Video Assignment: Building Credit

Document created by Bethany Gordon Employee on Jul 20, 2017Last modified by Bethany Gordon Employee on Jul 27, 2017
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Video title: How to Build Credit as a College Student

Topic(s): Credit cards, credit score

Search terms: video how to build credit as a college student

Time (of video): 3:46

Posted by: Young Finances

Date posted: August 5, 2014

 

Video description: Tips on how to build your credit while in college.

 

Question/writing prompt: Why, according to the video, do you need to build your credit while in college?

 

In-class activities:

 

1. Terms and Conditions Objective: Students learn about the complexity of having a credit card.

 

Building credit is good, but, when misused, credit cards can get students into financial trouble.

  1. Bring in a set of terms and conditions from a credit card application to share with students in class. 
  2. See how much students truly understand about this complex information.

 

2. Practice with Interest Rates Objective: Students calculate payoff and interest accumulation on credit cards.

 

Give students sample figures to work with: a balance, minimum payment, and interest rate. 

  1. Have students do sample calculations: 
    • Accumulated interest each month. 
    • Length of time to pay off balance with a minimum payment. 
  2. Students calculate payoff and interest accumulation on credit cards.

 

3. Savings Accounts Objective: Students appreciate the value of delaying purchases.

 

Discuss the benefits of saving over time versus paying for a specific item with a credit card. 

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