Random credit stuff
what is just one way to build your credit score
at what age can you solely own a credit card?
18
why should you build a good credit history from a young age
To help yourself in the future when it will help you to have a good credit history.
What is credit utilization?
the amount of credit you have used compared with how much credit you have been extended by a lender.
what is cosigning a credit card
co-signer is someone with good credit and income who guarantees that they will pay your credit card balance if you default.
What is a thin credit file?
It is when there is not enough info in your credit reports to generate a credit score
What are the five components that make up a credit score?
payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).
Is having a cosigner for your credit card a requirement before turning 21?
no
What are some of the consequences of a thin credit file?
It makes it difficult to get approved for credit
how often should you check your credit score?
A) once per year
B) once per month
C) whenever you feel like it
B) Once per month
what are the three largest credit card company's in the world right now?
American express, Bank of America, and Barklays
how does a persons credit score determine their ability to borrow
Name at least one scenario when you should borrow money
How many reports of credit card fraud were their last year?
50,000
270,00
1 mil