The FitBUX Financial Profile (5)
Yes, we encourage it in fact.
We need your loan details (loan balance, interest rate and monthly payment) to provide you with truly personalized feedback. Don’t worry, it’s really easy and about to become even easier:
– You can enter your loan details directly when building your FitBUX profile or
– You can upload a copy of your loan details directly to your account using our upload function within your FitBUX account and we will enter them for you or
– You can email your loan details to your FitBUX coach directly and s/he will add these to your account on your behalf
Soon, you’ll able to link your online student loan accounts to your FitBUX accounts with a couple of clicks. More to follow on this soon!
The FitBUX Score (3)
The FitBUX Score is a number between 0 and 1,000. It summarizes your current financial health in an easy to understand number.
Your FitBUX Score, based on our proprietary algorithm, uses factors such as personal achievements, past and current earnings, as well as earnings potential. It takes an individual’s past, present, and future into account. We consider the ENTIRE YOU.
No, it is much more than a credit score.
Traditional credit scores mostly assess an individual’s history to make decisions which will impact this individual’s future, sometimes for many many years: have you paid you bills on time over the last n years? What is your average credit card balance? This means decisions are made looking in the rearview mirror only.
With the FitBUX Score, we’re incorporating not just historical data but also information about your education, profession and other Human Capital variables to forecast your overall potential and what it means for your financial health today and in the future.
The FitBUX Score helps individuals make critical decisions looking at the past, present, and future. That’s a big deal.
All FitBUX Scores are “good”. Your FitBUX Score clearly indicates where you are at today and what actions you can take to further increase your Score. A FitBUX Score can range to 0 to 1,000 and, in general, a FitBUX Score of 500 corresponds to an individual and/or a couple’s financial health being average at this point in time.
If, for example, you are above a 700 today, you are in good financial health and your FitBUX Score will illustrate what you can do to maintain and further improve your financial health. For example, if you are trying to decide to aggressively pay off your student loans or invest, which do you choose?
If, for example, you are at/below 500 today, your FitBUX Score will help you understand why and also what are the things you can do to increase your Score. Let’s say that you have significant student loans. This simply means you have added risk to your financial profile and this will be reflected in your FitBUX Score. Your Score then can be used to help you formulate a strategy which you can implement over time to increase your Score.
Regardless of your Score today, you can (and should!) track your progress by watching your score improve over time by updating your FitBUX profile anytime would like to.
Human Capital is defined as “the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community”.
Human capital is a very valuable asset when considering one’s overall financial picture. However, it’s largely ignored financial institutions.
By taking into account one’s Human Capital, we’ve created the first truly complete financial profile, The FitBUX Financial Profile, summarized by the FitBUX Score.
FitBUX’s goal is to build trust with each one of our clients by providing access to valuable insight and tools for free:
1) Access to our online platform
2) Getting your financial snapshot and your FitBUX Score
3) Speaking to one of our FitBUX Coaches to further customize your student loan repayment plan
We make money by offering products and services that optimize your finance strategy. So far, we’ve partnered with a growing number of financial institutions which offer student loan refinancing options and we are getting paid when you refinance with them. Don’t worry though, this does not cost you anything extra.
We are working on other ways to bring value to our users with a combination of new financial products as well as online tools and services that will make it easier to deal with your finance and spend more time doing what you really want to do. If what you really want to do is talk finance…that’s ok, we do too!