 11% 5% 3%
35% 10% 40% 11%
Payment History Credit Mix Payment History Total Balances
30% 10% 21% 5%
Credit Utilization New Credit & Recently Duration & Type of Credit Recent Behavior
Opened Accounts
15% 20% 3%
Length of Credit History Credit Utilization Available Credit
FICO is the most common credit ranking. Score varies Developed by the major credit reporting bureaus, this
depending on the reason for the loan. Your result for model is used by some popular free credit report sites as
an auto loan might be different than your score for a well as lenders, landlords and financial institutions to see if
department store credit card. you are credit worthy. Your score will be similar but rarely
identical to FICO.
Source: FICO, Experian, Debt.org, VantageScore, Credit Karma
https://virtualgatherings.com
How to Host the Perfect
Virtual Gathering
Need a little social interaction during self-isolation? The digital
world makes it easy to host a gathering where nobody has to
leave their home. Here is how to throw your own virtual party!
Learn More
Set a Date
The days are still busy, even with
everyone at home! Go for an evening or a
weekend, and be sure to specify an end
time so guests know how long to plan for.
Send an Invitation
Send out your invites just like you would
for an in-person party, Facebook
Messenger, Direct Messenger for
Instagram, email or a text message. Make
Choose a Platform sure to specify how guests can join the call,
and provide the access link if you have it.
Pick the group video conferencing
platform that best fits the needs of you
and your friends:
Zoom, Skype and Google Hangouts
are most convenient for big groups.
Group FaceTime calls work well for
smaller parties of all iOS and Mac users. Be Creative
Facebook Messenger also has a video
Halloween in Quarantine - Encourage
chat option, but all guests must be in a
everyone to dress up for some online
group message first.
tricks and treats.
Houseparty requires all guests to be Ice Cream Dream - Have your guests
“friends” on the app in order to make a call. craft their perfect sundae.
The platform also offers built-in games.
It’s Five O’Clock Somewhere - Make
it a virtual happy hour!
Make it Interactive
Check out the Jackbox Party Pack for
a variety of creative online games.
Play classic games online like Scrabble,
Uno and Monopoly.
Watch a movie with friends using apps
like Netflix Party and Kast. Live chat
Pro-Tips:
your group while streaming your favorite To avoid shadows, face your webcam away from windows.
shows and movies. You could also consider a virtual background depending on
the platform you use.
If everyone agrees, record the video chat within the platform
or through a screen recording app. Send it to your guests after
or edit it into a party highlights reel to look back on the lighter
moments of this unique self-isolation experience.
Cancel OK
© 2020 Buffini & Company. All Rights Reserved. RMMK MAY EREPORT S
Preparing Your Credit for the Future Dear Friend, Recently, we have been receiving much information regarding COVID-19. As we continue to navigate uncertainty together, it is important to remember that this too shall pass. That’s why this month, I want to share information to help you prepare for life after these trying times. Credit is one subject that will always be important, which is why this Item of Value is helping separate credit facts from fiction. No matter what your current financial situation is, you can use this information to become a credit master and strengthen your own score down the line. There is also a breakdown of the different scoring models to highlight habits that will help you achieve credit success. Even though the world seems to be on pause right now, the situation will pass. When it does, you will be ready to view your credit situation with fresh eyes and come out stronger, no matter where you started. In the meantime, please know that I am here for you and your family during these challenging times. If there’s anything I can do to help, do not hesitate to call. Stay healthy. Sincerely, Oh, by the way®… if there is anyway I can be of service to you or your family during this time, please call me. I’m happy to help you however I can in a way that is healthy, safe and sanitary.
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