A LECTURE ON CREDIT AND BORROWING MONEY LIFE HACK Seidman Financial Literacy Series January 7 2018 Grand Rapids MI Who Am I Pop Quiz Some Statistics that I hope open your eyes Love Lets Dig In ID: 796507
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You Don’t Know,
What You Don’t Know!
A LECTURE ON CREDIT AND BORROWING MONEY
LIFE HACK
Seidman Financial Literacy Series
January 7, 2018
Grand Rapids, MI
Slide2Who Am I?
Pop
Quiz
Some Statistics (that I hope open your eyes)
#Love
Let’s Dig In
Life Hack TakeawaysQuestions
agenda
Slide3Who is this Guy?
Personal
Grew up in Canton, MI
2004 Seidman Grad (Finance & Econ)
2010 Seidman Grad (MBA)
Community Involvement
Married with 3 very busy boysI have one mortgage and one credit card. Previously, car loans, student loans, personal loans.My credit score is very good!ProfessionalMercantile Bank (2004 – Current)
Stonier Graduate Banking School
Wharton Leadership Certificate
Slide4Pop Quiz
Slide5Your Credit Score is…
ImportantNot ImportantNeither
You are in Control of your Credit Score:True
FalseI Don’t Know
Therefore: DO SOMETHING ABOUT IT!!!
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No Cheating!
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Slide7Some Statistics (that I hope opens your eyes)
Slide8Millennials make up
25.2% of the credit populationOnly HALF have checked their credit score
One-third have never applied for a credit card
Nearly two-thirds do not have a credit card
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What’s the FICO?
(wtf)
Slide9What’s the FICO (wtf)? (Act 2)
Only 22% of US consumers know that high credit-card balances hurts their scoreOnly 30%
realize that managing multiple accounts is better than one52.6%
of millennials have a score below 670
38.1% for non-
millennials
9What’s the FICO?
(wtf – part 2)
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www.AnnualCreditReport.com
Slide11#LOVE
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Love at First Sight?
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www.CreditKarma.com
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Slide16Let’s Dig in
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Slide18Age
SalaryOccupation / Title / Employer / Employment History
Where you liveInterest rates you are charged
Relationship Status
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Not Included!
Slide19Life Hack Takeaways
Slide20Take control!!
www.annualcreditreport.comwww.creditkarma.comBut, respect the man behind the
curtain!
Credit cards are not bad, but…Update Tinder profile to include scoreBe proactive
Seek help
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Don’t be a Hack
Slide21THANK YOU!
Scott Setlock Cell: (616) 446-9765 Email: ssetlock@mercbank.com
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