Random
Who are the three major Credit Reporting companies?
Equifax, Experian & TransUnion
What is the highest your credit score can be?
850
Would it be better to have few lines of credit or multiple?
Multiple
What is a soft inquiry?
Transaction on your credit profile that doesn't have much of a negative effect. (Applying for new credit)
What is the lowest your credit score can be?
300
Who are the 4 major credit card processors
American Express, Visa, Mastercard, Discover
Transaction that impacts your credit profile negatively and/or may take an obsessive time to pay off. (Car, Real Estate, Jewelry)
What is the name of the credit score that lenders use to determine how safe or risky you are as a customer?
Fico Score
What is secured credit?
Credit that is backed by an asset that can be seized or liquidated by the lender in the event of default (Car, Home).
What is the first step in beginning to build business credit?
Creating a LLC
What is the max percentage of your credit should you utilize?
30%
What is unsecured credit?
Credit that isn't guaranteed by any asset. (Credit Card)
What is the difference between LLC and sole proprietorship?
If you operate as a sole proprietorship, it is important to understand there is no legal or financial separation between you and your business. Whereas with an LLC your personal credit is protected.
What is total utilization rate?
The total amount of credit you are using across all lines combined?
What is a authorized user?
An authorized user is someone who's been added to a credit card account by the card's owner, also known as the primary cardholder