Majoring in Money
According to Experian this is the ability to borrow money or obtain goods and services with the agreement to pay for them later.
What is Credit?
This "C" Evaluates whether you've paid your bills on time in the past.
What is Character?
Michael goes to AnnualCreditReport.com and reviews his report every 6 months to ensure everything looks correct. Michael is performing this kind of inquiry.
What is a soft pull?
While obtaining credit is a common reason for a credit inquiry, these companies or individuals will also pull your credit report before allowing a lease to be signed.
What are landlords or renting agencies?
Credit Cards and Line of Credit are this type of credit.
What is a revolving credit?
The ratio that compares your monthly debt payments to your monthly income.
What is a Debt-To-Income ratio?
This "C" measures your ability to repay a loan based on income and debts.
What is Capacity?
Hillary applies for a student credit card to help start building her credit. The financial institution will need to pull this type of inquiry to complete this request.
What is a hard pull?
This type of company will check your credit when determining the rates you will receive on your policies.
What are insurance companies?
A late payment will stay on your report for this long.
What is 7 years?
The comparison of the value of a vehicle and the amount financed on it.
What is a Loan-to-Value ratio?
Money you have saved represents this "C"
What is Capital?
Fact or Myth: Viewing your own credit will lower your credit score.
What is a Myth?
Fact or Myth: Utility companies will check your credit when establishing services.
What is a Fact?
Jeffrey took out a personal loan to help consolidate his debts into one payment. The personal loan will show up as this type of credit on his report.
What is an installment loan/credit?
Using a vehicle to secure a loan is an example of this "C"
What is Collateral?
The two most popular credit scoring models.
What are FICO and VantageScore?
A higher credit score could help you get a lower what on your loans?
What is an interest rate?
It is recommended to keep your credit utilization below this percentage.
What is 30%?
Fact or Myth: Your credit score is not the only thing that a financial organization will look at to determine your interest rate.
Interest rates, amount requested, and the purpose of the loans fall under this "C"
What are Conditions?
A transcript of your current credit accounts, balances, inquiries, and payment history.
What is a Credit Report?
Fact or Myth: Credit only matters when applying for a loan.
What is a myth?
On the FICO scoring model, this category has the largest effect on your credit score.
What is Payment History?