Today’s lesson in Management Information Systems was very interesting and directly affects our lives today. On February 27, 2012, our class discussed credit, why we have it, and how different activities on the part of us students, as well as our parents in some cases, can affect our credit score.
We learned that our credit score is essentially our track record of paying back loaned money, and that this influences if, and how much, banks and other financial intermediaries are willing to loan us. Credit scores can go as high as 800, and we learned that there are many ways in which to check your credit score. Professor Sistrunk told us that the state of Georgia allows for one free printout of a person’s credit score every six months. He also directed us to companies that deal in the business of displaying credit reports, such as http://www.experian.com/, http://www.freecreditreport.com/, and http://www.equifax.com/.
We also learned how things like the differences between chapter 7 and chapter 13 bankruptcies, and how they affect your credit score, how delinquent payments decrease your score, and how to read and analyze a credit report.
Being that we are all college students, just starting to build our credit histories and starting to pay our own bills, this lesson was very important in that it shows us the types of things that we should not do so that we can continue to build good credit.
I also enjoyed this class. I learned a lot about how the credit system works and how to use it to my advantage. It is important for us as young men to learn about how this system works because credit will be with us forever
ReplyDeleteThe Buddhist Dhammapada says "Well-makers lead the water(whatever they like); fletchers bend the arrow; carpenters bend a log of wood; wise people fashion themselves" Following aforementioned, it is more important than ever for all of us to begin fashioning ourselves for the life we plan to lead;considering we all look forward to leading lives as productive citizens. I am glad I was apart of the conversation because finance and understanding banking once seemed like a foreign language to me. So it made me feel a lot more comfortable with the topics.
ReplyDeleteCheck out this website and government initiative to encourage financial literacy : http://www.mymoney.gov/
This blog informed me of different sites to check my credit report I personally used some of these sites just to check my credit score because I was curious. I learned about finance an how it is different from accounting.
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