Loans
A loan is:
money that is borrowed and then payed back
What is a credit report?
A report that shows your loans, credit cards, and payment history
What is a down payment?
Money you pay upfront toward the purchase to reduce the loan amount
Student loan debt significantly impacts ones ability to _____
purchase a home
How many times a year can you receive a free credit report?
Once a year.
Avalanche means:
a systematic way of paying down debt to save money on interest
The maximum amount you're allowed to charge on your account is the
Credit Limit
What is the average credit score range?
300 to 800
Snowball means:
paying off the smallest of all your loans as quickly as possible
A loan that is backed by something of value, pledged to ensure payment is a
Secured loan
What are the 3 main credit bureaus?
Equifax
Experian
Trans Union
What does FICO stand for?
Fair Isaac Corporation
People under the age of 34 have a combined total of ____ billion in student loans
$620 billion
What does your credit report include?
All public information, taxes, bankruptcies, divorces, etc.
What is the Credit Utilization Rate?
The amount of revolving credit you're using divided by the total credit available to you