topic College class about the credit score in Understanding FICO® Scoring

College class about the credit score

Anonymous — Wed, 23 Jan 2008 21:38:59 GMT

Hi, is there any college classes (1 unit or more) anywhere that teach about the credit score?

Re: College class about the credit score

Junejer — Wed, 23 Jan 2008 21:46:22 GMT

There ought to be a full blown three or four credit class that teach the young people about credit, the credit scoring system and how money works in general. I truly believe that the university system is failing our young people in this regard.

Now, I can get off my soapbox.

Re: College class about the credit score

Anonymous — Wed, 23 Jan 2008 22:11:55 GMT

You've found it -- and it's free! Welcome to myFICO University!

Re: College class about the credit score

fused — Wed, 23 Jan 2008 22:26:25 GMT

ByrdMan wrote:

There ought to be a full blown three or four credit class that teach the young people about credit, the credit scoring system and how money works in general. I truly believe that the university system is failing our young people in this regard.

Now, I can get off my soapbox.

I say it's my job as a dad! And believe me, my daughter will get a lot more than 3-4 credit hours, she will get an ear-full from both mom and I for next two decades. lol

Re: College class about the credit score

haulingthescoreup — Thu, 24 Jan 2008 00:00:38 GMT

I say it needs to be high-school level. There ought to be a required course for all high school juniors called Real World 101, involving credit, car and health insurance, marriage and divorce, banking, everyday law that affects young people (leases, DUI's, etc.), student loans, and voting. And probably a couple of zillion other things as well.

Although really, fused is right. It needs to come from parents. But how many of us were clueless until very recently?

Re: College class about the credit score

Junejer — Fri, 25 Jan 2008 20:42:58 GMT

@fused wrote:

@Junejer wrote:

There ought to be a full blown three or four credit class that teach the young people about credit, the credit scoring system and how money works in general. I truly believe that the university system is failing our young people in this regard.

Now, I can get off my soapbox.

I say it's my job as a dad! And believe me, my daughter will get a lot more than 3-4 credit hours, she will get an ear-full from both mom and I for next two decades. lol

Fused, you are absolutely right. It is the parents' job. I started making my DD do my taxes at age 14 and have been teaching my children about financial management and the importance of credit. However, when I was first in banking, I can't count the times that a recent college grad came in for a loan and I had to turn them down, b/c even though that had a good, steady job, with a good income, they had messed up their credit in college and now realized the folly of their ways. I actually had a young lady tell me that she wished that there was a college course that would have taught her all about handling credit.

Re: College class about the credit score

Anonymous — Sun, 27 Jan 2008 22:06:02 GMT

Yeah, sure it's the parents' job-- unless you're me, and your parents knew jack about credit, and both their parents are in the "in cash or by check" generation.

I got screwed 'cause my parents didn't know anything. My mom has my sister (17 years old) scared to DEATH of credit. I'm learning now, and I have to help my sister unlearn what she's learned from our mom burying her head in the sand, not learning, and having no accountability.

Just because it's the parents' job doesn't mean that the parents had all the necessary info to teach properly.

Seeinng that CO's cost taxpayer money, I'm very surprised that the govm't hasn't made that a requirement to graduate with a bachelors! I mean, how much was charged off in the last 10 years, I wonder? How much of that could have been prevented with information.

Seriously, if I'd had access to a class like that, I would be MUCH better off now. I had to wait out my entire 20's due to credit mistakes. Heck, if I even knew this much just 3 years ago, right after my divorce, I'd be in the 700's already.

I'm a fan of making this available in all colleges!!!

Of course, now, here in So. Cal, BofA is just giving credit away to illegal immigrants and keeping them in BofA debt slavery.... But that's another topic.

Re: College class about the credit score

sunrise — Sun, 27 Jan 2008 22:44:28 GMT

LOL, Univ. of Myfico!!! Where can I get my t-shirt?

My children are 9 & 14, they both know about FICO scores!! They also know that in order to have a decent life, they will need 2 scores to be really high......ACT & FICO!!!!

We, as parents owe it to our kids to explain all this to them. Geez, I wish my parents had taught me about FICO scores!! Unfortunately, I learned the hard way!!

Re: College class about the credit score

llecs — Mon, 28 Jan 2008 11:23:49 GMT

The moderators are tenured professors.

Copying is encouraged.

All classes offered are online with optional field trips to your local bank, CU, or post office.

Class participation is highly recommended.

All classes are audited for no fee but the tests costs approximately $15 each; scores of 700 or better are ideal.

Bumper stickers are available at the school bookstore:

"We are ultimate gamers at MyFICO Zone"

"MyFICO University Dad" & "MyFICO University Mom"

"MyFICO U high achiever beat up your YourFAKO honor roll student"

Re: College class about the credit score

haulingthescoreup — Mon, 28 Jan 2008 11:51:44 GMT

ROFLMAO

And I'm sure you know that lots of times the professors are just one chapter ahead of the students in the textbook.

I really want the honor roll bumper sticker...

Re: College class about the credit score

Anonymous — Mon, 28 Jan 2008 15:45:54 GMT

OMG! Hahahahahahahahahahahaha llecs! To funny.

Post of the day!

Re: College class about the credit score

Anonymous — Mon, 28 Jan 2008 16:23:35 GMT

The one issue I have is not knowing how much closing positive accounts can hurt.

Question is - why doesn't FICO use the date that the CRA opened your file as oldest date for aging purposes?

My TU file, for example, was opened 2/1985 when I applied for a Mellon Bank card while I was in college. I subsequently closed this card a couple years later when I upgraded to Citi and AMEX. Now, obviously, the Mellon card has fallen off my CR's and I lost all that history.

Can anyone comment on why this date is not used? I know all the CRA's keep it in their system. It is not accurate to say that my credit history is less than 1985, yet that is how my FICO's are calculated.

Re: College class about the credit score

Anonymous — Mon, 28 Jan 2008 20:06:56 GMT

llecs wrote:

The moderators are tenured professors.

I love it. We get the summers off!

Re: College class about the credit score

Anonymous — Wed, 12 Mar 2008 21:41:47 GMT

Hi everyone, I got great news. I found out there is a one unit internet only class at the U of MN and it has been there since Fall of 2004. I began researching into this because I want to develop a credit class (3 units) that eventually will spread to all colleges. I like the reply Byrdman gave on message #6, and what I want to do is expand the information in the 1 unit class by researching perhaps with the three credit bureaus or other credit experts. This is just the start of development, but I found a grant for creating community services so this class might be able to be developed by next winter.

Re: College class about the credit score

Anonymous — Wed, 12 Mar 2008 21:55:25 GMT

As a HS freshman, all of us were required to take a semester of Life SKills...it icovered things like, checking accounts, savings, credit card usage/responsibility, leases, job apps & resumes...etc.....was a great class...now if I just hadnt had gotten so forgetful in my late 20's things would have been great....

Message Edited by madameozzie on 03-12-2008 02:55 PM

Re: College class about the credit score

Anonymous — Wed, 12 Mar 2008 21:56:47 GMT

I forgot to say that it isn't very definite on how the credit class is going to be developed so any information about other similar classes and programs will be helpful and I will try to continue to post more information if people are interested. Also feel free to email me anything about this. Thanks.

Re: College class about the credit score

Dawn — Thu, 13 Mar 2008 00:17:39 GMT

Oh ... wow! I wish it were as simple as being the parents' job. I suppose two out of three kids getting the message is encouraging. But ... no matter what we do ... some kids just aren't gonna listen and are going to attend the School of Hard Knocks no matter what we do.

And ... rorug2000, I wish you luck with your endeavor. It sounds like a wonderful project and would definitely be beneficial to the young adults of our world. The more sources of exposure they have to this important information ... the better.

Message Edited by Dawn on 03-12-2008 07:17 PM

Re: College class about the credit score

Anonymous — Thu, 13 Mar 2008 03:56:55 GMT

I REALLY like sunrise's idea: "Univ. of Myfico!!! Where can I get my t-shirt?"

I'd buy one! pink or teal please.

(do the Admins ever read these posts?)

Re: College class about the credit score

Anonymous — Thu, 13 Mar 2008 15:29:59 GMT

rorug2000 wrote:
I forgot to say that it isn't very definite on how the credit class is going to be developed so any information about other similar classes and programs will be helpful and I will try to continue to post more information if people are interested. Also feel free to email me anything about this. Thanks.

I can tell you that there are some high school-level homeschool courses on Consumer Math that include credit, insurance, etc. I homeschool my son and plan to cover consumer math next year. Much more useful than Algebra 2!

If you want me to point you in the general direction, feel free to email me.

Re: College class about the credit score

Junejer — Thu, 13 Mar 2008 17:29:50 GMT

@Anonymous wrote:
Hi everyone, I got great news. I found out there is a one unit internet only class at the U of MN and it has been there since Fall of 2004. I began researching into this because I want to develop a credit class (3 units) that eventually will spread to all colleges. I like the reply Byrdman gave on message #6, and what I want to do is expand the information in the 1 unit class by researching perhaps with the three credit bureaus or other credit experts. This is just the start of development, but I found a grant for creating community services so this class might be able to be developed by next winter.

rorug, that is awesome. Way to grab the bull by the horns and be proactive. I wish you all the best in this worthy endeavor.