FICO’s Keon Haley combines personal stories and practical guidance to unravel credit scores and learn how to learn them in a way that really sticks.
“I come from a family where we didn’t really talk about money much. It wasn’t something we talked about regularly. It was more, do we have enough to pay the bills, or not?”
It wasn’t until he worked at a Small Business Development Center in college that Keon saw firsthand how powerful financial education could be.
After seeing a client come back and say, “You helped me become a millionaire,” Keon realized that “education and money go together.”
From there, the episode delves into the nuts and bolts of a FICO score. Keon clearly explains the five components: payment history, credit utilization, length of credit history, new credit and credit mix.
Keon also shares common myths that trip students and adults alike: Getting married? There is no such thing as a combined score. Rate shopping for a car or mortgage? Thanks to the ‘deduplication logic’, multiple questions within a short period of time are usually treated as one investigation.
Listen to the full episode on Apple Podcasts or Spotify and watch the transcript here.
Join this week’s speaker series LIVE with David Gardner, co-founder of The Motley Fool
The NGPF Speaker Series weekly virtual PD on Thursdays will be the next NGPF Podcast episode. When you join live, you can ask questions and connect with the speaker and other teachers in real time.
David Gardner will share his ‘Rule Breaker’ investing philosophy and discuss empowering young people to build long-term wealth. We will also demonstrate the Freedometer, Motley Fool’s interactive tool for building investing knowledge.
Register now for tonight’s Speaker Series event (Feb. 12) with David at 4:00 PM PT / 7:00 PM ET.
#NGPF #Podcast #Demystifying #Credit #Trust #FICO #Keon #Haley