8/14/2006
AMES, Iowa -- Women often have unique financial needs, according to Pat Swanson, Iowa State University (ISU) Extension families specialist.
"Eighty-five percent of women will be on their own financially at some time. Some never marry, some marry later in life, some divorce and some outlive their husbands. And of the elderly poor in America, more than 70 percent are women," Swanson says.
Swanson, along with Cynthia Needles Fletcher, ISU professor and extension families specialist, will be conducting a Web-based or by-mail course, Money Talk: A Financial Guide for Women, beginning October 16. "You will learn financial terminology and smart money skills to become a more informed consumer," Swanson says. The goal of the course is to educate and empower women to take control of their financial lives.
The five course modules will cover financial basics, insurance, investing, retirement planning and planning for life events. ISU Extension education programs do not promote any product or company. These distance education courses will run from Oct. 16 to Nov. 17.
The cost of $75 includes the 190-page Money Talk workbook. Call any ISU Extension county office or Ellen Minnihan, (515) 294-6568, to pre-register before Oct. 1. Send a check payable to Iowa State University, along with your name, address and e-mail address, to Minnihan at 68 LeBaron Hall, Iowa State University, Ames, Iowa 50011. The registration form also is available online at /finances/personal/.
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Contacts :
Cynthia Fletcher, Human Development & Family Studies, (515) 294-8521, cynthia@iastate.edu
Patricia Swanson, Human Development & Family Studies, (515) 294-2731, pswanson@iastate.edu
Barbara Abbott, Extension Communications and Marketing, (515) 294-4843, babbott@iastate.edu
July 12, 2005
$peaking of Money
by Sue McDonnell, Resource Management Specialist, ISU Extension
What's a credit score? Why is it important? Your credit score is a math formula that looks at the information in your credit report. The information comes from the three national credit reporting agencies TransUnion, Experian, & Equifax. Lenders and others use the information to determine your credit risk.
Your credit score can determine if you will get a loan and what rates you qualify for. Scores range between 300 and 850. Score below 650 and you may not get some loans. If you score above 650 you'll probably get standard interest rates. And score above 750 and you'll get the lowest interest rates. Getting a better interest rate will save money when you pay back a loan and can shorten the time it takes to pay-back your loan.
Lots of information makes up your credit score, but you need to remember only five things. Paying your bills on-time is the most important way to boost your credit score. Next, remember high debt balances hurt your score. These two categories account for 2/3 of your credit score. An established credit history boosts your score, so don't close all old accounts. Recent inquiries by a lender or business, puts a ding in your score, so apply for credit in moderation. And finally, a good credit profile has a mix of 4-6 types of credit accounts and loans.
A new law allows consumers to get free copies of credit reports once a year from each of the three credit companies. The easiest way is to visit the Web site www.annualcreditreport.com. Or call toll-free 1-877-322-8228. You will need to provide personal identifying information including your Social Security number to get your credit report. The free annual credit reports do not include your score. You can purchase your score for a few $$ when you order the report.
If your credit score isn't as high as you'd like; pay you credit cards on time. Pay your rent or house payment on time. Pay off debt or pay down debt before you apply for a loan. Correct mistakes in your credit report that may lower your score. And limit the number of debts you owe.
Your credit report and score are used if you apply for loans, credit cards, life insurance, a job, to rent an apartment or hook-up utilities. You may not get a job, or you may be charged a higher interest rate on a loan or credit card if your score is low. It pays to boost your credit score.
Extension programs are available to all without regard to race, color, national origin, religion, sex, age or handicap.
JB
12/12/2006