Credit Score & Credit History | High School Financial Literacy Unit Pack NO-PREP

Описание: Did you know that having a "Poor" credit profile could cost you over $7,700 in extra interest on a standard car loan? 🚗📉 In this video, we break down your "Financial Fingerprint" to reveal exactly how credit history impacts your wallet and your life.

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🎬 WHAT THIS VIDEO COVERS: We move beyond the basics to analyze the real-world impact of your credit history. Just like a fingerprint uniquely identifies you, your credit report identifies your financial behavior to the world. We uncover the "Ripple Effect" of bad credit—from denied apartment applications to failed background checks—and debunk the biggest myths that keep people in debt.

🧠 KEY CONCEPTS & LESSON BREAKDOWN:
1. The "Trust Metric" (Friend Analogy) We start by asking: What makes you trust a friend to pay you back? We explain how lenders use this same logic to calculate your score based on character and reliability.
2. The Anatomy of a FICO Score We analyze the weighted components of your score, specifically why Payment History (35%) and Credit Utilization (30%) matter more than anything else.
3. The $7,700 Difference (The Real Cost) Using real math, we compare "Profile A" (Excellent Credit) vs. "Profile C" (Poor Credit). You will see how a high interest rate turns a standard car purchase into a financial burden, forcing those with bad credit to pay luxury prices for a "beater" car.
4. The "Ripple Effect" Credit isn't just about loans. We discuss how a bad financial fingerprint impacts non-monetary areas of your life, including:
• Employment background checks (especially in finance/gov).
• Landlord denials and double security deposits.
• Utility company deposit requirements.
5. Debunking Credit Myths
• Myth: "Checking my own score hurts my credit." (False! That is a Soft Inquiry).
• Myth: "Carrying a small balance helps my score." (False! You don't need to pay interest to show activity).

❓ DISCUSSION OF THE DAY: Check out the "Credit Fundamentals" reflection: What is the ONE factor that makes you trust someone with your money? Let me know in the comments below! 👇

📚 RESOURCES MENTIONED:
• Credit Fundamentals: Understanding Your Financial Identity
• Case Study Analysis: The Real Cost of Credit
• The "What’s in the Mix?" FICO Breakdown