What is the range for a credit score?
What is 330-850?
Used to finance a specific purchase for a specific amount of time
What is an Installment Loan?
On average how long will it take you to get a good credit history?
What is 7 years.
true or false. ?Approaching your credit limit will not negatively impact your credit scores.
False
True or False? Most borrowers pay more in fees than they receive in credit.
True
What is the most commonly used credit score used by lenders to determine whether or not to loan a person money.
What is FICO?
An open line of credit that can be used for any purchases as long as you're under the credit limit
What is Revolving Credit?
What Is Your Length of Credit History?
Length or age of credit history refers to the age of the accounts that appear in your credit reports.
True or false. It will always help my credit scores to close an account that’s paid in full.
True
True or False? The average pay day loan borrower takes out more than 8 loans per year.
True
True or False? Negative items stay on your credit report for a long time?
True
Debt is tied to a specific asset that can be used as a collateral and repossessed if borrower doesn't make payments
What is Secured Debt?
How to Improve Your Length of Credit History?
What is open new account to build credit.
true or false. Checking your credit scores will not impact them.
True
True or False? The average pay day loan is $350 - $500
True
True or False? Naming your teen as an authorized user can help build their credit score.
True
Debt is not tied to a specific asset. There is no collateral that can be repossessed if borrower doesn't make payments
What is Unsecured Debt?
true or false. Having older accounts is better than having younger ones where your credit score is concerned
what is true.
true or false. Your relationship status and whether you live alone can impact your credit scores.
False
True or False? In the U.S. there are more pay day lenders than there are McDonald's
True
True or False? Student debt will not hinder your credit score.
False
Interest rate remains constant during the duration of the loan.
What is a Fixed Rate?
true or false. you should ope as many accounts as you can in a short amount of time.
What is false.
true or false. Good credit scores do not necessarily mean your credit application will be approved.
True
True or False. You can apply for a payday loan with a poor Credit history.
What is True