Financial Literacy: Understanding Credit with Gina Garcia
Financial Literacy: Understanding Credit with Gina Garcia, AVP, Business Development Manager
Poor scores can lead to cycles of debt. Those low scores have significant and long-lasting financial consequences. Credit scores in the U.S. aren’t working for many Black and Hispanic Americans, who typically have lower levels of creditworthiness than other racial groups and report feeling the system is stacked against them.
About 54% of Black Americans report having no credit or a poor to fair credit score, which is considered to be any score below 640, according to a recent survey of 5,000 U.S. adults by Credit Sesame. About 41% of Hispanic Americans report falling into this category as well. Credit scores, which range from 300 to 850, are based on a number of factors, including account payment history, number of accounts open, the length of your credit history and the amount you currently owe. Your age, race, salary, employment history and where you live are not factored in.
Join us to better understand this system AND learn valuable tips and tools to improve your credit. Everyone is welcome!
