You Dont Know What You Dont Know A

You Don’t Know, What You Don’t Know! A HACK E F I L LECTURE ON CREDIT AND BORROWING MONEY Seidman Financial Literacy Series January 7, 2018 Grand Rapids, MI

• • agenda Who Am I? Pop Quiz Some Statistics (that I hope open your eyes) #Love Let’s Dig In Life Hack Takeaways Questions

Who is this Guy? • Personal • Grew up in Canton, MI • 2004 Seidman Grad (Finance & Econ) • 2010 Seidman Grad (MBA) • Community Involvement • Married with 3 very busy boys • I have one mortgage and one credit card. Previously, car loans, student loans, personal loans. • My credit score is very good! • Professional • Mercantile Bank (2004 – Current) • Stonier Graduate Banking School • Wharton Leadership Certificate

POP QUIZ

No Cheating! Your Credit Score is… a) b) c) Important Not Important Neither You are in Control of your Credit Score: a) b) c) True False I Don’t Know Therefore: DO SOMETHING ABOUT IT!!! 5

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SOME STATISTICS (THAT I HOPE OPENS YOUR EYES)

What’s the FICO? (wtf) Millennials make up 25. 2% of the credit population Only HALF have checked their credit score One-third have never applied for a credit card Nearly two-thirds do not have a credit card 8

What’s the FICO? What’s the FICO (wtf)? (Act 2) (wtf – part 2) Only 22% of US consumers know that high credit-card balances hurts their score Only 30% realize that managing multiple accounts is better than one 52. 6% of millennials have a score below 670 ◦ 38. 1% for non-millennials 9

www. Annual. Credit. Report. com 10

#LOVE

Love at First Sight? 12

www. Credit. Karma. com 13

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LET’S DIG IN

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Not Included! Age Salary Occupation / Title / Employer / Employment History Where you live Interest rates you are charged Relationship Status 18

LIFE HACK TAKEAWAY S

Don’t be a Hack Take control!! ◦ www. annualcreditreport. com ◦ www. creditkarma. com ◦ But, respect the man behind the curtain! Credit cards are not bad, but… Update Tinder profile to include score Be proactive Seek help 20

THANK YOU! SCOTT SETLOCK CELL: EMAIL: (616) 446 -9765 SSETLOCK@MERCBANK. COM