Loans
A loan you take out for your house.
What is Mortgage?
The minimum Credit score
What is 300?
35% of your FICO Credit score
What Is Payment History?
This is the mathematical term for the percentage derived by dividing your total credit card balances by your total available credit limits.
What is the credit utilization ratio?
A loan you take out for your car.
What is Auto Loan?
The legal age to solo sign on a credit card.
What is 18?
30% of your FICO Credit Score.
What Is amounts owed?
The maximum number of Credit cards one person can have at once.
What is no set limit/ no limit?
A loan you take out For college.
What is Student Loans?
The Minimum age to add someone on as an authorized user to a credit card.
What is 13?
10% of your credit score
What is New credit/ Credit mix?
The Maximum utilization % you can use on a Credit Card.
What is 100%?
A loan you take out for Personal Reasons
What is Personal Loan?
The maximum credit Score one can have.
What is 850?
15% of your FICO Credit score.
What is Length of history?
The Maximum utilization % you Should use on a Credit Card.
What is 30%?
The common loan length for a mortgage.
What is 15, 20, and 30 year loans?
The Scale at which your interest rate will be if you have a Lower credit score.
What is High?
10% of your credit score
What is New credit/ Credit mix?
If your current balance is $500 and your limit is $1,000, requesting and receiving one of these from your card issuer will instantly lower your utilization ratio, even if your balance stays the same.
What is a credit limit increase?