Components
Does making late payments raise or lower your credit score?
It lowers it.
Should you get your own credit card or become authorized under your parents' credit card?
Both.
Should you consolidate credit debt or consider paying cards off individually?
Consolidate your credit debt.
How does your credit score affect your ability to borrow money?
It can lead to higher interest rates.
Size of late payments does matter
True.
Is your credit score based off of long term or short term credit history?
Long term.
Should you consider secured credit cards?
Yes.
Should you tackle the smaller balances first or the larger balances first?
Smaller
Does checking your credit score hurt your credit?
No.
Total amount that you owe effects your credit score.
False.
What is one of the components of a credit score?
Payment History, Length of Credit History, New Credit, Types of Credit Used, Amounts Owed.
Should you consign somebody else's credit card?
No.
Should you consider a balanced transfer credit card?
Yes.
What is a credit score?
A number assigned to a person that indicates the capacity to repay a loan.
A shorter credit history is better.
Flase.
What is the scoring system of credit?
Fico.
Should you apply for multiple credit cards at the same time?
No.
What is an introductory APR?
It's an APR with a 0% interest rate.
When should you check your credit score?
When you're applying for a credit loan.
You should not check your credit history often.
True.
What is the ideal percentage of credit used on a monthly basis?
Ideally, 10-20%.
Should you pay your rent or your credit card bill?
Your credit card bill.
Should you consider taking a personal loan to pay off credit debt?
Yes.
What is the consequence for having a thin file area?
Not having enough information to generate a credit score?
Having several types of credit can help your score.
True