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Personal Finance

Personal Finance . Installment vs. Revolving: Types of Debt. How interest accrues on each How each type of debt looks to credit bureaus and lenders Interest rates on each type (high vs. low). What’s in your FICO® score?. The 5 Factors of Credit. The 5 Factors of Credit.

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Personal Finance

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  1. Personal Finance

  2. Installment vs. Revolving: Types of Debt • How interest accrues on each • How each type of debt looks to credit bureaus and lenders • Interest rates on each type (high vs. low)

  3. What’s in your FICO® score? The 5 Factors of Credit

  4. The 5 Factors of Credit • Payment History 35% • Amounts Owed/Utilization 30% • Length of Credit History 15% • New Credit/Inquires 10% • Types of Credit Used 10%

  5. Understanding Credit & Home Ownership • Credit Card Rate Increases • Limit vs. Balance • How to pay off the Credit Card early? • Multiple Payments/month

  6. Understanding Credit • Credit Card Limits decreased and restrictions • No Interest for 1 year promotions • Store purchases (TVs, Furniture, etc) • No Interest Balance Transfers • Cash advances

  7. Home Ownership • Down Payment for 1st Time HomeBuyers 80/20 90/10 • Increasing dollar amount (3.5% for FHA) • Credit minimums have increased from 650 to 720+ • Closing costs • Appraisal • Title • Home inspection • Realtor commission • Up front, out of pocket expenses?

  8. Finance After College: Benefits • Health/Dental/Vision • 401K – employer matching • vesting • Pension • Other retirement accounts (IRA)

  9. I’m making money – what do I do with it? • Safety net • Pay down or pay off any revolving debt you leave college with • Down payment • Automatic withdrawal (savings acct) • Retirement • Insurance – life, disability • Student Loan • Transportation – consider used

  10. Good Debt House (mortgage) Student Loan Items financed that return value Bad Debt Credit Card Department stores, promotional offers, Visa/MC Auto Personal Loan 401K Loan Federal debt Good Debt vs. Bad Debt

  11. Do you… • Feel as though you can have an effective conversation with just about anybody? • Want a position with growth potential? • Consider yourself a motivated person? • Like working in a competitive atmosphere? • Enjoy knowing where you stand in rank amongst peers? • Look for reputable employers with excellent benefits and stability during tough economic times?

  12. Why Sales? • Entry-level salaried position with the top-rated bank in the world. • Sales in a central environment exposes you to all career paths in the company. • Different sales environment than most…

  13. Contact Information • Brian Doyle, Sales Manager • 515-327-9552 • briandoyle@wellsfargo.com • Emily Agan, Sales Manager • 515-327-9533 • emilyagan@wellsfargo.com

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