Brief Summary of the Presentation
The title of the presentation was “What Every College Should Know about Credit Scores but No One will tell them.” The main resource persons were Quinton Harris and Tim Gill who were both Area Managers for the Bank of England and Daniel Halverson who is a credit manager. A credit score is a benchmark for a creditor for determining whether a person is worthy of credit. A credit score also shows a person’s ability to manage finances and meet obligations. The presentation highlighted the importance of having a good credit score to gain trust from employers, creditors, business partners and other interested parties.
Leadership Skill, Traits and Abilities Identified
The speakers have shown a number of leadership skills, traits and abilities. Looking at the credentials of the resource persons analysis is that they are the right persons to talk about credit score as they deal with this regularly. They have good communication skills a very essential skill of a leader. The speakers embodied credibility and integrity. Their line of work is related to the credibility topic making them reliable sources of information. The speakers also showed confidence in speaking to crowds.
A credit score is based on many things with the amount of credit you have obtained as the major determining factor. Auto loans and mortgages are the biggest indicators of credit score. The credit worthiness of a person is lowered by the inability of a person to repay the loan within an agreed time. In most cases, creditors use 30 day basis as a measure of a person’s capability to repay a loan. Other issues that lower the credit score of a person include bankruptcy, medical bills, federal judgments, bounced cheques, rent over dues, cell phone bills. A person can keep positive credit score by keeping the credit score balance below 50% of the available balance. He should also have made more trade lines. Present a proactive approach in settling debts. If s/he is a minor, they should also be authorized user of their parent’s credit cards. People who review credit cards include creditors, employers, auto & home owners, insurance agents, utilities, and cable and phone service providers. Others include life insurance companies.
Personal Impact
I learnt a lot from the presentation by the credit experts. I learnt that it is very important for one to maintain a good credit score in order for one to access credit in the future. Credit score also reveals a lot about the trustworthiness of a person in front of employers, creditors, business partners among other parties. I would want to have a good credit score to build my leadership profile. I learnt that is important to maintain lesser credit cards in order to track their use more effectively. Most importantly it is important to maintain a credit card balance below 50% of the available balance. I would use tips from accessing my credit score to control my expenditure and thereby maintain good ability to meet debts. Overall a good credit rating will help enhance my personal leadership profile.
