CREDIT SAVVY
WHAT DOES YOUR CREDIT SCORE TELL A CREDITOR ABOUT YOU?
A CREDIT SCORE PREDICTS HOW LIKELY YOU WILL PAY BACK A LOAN ON TIME.
NAME THE 3 CREDIT BUREAUS?
EQUIFAX
EXPERIAN
TRANSUNION
NAME 5 COMPANIES OR SERVICE PROVIDERS WHO WILL CHECK YOUR CREDIT REPORT BEFORE RENDERING A DECISION
MORTGAGE LENDERS
AUTO DEALERS
CREDIT CARD COMPANIES
DEPARTMENT STORES
UTILITIES
CELL PHONE
CABLE COMPANIES
RENTAL (APT. HOMES)
INSURANCE COMPANIES
EMPLOYERS
THE SCORES ON MY CREDIT KARMA OR CREDIT SESAME ACCOUNT ARE MY ___________ SCORES.
CONSUMER SCORES
WHICH ARE VERY DIFFERENT FROM MORTGAGE SCORES
WHAT IS THE LOWEST AND HIGHEST CREDIT SCORES RANGES?
SCORE RANGES FROM 300 TO 850
HOW MANY CREDIT CARDS ARE TOO MANY CREDIT CARDS?
YOU CAN HAVE AS MANY CARDS AS YOU LIKE * Pending that you manage the credit cards responsibly!
TRUE OR FALSE
PAYING OFF ALL DELINQUENT ACCOUNTS WILL IMPROVE MY CREDIT PROFILE
FALSE
ON ALL REVOLVING ACCOUNTS, IT IS BEST TO KEEP THE BALANCE BELOW WHAT % OF THE HIGH CREDIT LIMIT?
30% OF THE HIGH CREDIT LIMIT
NAME 3 OF THE 5 FACTORS THAT DETERMINE YOUR CREDIT SCORE
PAYMENT HISTORY
HOW MUCH YOU OWE
LENGTH OF CREDIT HISTORY
TYPE OF CREDIT
INQUIRIES
NAME ONE OF THE TWO REQUIREMENTS NECESSARY TO DEVELOP YOUR CREDIT SCORE.
OPEN AND ACTIVE TRADELINE
6 MONTH REPORTING HISTORY
WHAT IS THE BIGGEST FACTOR THAT AFFECTS MY CREDIT SCORE
PAYING YOUR ACCOUNTS ON TIME!
WHICH ACCOUNTS FOR 35% OF YOUR CREDIT SCORE
TRUE OR FALSE
A BANK WILL REQUIRE A CREDIT CHECK TO OPEN A CHECKING ACCOUNT
FALSE
BANKS DO NOT REQUIRE A CREDIT CHECK TO OPEN A CHECKING ACCOUNT. BANKS WILL RUN A CHEXSYSTEM CONSUMER REPORT.
WHAT ARE THE 3 TYPES OF CREDIT?
REVOLVING
INSTALLMENT
MORTGAGE
What percentage of all credit reports have errors?
25% OF ALL CREDIT REPORTS HAVE SOME TYPE OF ERROR
ONE 30 DAY LATE PAYMENT CAN DROP MY CREDIT PROFILE MORE THAN ______ POINTS
100 POINTS
HOW MANY HOMES DID DR HORTON CLOSE IN FISCAL 2021 THAT GRADUATED FROM THE HOME BUYERS CLUB?
2,744