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A central component in The Good Credit Game classroom teaching package, the Cost of Credit Calculators are also sold in separate bulk packages. They make great handouts, giveaways and financial education supplements. (On our specific website for the teaching kit, you can find much more information about The Good Credit Game -- including a sample download from the curriculum guide.)
The Cost of Credit Calculators are designed to easily explain how a high or low credit score really affects what you pay (and save) each month. In other words, how does having a credit score of 650 change how much you'll pay per month for a used car as opposed to buying that same car with a credit score of 750? About the size of a standard envelope, the durable, double-sided slide calculators are easy to use and understand. They use common lending examples that people can relate to:
- 1-year store loan of $1000 for furniture
- 3-year personal loan of $2000
- 4-year car loan for $8000
- 4-year new car loan for $20,000
- 30-year mortgage for $100,000
- 30-year mortgage for $200,000
- 30-year mortgage for $300,000
Each loan shows:
- a realistic sample interest rate for that type of loan
- the monthly payment
- the interest paid over the course of the loan
- the total (interest and principle) over the course of the loan
Loan rates are shown for standard FICO ranges for excellent, good, poor, etc. credit.
What do people learn by using this engaging, hands-on calculator?
- That credit scores really matter in terms of how much you have in your wallet. For example, by quickly comparing apples-to-apples with a $200,000 mortgage, one easily sees how different credit scores can mean paying $50 or $100 or more each month -- and that those monthly differences add up to thousands and thousands of dollars over years.
- That even small differences in a credit score (e.g., a point, or 10 points) can mean a real difference of hundreds or thousands of dollars.
- That FICO scores range from 300-850 and that there are typical ranges (e.g. 760-850 for "excellent" credit and rates) that correspond to different levels of credit and, thus, different rates.
- How different FICO scores translate to a likelihood of getting a loan, getting a good rate, etc. The calculator also explains the differences between the terms: prime, subprime and super-prime.
Each calculator is varnished in a clear, protective finish. However, a non-varnished space is reserved on each calculator for a sticker or stamp to promote your organization.
Complete sets can be shipped to multiple addresses.
For larger orders or custom branding, please contact us.