1. Zoom meeting links for this week:
Join Zoom Meeting at 10:00 on TUESDAY 5/26https://zoom.us/j/2425160447
JUMP$TART NATIONAL STANDARD: Credit and Debt, Standard 3
CEE NATIONAL STANDARD: Using Credit, Standard 1
COMMON CORE STATE STANDARD: CCRA.R.2
CONTENT STATEMENT: Establish rules of thumb to build credit early in life.MATERIALS NEEDED: (included); Building Credit Vocabulary Powerpoint (included)
KEY VOCABULARY/TERMS: Credit, Credit Score, Credit Utilization Rate, Rules of Thumb
- Students complete the Fact or Myth worksheet, Fact or Myth Worksheet. Students predict how a lack of credit history or bad credit will impact their everyday life. Here is the fact or Myth key Fact or Myth Master
- Students read the article “How Credit Impacts Your Day to Day Life” and circle the correct responses.
- Review the brief article and Infographic on what factors that contribute to building a strong FICO credit score. In the article on the bottom is a short video.“What’s In Your Score?”.
- Students read the following articles and identify credit building strategies.
- Model for students how the complexity of credit building can be coalesced into simple Rules of Thumb* students can remember that are relevant to their lives now, or in the immediate future. Research exhibiting the effectiveness of Rules of Thumb:
- Consumer Voices on Financial Rules to Live By. Rep. Consumer Financial Protection Bureau, May 2016. Web. 11 Apr. 2016. <http://files.consumerfinance.gov/f/201603_cfpb_rules-to-live-by_ideas-for-financial-educators.pdf>.
- Schoar, Antoinette, and Saugato Datta. The Power of Heuristics. Rep. Ideas42, Jan. 2014. Web. 12 Apr. 2016. <http://www.ideas42.org/wp-content/uploads/2015/05/ideas42_The-Power-of-Heuristics-2014-1.pdf>.
- Distribute to students the CFPB document MY Credit Rules to Live By click here CFPB Credit Rules to Live By as an example of the process of establishing a rule of thumb. Encourage students to use what they learned from the credit building articles, the FICO scoring model, and if applicable a prior lesson on credit reports, when developing their own rules of thumb.
8. DO THIS EXIT TICKET WHEN DONE,CLICK HERE
Enrichment reading:
Enrichment reading:
- “Zina Kumok: ‘Getting My First Credit Card Was So Exciting’”
- “When It Comes to Student Loans, It Pays to Finish Your Degree”
- “The Power of Plastic: What to Know about What You Owe”
- “Take Command of Your Credit Score”
- “Killing the ‘Cockroaches’ of Myths about Money”
- “Getting Creative with Money”
- “Educator Toolkit: Paying for College”
- “Digital-age Danger: Learning to Protect Your Identity”
- “Credit Alert: The Dangers of Overspending and Underpaying”
