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For Credit Cards, answer the following for one of your credit cards (bold items are required): If you have no credit cards, use the sample credit card terms and complete your action plan on views of future debt and perhaps your plan to obtain a credit card.

Annual Percentage Rate for Purchases (fixed or variable)	%
Cash Advance APR (fixed or variable)	%
Balance Transfer APR (fixed or variable)	%
Overdraft Advance APR (fixed or variable)	%
Variable Rate Information (Index is _______________)
Purchase And Balance Transfer APR (Index + ___.__%)	%
Cash Advance APR (Index + ___.__%)	%
Default APR (Index + ___.__%)	%
Grace Period (in days)
Method of Computing Balance for Purchase
Annual Fee
Minimum Finance Charge
Transaction Fee for Balance Transfers
Transaction Fee for Cash Advances
Late Payment Fee
Over-the-Credit-Limit Fee
International Fee
Credit Limit
Date Opened (if available)

Action Plan

Your action plan is for your future strategies of the things you think you should be doing to be a better steward in the area of open credit and credit cards. In addition, think about what you want to do in the future after you get a job to be more financially self-reliant. Is your current credit card the one you should have? Why or why not?

Credit Report

Current Situation

This is your template for credit reports and your credit score. Get a copy of your credit report from one of the three main providers (we have no preference) at www.annualcreditreport.com. State the provider of the credit report and whether you found mistakes or not, as you do not need to include the entire report (for safety purposes). You should work to correct the mistakes.

Action Plan

Your action plan is for your future strategies of the things you think you should be doing to ensure your credit reports are correct. How often will you review your credit reports from each of the three main credit suppliers

Credit Score

Current Situation

Next, you will need to get a copy of your credit score. I recommend a FICO score, as it is the score used by over 80% of the users (and will likely be used by your mortgage lender when you buy a house), but you can get another score if you would like. Only include your score provider, score, and ranking in your current situation. For privacy, please attach a screen print of your score, but do not include the full report.

Action Plan

Your action plan is for your future strategies of things you will do to improve your credit score. The goal is to have a credit score of 760 and above, which is considered the top tier by many institutions. What are the things you plan to do to improve your credit score?

VII. Student and Consumer Loans and Debt Reduction Strategy

Current Situation

This is your template for student and consumer loans and debt reduction. List all your consumer loans, including personal, auto, consumer, and payday loans. Also include your mortgage loan if you have one, as well as any student loans outstanding. The goal is to have a summary of all our outstanding debts so you can work on them.

Next, list your:

interest rates

balance (the amount you owe)

current monthly payments

months remaining in the payback

costs, points, and other fees you are paying for each of your loans outstanding, including non-interest bearing loans.

Develop a plan of action on how you will repay these loans. How long will it take you to pay off all your loans if you make a minimum payment each month, beginning after school begins? How long will it be if you use a debt reduction strategy (Snowball or Avalanche approach)? How much money can you dedicate to debt reduction per month?

Action Plan

Your action plan is how you will get out of debt. What is your debt reduction strategy? How long will it take for you to get out of debt (Most importantly, what are your views and goals on future debt?

Consumer Loans Strategy Installment Credit versus Revolving Credit

This is your strategy for how you will handle consumer loans including auto loans

Will you use consumer and auto loans?

What is your strategy for Installment loans other than auto loans like mortgage?

What is your strategy for revolving credit lines like credit cards?

Student Loan Strategy

This is how you will handle student loans.

Will you use student loans for school (productive debt)?

How will you minimize your use of student loans?

Debt Reduction Strategy

Develop a plan of action on how you will repay these loans.

How long will it take you to pay off all your loans if you make a minimum payment each month, beginning after school begins?

How long will it be if you use an accelerator?

How much of an accelerator will you use?

Will you pay off smallest amount or highest rate first?

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