Credit Scores
This number helps lenders estimate how likely you are to repay borrowed money.
What is a credit score?
This document shows your credit accounts and payment history.
What is a credit report?
A credit card lets you borrow, repay, and borrow again up to a limit. This is the type of credit.
What is revolving credit?
Doing this with your bills each month helps build a positive payment history.
What is paying on time?
Your credit card says you can spend up to $500. You try to buy a $600 gaming console. What $500 amount did you pass?
What is the credit limit?
Paying bills by this date helps you build a positive payment history.
What is the due date?
These three major companies collect information used in credit reports.
What are Equifax, Experian, and TransUnion?
An auto loan is usually repaid through scheduled payments over time. This is the type of credit.
What is installment credit?
Checking your own credit report has this effect on your credit score.
What is no effect?
You bought sneakers for $80 with your credit card and haven’t paid for them yet. What is the $80 you owe called?
What is a balance?
This can hurt your credit score: paying a bill after its due date.
What is a late payment?
If you find incorrect information on your credit report, you should do this.
What is dispute the error?
This type of credit card generally requires a refundable deposit as collateral.
What is a secured credit card?
Paying your credit card balance in full by the due date can help you avoid this charge on purchases, if your card has a grace period.
What is interest?
Two cards offer the same rewards, but one charges a higher rate for borrowing. What three-letter term should you compare?
What is APR?
You have a $1,000 credit limit and a $300 balance. This percentage of your available credit is in use.
What is 30%?
This section of a credit report shows whether you paid accounts on time or late.
What is payment history?
Applying for several new credit cards can add several of these checks to your credit report.
What are hard inquiries?
Your credit card payment is due tomorrow, but you cannot pay the full balance. To avoid a late payment, you should pay at least this amount by the due date.
What is the minimum payment?
Your card bill is $200. The statement says you must pay at least $25 this month. What is that $25 called?
What is that $25
Maria’s credit card has a $2,000 balance limit. She already owes $1,600. This means she has this much credit available.
What is $400?
A credit report lists your account history; this is a number calculated from information in that history.
What is a credit score?
Taylor’s card has a $1,000 limit and a $900 balance. To lower the percentage of credit being used, Taylor should do this.
What is pay down the balance?
Taylor notices a purchase on her credit-card bill that she did not make. This law establishes procedures for disputing the billing error.
What is the Fair Credit Billing Act, or FCBA?
You bought concert tickets with a credit card. Your card gives you time to pay the full statement balance by the due date without interest on that purchase. What is that time called?
What is a grace period?