Different Choices Fair 2021 TDBank Presents Understanding Credit Reports

hello and welcome to different choices 2021 we're going to give it about two three minutes to let people get in and then we'll start all right so we're going to get started and we'll let people in as they arrive uh welcome everybody to different choices 2021 we are really glad you're here uh the SP is presented by schools for children and the workshop is understanding your credit score which is presented by TD Banks Fabian rat I'm Nina rate I said it all I asked you a million times and then I said it wrong I'm Nina fiori and uh we're glad to have you here if you um have questions um fabian's going to give a presentation if you if you think of questions while she's presenting just put them in the chat and then we will ask uh we'll leave a good amount of time for Q&A at the end um so so if you if you don't want to forget your question put it in the chat and we'll be asking Fabian for you if you have any questions you don't want your name associated with like if personal finance info you don't want us to announce or anything just you can just um send it to me or Rayman personally and then we'll ask for you an anonymously okay um so we're really glad TD Bank uh agreed to do this with us it's uh a wonderful thing service they do for the community so I'm going to pass you over to Fabian uh who will introduce herself and also begin the presentation hello everyone good afternoon thank you so much for having me um I am Fabian rate I work at TD Bank and I'm a store manager in the planville Connecticut location um I'm so happy to join you today to talk about credit awareness um and how important preparing your credit um plays into reaching financial goals so during the workshop we're going to explore easy ways to build maintain and repair our credit next slide we can go to the next slide so um the introduction to uh credit these are some frequently thought of questions things that go through everybody's mind when they're thinking about credit so credit is um it's a tool and it's an important aspect of our finances but it can be stressful and it can be hard to understand the ins and outs of credit so these are some common questions so does checking your own credit lower my credit score the answer to that is no how often should I check my credit report and that that varies so checking your credit report frequently can give you um an upto-date know of what's happening with that credit report are there any errors has anything changed is anything reported incorrectly so it's important to periodically check your credit report what do I do if there's incorrect information so we'll talk about that as we go through how is credit score calculated how do I improve my score in what Financial situations is my credit being checked how is it impact my score when a lender checks it should I have one credit card should I maintain credit where I hold my checking account how do I choose the best credit card so these are all great questions that we're going to touch on next slide how is a strong credit score going to help you we're going to explore how credit scores impact our financial choices accessing and understanding credit reports building maintaining and repairing credit and credit card tips and strategies so we'll cover the following as we go throughout next slide so what is a credit score and how does it influence our daily lives if you go to the next score we're going to break it down a bit the next slide excuse me so a credit score um is a number that is given on your credit report and there's various things that make up a score in general scores range from 300 to 850 the higher your credit score the better credit worthiness you have with potential lenders so there's an example there are three major credit bureaus Equifax experion and Transunion credit not all credit is reported to each major credit bureau so that's why scores differ when you apply for an auto loan or a credit card the lender may only Access One credit report when you apply for a mortgage for instance the lender May access all three credit reports and take an average of those scores so you could have an example here showing we have one report the score is 720 26 another report at 698 a third report at 711 they're very close but then they differ and the reason they differ is because scores are not calculated in the same way so each credit bureau will have a different scoring based on certain things that come up on the credit report for instance a late payment could affect the score and it could affect it a little bit differently from each credit bureau credit history and the behavior from the credit is what derives your score right so the the three major credit bureaus are what are pulled by lenders in order to check the credit history and credit worthiness and that they use that to help make decision on whether they're going to extend credit so having a healthy score and knowing how to manage that score and to repair or build the score is an important part of um credit awareness and it's an important part if you're preparing to either buy a home or to take out any sort of credit for an automobile if you want to take out a credit card Etc okay let's go to that next slide so these are some factors that make up the credit um score uh payment history is a very big part of your credit score so if you have ontime payment history it will affect your score in a positive way so it will help build and keep your score strong if there's unpaid debt is specifically to the percentage of available credit you have out on your credit line that could draw your score down for instance if you have a credit card out and it's maxed or spent the entire line that can drag your score down a good um habit is to have at least 30% of your credit line available that will help keep your score in a positive light the length of History you have with your creditors also affects your score the number of new credit applications taken in a certain period of time also affect your credit score and the types of credit that you have and how long you have had them affect your credit score so there's a lot that goes into that formula okay next slide so again we talked about the importance of checking your credit report and um we've touched upon how often that should be so and ually you get one free credit report from each major credit bureau so it's a good habit to touch base at least annually on your credit report now if you're working on repairing your credit or if you had mistakes on your credit you might access it more frequently um or sign up for a free uh like annual credit report.com so you can go on there frequently and check as you're repairing or or looking to see that things are corrected these are the again the major credit bureaus in their website and phone num so Equifax Experian and Transunion are some important um ones to know and you can you know find that online and and access their customer service numbers we also have our resources added to your website as well so that you can link these easily all right next slide so there's an example of um somebody that H that is about 29 years old this is an example of things that it's shown up on a credit report and how they could affect your credit this could be seen on you know anybody's credit report depending on your situation so this is an illustration so on your credit report you're going to see some identifying information so your full name Social Security your number the social security number and address so this is important and this helps your credit score current credit card use so this particular illustration the person has two credit cards with less than 10% of a balance this would help a credit score car loan payments are showing one late payment in the history a late payment past 30 days will negatively affect the credit score the age of of your credit accounts so for this particular illustration the person has an account that's 10 years old so that's a very long account and so the longer that your credit history is on your report the better that that will help your score especially if they're ontime payments hard inquiries are going to reduce your credit score and a hard inquiry is when you apply for a new line of credit derogatory marks collection items um for instance a utility bill that may not be paid or may not be accurate could derogatorily affect your credit score that's why it's important unchecking if there are any um errors you find out ahead of time rather than when you're actually applying for a mortgage or applying for a credit then you're rushing to fix those mistakes so if you you know look at it periodically are in the know of any mistakes or things that don't belong you can address them and they'll be all fixed ahead of you going for a new credit item okay let's go to that next slide please this is a checklist on how to look up your credit report so when you first look at your credit report it could be daunting um because it kind of all is gibbered together and there's a lot information on there so this breaks it down for you and it lets you know what to look at and it's a good tool to use as you're um reviewing the credit report so you know what you're looking at and it will help you to determine if there's any [Music] errors and let's move on to the next slide so building maintaining and repairing credit there's no major magic formula to build building strong credit but there's a lot of good habits and there's a lot of good guidance most importantly is if you're able to pay your bills and Loans on time every time even if it's just the minimum payment this can help keep your score strong don't close your credit limit to the max right stay at least 30% of the credit limit open and available have High credit limits asked to get it increased and use it responsibly Don't Close Your old cards because that can erase the good credit history that you've put on the report that you've established only apply for new credit accounts when needed again opening a lot of accounts or applying for many things in a short period of time it can drag the score down and back check your credit report again period ically looking for inaccuracies and errors and our next slide if you find something that does not belong to you or there's an error it's important to address it you know as soon as you can and these are some steps on how to do that so you want to contact the major credit bureaus and let them know the error that You' found you can do this by writing a letter providing the account number of the item you feel does not belong to you or may be inaccurate explain concisely why you believe it's not accurate and if you can include copies of bills or any proof let's say that you've paid the item a receipt that it may have been paid so that you can accurately show the credit bureau that that means to be removed provide your address phone number so that the credit bureau can contact you back and and if you need to further investigate the item make a copy of the letter and keep it for your records so that you have it on file send your letter possibly registered or return receipt mail so that you know exactly when that credit bureau has received the item that you're disputing and that they're going to be investigating the claim it usually takes 30 to 45 days for that to work on that claim for you and to get back to you with an update let's go to that next slide sometimes things can get off track and taking steps to rebuild credit are important so it takes time it does take time to rebuild your credit but it definitely can be worked on and it definitely can be corrected review your report create a plan for reducing outstanding balances improve your payment history if you need to call in and discuss it with your um creditor try to make a payment plan talk to your Banker um talking about secured credit card cards credit Builder loans there's many products out there to help establish if you're starting out and rebuild credit if you need to those are important tools to help get you back on track and our next slide how can credit cards hurt your score let's talk about that so let's go to the next one so credit credit card is a it's a financial tool but sometimes that Financial tool can be um it can be like viewed as um like a hindrance right it can be viewed as a stressful thing it takes discipline when working with any Financial tool especially a credit card so the thing with the credit card is there's a cost to the convenience so you put something on your card and you get your bill at the end of the month good habit is to try to purchase only what you can afford in your monthly budget and pay it off at the end of the month and that could be the challenge because it is so easy to swipe the card and we make purchase that we say oh I'll pay that next month or I'll pay that in the future then it begins to accumulate interest and so for that convenience it's now costing interest for the item that you you purchased you have to be responsible with your credit card so um low balances and paying on time are great credit score Builders read your fine print and understand what you're applying for so there are some credit cards that have no annual fees there are some credit cards that do have annual fees there are some that come with cash rewards and there are some that have various um interest rates so it's good to understand what you're applying for and know the card that you're getting into stay in the know read any letters corresponden emails and notifications from your creditors and from your credit card company and if you are in a hardship and can't make the minimum call the call them let them know what's going on and discuss it make a plan so that they know that you're going to work on it and that they they've got a note on file as what's going on and so that the card isn't just left or you know forgotten about um and let's move to that next slide these are some great resources to help um understand more about FICO score how to access your credit report um how to learn about personal finances um and financial education so uh we have a Learning Center at td.com and you're able to click on that link and register to do some um personal development on finances now we're going to open it up to questions I know I saw some things come up in the chat um let me just see if I can open this Raymond do you want to stop sharing the slide wonderful all right so I know I saw some things come through when you asked about um what happens when you about closing the card leaving it open so uh janelli asked what happens when you don't close a card and leave it open so if it's a card that you've had for a long time and it's a card that you've had great payment history with you just kind of leave it there um and and it's not that you have to use it but it's still sitting there out on your credit history to help with your score if you close that card it will it will erase the history that you had so it will actually drag your score down it's always recommended not to close a card if you open one um and decide quickly that you don't want it that will still probably ding your score a bit but it's not the same as if you've had a card for 10 15 20 years and you've been using it you know periodically and you're always paying on time that is good credit history it stays with you and so that's why it's recommended not to close it and then the next question from nurun is how long should you wait to open another credit card account if you do close one it really depends so that's the other thing as about starting out if you're starting out um a a great secured credit card is the way to go um be and what I say is use that card on things that you would normally buy like maybe your gas your food instead of buying a bunch of stuff just to help establish or reestablish credit use it for things you would necessarily need and then pay it off at the end of the month I would say say that it takes at least anywhere between 6 to 12 months to actually get some good history on your report so before I took on another card I'd at least wait that time frame now if you're looking to get into Home Ownership or things of that nature you need a few credit um lines open and available to show that you've had that credit history that could include one or two credit cards it could include a car payment or an installment loan so there's various types of credit that can be on your credit report aside from a credit card but the credit card is easiest way to get started and to establish some history so long story short I'd say let's wait about six to 12 months before applying for another line of credit especially if it's new um what why do banks check your credit score if you want to open up an account we actually don't check your credit score if you open an account there are some banks that will check your history with accounts so they may run um your information through a third-party verification system to see how you've done with banking in the past uh regarding overdrafts and things of that nature but we're actually not able to run your credit report unless you actually apply for credit so if you're going to apply for um a secured card a a car loan a mortgage a personal loan we would run your credit at that point but just to open a checking or a savings with a debit card we actually don't pull credit the other question is um another question what should I do if I think my account has been hacked if you think your account has been hacked the first thing you want to do is contact the bank right away because if you see something on your account just as we were saying about your credit report anytime you see something on your bank account that you feel um isn't something you authorize you want to contact your bank immediately so depending on what type of transaction that is bank will guide you whether you need to close your card close your account it all depends on the type of transaction and what transpired but best course of action is to call the bank right away talk with somebody and and they'll guide you through that scenario um another question is it worth using apps like Credit Karma do you recommend any apps like that yeah Credit Karma is actually a good app because it doesn't cost anything um they're a well-known the the score is going to vary and I touched base on that a little bit earlier in the presentation each creditor has their own um scoring depending on what's out on the credit report so they vary a bit but a credit karma is it's like a good estimate it's going to give you an idea of where you land it may not be exactly where the credit report when it when it pulls but it's a very very good estimate and it will be a good guide to where you are and you it's mentioned earlier in the slide it said like if you're not able to make a payment like pick up the phone and call the bank call is that you know is that is that helpful it absolutely is helpful because if you have a situation you know life comes down everybody's Pike there's certain things that come up and especially lately especially late and especially things we've seen in the pandemic but it's always a good course of action to make a plan and discuss it with your creditor so they know what is happening they can notate your file and a lot of times they can work out something something with you whether that be a payment plan or you know depending on the type of credit sometimes a rate modification to makes things easier there's a lot of things that can be done so it's always a good course of action to speak up and see you know if there's an agreement that can be made definely shows responsibility as well yeah I mean I I think people don't realize that because you're you're like trying to avoid it but if you pick up the phone and and face it it does have its benefits no that's part of finances and that's part of credit so there are there are great things about it but there can be some stressful things and sometimes it is hard to face but if you're able to and in a good you know spot that you can communicate with your Banker or with your creditor it is going to be the best course of action janelia says do you have any tips for people with no score who are just starting out with their credit cards absolutely absolutely so if you have no score yet and have not established any credit your best bet is to set up a secured credit card so the secured credit card is it's it's a smaller line of credit so it's a good thing to wet your feet with now with the secured credit card you have to put a certain amount down generally they start at about 300 so you put $300 in a savings account the bank then extends a credit card to you it's a real card it as you make your payments on time it reports favorably to the credit bureau now on the reverse if there were late payments that would show on the credit bureau as well if for some reason the line of credit isn't managed properly the the collateral would be taken so there's not a lot of risk involved again it's a very easy step to to get started and if you're starting on the right foot of making your payments on time that will there build your credit and Report favorably to the credit bureau month over month would you recommend like if you're not able to make the full payment make a payment like never just leave it be yeah absolutely so the that's the other thing with the credit card is as long as you make your minimum payment so you could get your bill of $200 let's just say I'm just using an example and your minimum payment is $20 if you make your minimum payment even if you can't pay that whole uh credit amount that was spent off that month it's okay as long as you make your minimum payment that will report that your payment was complete and on time if you're unable to make the full minimum payment it's better I think to make some sort of payment than to to skip the payment so if you're able to come up with half but again I would recommend reaching out to your creditor and just letting them know hey this was a tough month maybe you were sick whatever could have transpired let them know and say this is what I can do I can send you $15 this month or I can send you you know half of the payment and that way they'll put it on file and I think that's you know will help better than skipping the payment uh Sam asked uh when should you go from a secured one to a regular one what's the your recommendation that can happen again depending on the use and depending on on the other items that could be in somebody's credit file everybody's credit file is different everybody's credit experience is different so there's no set um timetable but again it could be anywhere roughly between six to 12 months I can explain at TD that we we um we will automatically look after 7even months to see if it's time to graduate to the regular card and once it's time we do that automatically for our customer send a letter say congratulations you're graduating and release the collateral back to the customer it's just in their savings again so does you does the bank usually determine that or do you don't really determine that is that true the the bank will actually determine when it's time to graduate they'll periodically take a look on the history of the new card how it's been going and the customer credit history and say you know what we don't need the collateral anymore they' they've they've shown um good credit history they're maintaining this line well we're going to graduate to the regular card great other questions what um have you seen like what types of loans do people take out for college that you've seen like what what's available for that if it's needed through colleges there are obviously um loans that you can take right through the school like actual student loans at the bank what's offered can be um borrowing from your Equity that you've established in a property so a home equity loan or line of credit can be used for college expenses sometimes people use credit cards for books expenses sometimes even you can pay tuition depending on how much it is on a credit card um there are various types of installment loans or personal loans people might access to help with with college expenses um so those would be what's available at the at the bank level to help Finance school and a home equity loan is that I mean that sounds scary is it as scary as it sounds it it is a little bit more in depth than like a credit card that we were talking about the the differences on a home equity loan or line of credit is you have to own a home and there has to be Equity established in that property meaning that you've you've paid it down and maybe there's no mortgage or maybe there's a small mortgage left on it um depending on the value of your property that determines the equity and what you might owe on it and we calculate what can be used of that equity in a loan and so that loan can then be used for anything it can be used to buy a car to go to school it can be used for a wedding it could be used for emergencies it can be used um you know for vacationing there there's no limit to what you can use it for the the thing that is different is that you have to have equity in your property in order to to qualify for that loan so you have to have at least paid off some of the mortgage and have like yes that that's correct you either have to have paid off some of your mortgage to build up that Equity or your property can appreciate over time so depending on how the market is for for um for homes because markets change it can go up and down so depending on what the market is property could have appreciated in the reverse a property could depreciate so the equity can change either way depending on home values at any given time uh janelli asked just to clarify the credit card is money that the bank lends you and you pay back and how much money can you take yes a credit card is an open what we consider an open line of credit so when you apply for a credit card they're going to qualify how much you can borrow based on the income so how much money you have able to repay the line of credit and again they're going to look at your credit history and your credit experience so those factors will determine what you qualify for so for instance the secured credit card that I told you about it starts at 300 an unsecured credit card starts at a thousand and so once you get a credit limit established and you work with that credit card over time periodically again bank will check in and they'll say oh you know they're doing very very well with their card um everything's been paid on time we're going to increase their credit limit so as your credit um grows and um you're building that history you have the ability to get an increase in your credit line even sometimes without asking just happens so you have to prove responsibility before they're going to give you access to more lending money basically absolutely a lot of credit means responsibility and it means ontime payment and you're con it's like it's like a cycle you're continuing to do those good habits then your credit score grows and your credit experience grows and then your responsibility grows um nin wants to know again what's the difference between a secured card and a regular one the secured card is you have to have some collateral to back up that card so you would you would have to have um $300 that we would set in an account and then we extend the credit limit so that if something goes wrong maybe the card isn't maintained or paid we just take the collateral and close the card it satisfies what could be owed on the card an unsecured or regular credit card has no collateral to it it's your promise to pay the bank back you're just signing that you're going to pay back but in this in in the discussion that we had today you have to start somewhere to establish credit and a lot of times that secured card is your easiest way to get started once you use that tool to build and show that you're paying on time and being responsible with that line of credit then it opens up the door for other things for you know credit wise oh so if you're what happens when you don't pay you know like back you know like then then what does that set in motion like if you could walk us through that a little if you're not paying your bills what what then happens on your on the bank side like so what will happen is the first month so you could be late on a bill a day or two you know life's busy or like oh my god I've you know got home late I forgot to make that payment you make it as soon as you remember one or two three four five six seven 29 days it doesn't report to the credit bureau anything 30 days or more past due that's when it actually reports to the credit bureau as a late payment so at that point now it's it's on credit history that the payment is late it will assess on the bank side a late payment because the payment never came so you get a late payment fee so now you owe the minimum payment plus the late payment fee so now it's probably almost double of what would have been owed if it had been paid when the bill came plus interest costs and if a second month comes where there is no payment made it begins to snowball and then it becomes harder to catch up with those pay payments on the bank side another late payment fee will come down the pike and you'll receive notice of late payment and trying to get um that payment satisfied eventually if too many months pass um what happens is the amount that's owed will go into a collection status and so then from there the the bank or creditor will just assign the because they've tried to get the payment or they haven't heard from the customer so they'll just assign it to a a collection Bureau to try to get those payments and to try to get the the debt satisfied and so then that will also be reported to the credit bureau and again further um pull that credit score down so basically and then you you were saying like a call or some type of Outreach to the company can help you greatly in that situation it can I mean whatever anytime you're able to make a payment arrangement it's going to be more favorable than if it's just left and forgotten because it just ends up snowballing and then once it gets into the collections it can still be paid it can still be satisfied it can still be updated on the credit report but then more fees and costs are incurred in that so it ends up where could have been a small amount but it ends up being very stressful and hard to to catch back up on depending on the situation and how far it goes out so would automated payments kind of be your suggestion to a automated payments are a great tool because if you know that you're going to have the money in your account on the due date it's a great tool to ensure that your payment is just paid on time it's seamless you don't have to worry and you don't have to worry about forgetting you get busy at work busy with kidss busy with life it's just done and it's paid and you don't it's just seamless so definitely automated payments um you can set up Bill Pay through your online banking and schedule a date for certain bills to be paid and so then it's it's literally done for you it's it's all just have to make sure that the money is in the bank account for the days that the payments are coming and then the bills get paid on their own so what happens when you end up with a bad credit score like what can you do to make that better the biggest thing is to find out what is wrong on the credit report what's dragging the score down so is it a late payment is it possibly a collection item is it maybe an error uh maybe you paid something off and it didn't get reported properly so those are all things that can be worked on if it is a collection item again reaching out to the Creditor and trying to settle and make payment satisfy that debt if it is late payments you want to try to turn that habit to being able to pay on time as best as you can because that will help to bring the score back up and if it is um an error you want to get that taken care of as soon as possible because an error will it'll stay there until it's fixed with the credit bureau once the error is removed or once the the debt is satisfied it will help with with your credit history and your credit score and some people um are very um what's the right word very particular about their score it means a lot to them it's almost like like a a secret pass and so I could see if somebody you know it's it's a big thing because if you work towards building that score or you want to keep it as best you can you know again life happens and things happen and it can always be fixed but once you get to that spot where you've you've worked on it and built that score you want to keep it and it's a proud moment so um definitely it's a big big thing the other suggestion is if after school you have put things on credit cards or you have some credit card debt that you want to help in managing it's always a good idea to go down to your local banker and talk about it because sometimes there are other things that you can do with that debt to reduce your interest cost or to reduce your payments so that when you make your payment more of that money is going down to pay it rather than just going towards the interest cost so it's always good to explore um hey I've got this amount of credit card debt or I've got this amount of debt what options are out there is there a way that I can reduce some of my interest cost so I can pay this off quicker can you explain that a little more kind of the principle and the interest differences yeah so the higher that your interest rate is on your on your debt the more cost is associated but it's not helping you pay your actual debt down as quick because more of your payment is going towards those interest costs so if you can reduce your interest cost your the money that you're making on your monthly payment more will go down to actually paying that debt rather than it'll flip itself so instead of paying more in interest costs you're going to flip it so you're paying more down on your principal and you're going to be saving an interest cost so it will just help you to pay that debt off quicker and is that something you have to kind of request like I want this money to go to principal yes well it depends on the type of debt that it is so on a credit card that's the other thing about credit card is when you get the bill it's just it's just a minimum payment and that's interest that's basically your interest costs so if you just pay that minimum payment your your balance is really going to stay there year overy year and it illustrates that on your bill it tells you if you just pay your minimum you're going to be paying this balance for x amount of years now if you get into the habit of paying additional amount that's when you start chucking off your principal and it starts to bring your balance down so it depends on the type of debt but the in general the lower that your interest costs are the less expenses expensive it is for you to have that debt and the quicker you'll be paying it off because your your money is going to go towards the balance rather than going towards the interest cost there's always interest that's going to be inevitable but the lower that you can get that rate the less expensive it's going to cost you for that debt and can you adjust rates if like the economy changes or how are rates set you know you kind of have to shop around so that's why I suggest reaching out to a banker or or researching it online sometimes you could find a lower um interest credit card sometimes you can find a personal loan with lower interest and and kind of refinance that debt into a different vehicle sometimes you can find promotions on credit cards where it's 0% for a certain period of time that can help you to kind of manage that debt and set a budget and say you know what I want to be done with this in 12 months let me pay $100 a month the end of that time frame I'll be done with this debt so it's important to be educated on what tools are out there because everybody has debt we need it to get from point A to point B but it's a good course of action to to kind of look out there see what's out there inform at the bank or inform you know online and research for the lowest um you know interest rate that you can get so it saves you money yeah that's a really good idea kind of like if you find a lower personal loan transferring your credit card debt to the personal loan yeah I hadn't even thought of that y uh janelli ask can you downgrade from a card like regular to secured or one with a lower minimum payment so that's something you can choose to do so the minimum payment will really be um geared towards the balance that you have outstanding on the credit card so the bigger balance you have your the way that they calculate a minimum payment on a credit card it's a certain percentage of the balance you have outstanding can be like 2% 3% again it's a little amount because it's mainly just the interest cost so it that that minimum payment may not be the same depending on you know month over month depending on what balance you carry if you don't carry a balance and um so what we talked about earlier in the presentation is kind of getting into the habit of using your card um and then paying it off at the end of the month then you don't acre any interest costs um you're using it but for stuff that you would normally buy so the money sitting in your checking account you get the bill and you pay it off at the end of the month that might actually gain you some cash Rewards or some sort of a reward because a lot of cards come with a reward program so you could actually make money on your credit card if you use it in that manner rather than paying money um for interest costs if you decide you know what I need to buy um something to fix my car and I I don't have the amount of money in the month to pay it all at once but I'm going to pay it over two months or three months so then you're you know you you'll make a decision on how much you can pay on the monthly budget you work with your card in that manner it's going to be less an interest cost for you then if you're carrying a balance only making that minimum payment it's going to cost you a lot more in interest cost and again it it will leave that balance there for some time until you're able to kind of make extra um monthly payment makes perfect sense so we have a few minutes left uh any other questions before we wrap up Fabian thank you so much you are wonderful we really appreciate this um if if anybody wants more information um tdbank.com has a whole education site Financial Resources I mean it's wonderful really what you all have thank you janelli thank you for your questions too and um yeah I I was really impressed by all I saw there like I could go off and teach a class if I put all your resources together think it really is a wonderful service thank you so much great resources there and you have my email so um again anytime that you might need or have questions feel free I can email you um I'm I'm happy to help and this is a great topic and a great a great way to get established for the future so um you know we TD Bank is very very big on financial literacy and and ensuring that people understand all aspects of finances because it's a lot it's a lot to to manage and to to learn and to understand so we're definitely here to help and to support so if there's anybody that you know needs anything you've got my email and I'm happy to assist thank you and and we'll also be sending out the recording of This along with the resource links and um with and the presentation so that you have it if you need it and um we'll be emailing that to everybody who signed up for it so you don't have to reach out we'll get it to you thank you Fabian you wonderful thank you so much for having me it was a pleasure and hope a great evening thank you again thank you bye bye that