Financial partners from around the community are joining together on Friday, July 19 for the third time to promote financial wellness and literacy. The financial literacy event will be held at Cromwell Hills Apartments, 3940 Camellia Ave., from 11 a.m.-1 p.m., and is open to the public.
Mayor Tim Kelly and the City of Chattanooga are joining in the effort to educate the public about the importance of a healthy credit score, officials said.
“Knowledge is power. Financial Literacy is about helping people learn how to tell their money where to go so that they can achieve their financial goals, improve their quality of life and be a part of a stable and prosperous society,” said Mayor Kelly.
“This free and public programming is a great place to start, and I encourage anyone interested to attend.”
Officials said, "A FICO score of 720 positions consumers in the “Good” range, opening doors to an array of credit as well as allowing consumers to obtain credit at lower interest rates.
"Financial partners in Chattanooga will use the event to provide access to financial awareness through programs offered by Operation Hope, as well as by individual financial institutions and their representatives.
"Individuals with a credit score in the 720 range can leverage an average credit line of approximately $10,000, while those with a score of 660-619 can leverage a credit line of about $6,000. For those with credit scores from 580 to 619, the average credit line is $2,000. Members of the partnership encourage individuals to check their credit annually and the date of July 20 or 720, is an easy date to remember. Credit scores can be checked at any financial institution or thru financial wellness programs. There is never a fee for the inquiry.
"Team members note that an annual review will show old accounts that may have been forgotten; credit cards taken out fraudulently; or, someone accessing information by using another individual’s Social Security number. The warnings become even more important for seniors.
“Too many times, a senior may receive a call from someone they think they can trust asking for financial information such as their mother’s maiden name, Social Security number and other identifying information. Now more than ever, it’s important to be vigilant with your personal information.”
CHA Executive Director Betsy McCright said, “We want to encourage healthy financial habits that will lead to more opportunities for our neighbors across Chattanooga—not only in our public housing communities. This effort will allow us to connect with individuals who can easily utilize services to assist and support their financial goals. The CHA is happy to host such an important event.”
For more information, visit HWY 720 on Facebook.