Credit Score
How many digits does a credit score have?
3
What is a credit card?
a thin rectangular piece of plastic or metal issued by a bank or financial services company that allows cardholders to borrow funds with credit
(Fill in the blank): Credit scores are like _________ in school
grades
How many pennies make up 1 dollar?
100 pennies
What is a credit score?
A 3 digit number that tells lenders if they should lend to you or not . This number is based upon your credit payment history
True or False: It is recommended to use your credit card to get cash at an ATM rather than debit card
False: you should use your debit card
(Fill in the blank) Payment History makes up about ______% of your credit score
30 to 35%
What is debt?
Money that you owe
What is one advantage of having a good credit score
Answers may vary
True or False: You can get a credit card when you are 17 years old
False: 18 years old
The amount of money you earn to the amount of money you owe is called what kind of ratio?
Debt to income ratio
What currency do the British use?
Name 2 disadvantages of a bad credit score?
-Answers may vary
What is a credit card statement?
a summary of how you've used your credit card for a billing period that is usually for 1 month
True or False: 650-800 is considered a good credit score
True
True or False: New Zealand's currency is the dollar
True
What does FICO stand for?
The Fair Isaac Corporation
True or false: As a new owner of a credit card. It is wise to open multiple credit card accounts right away.
False
What is the number one way to improve your credit score?
Pay on time!!!
What does APR stand for? What is it?
Annual Percentage Rate
Money that you pay in order to borrow money