Credit Terms
What is a FICO score?
A FICO score is the score lenders use to evaluate your creditworthiness.
The higher the credit score the higher of interest rates you´ll receive.
False
Before you permit a lender to check your credit score, you’ll want to...
Do a thorough review of your own credit report before hand.
35% Payment History:
Pay on time, avoid late payments. Automatic Payment(s) each month. Leave a small balance.
What was the animal that was recently reported to be a successful clone.
An endangered ferret species call the the black-footed ferret from the frozen cells of a deceased one named Elizabeth Ann.
What is a Vantage Score?
A Vantage Score is the credit score you’ll see when you check your score on consumer-facing credit check websites.
You can get a free report from the three majoring companies once per year.
True
Who are the three main credit reporting agencies when pulling data to form a credit report?
TransUnion, Equifax, and Experian
10% Types of Credit:
2 credit scores, 1 car, 1 mortgage(house).
Who is in the process of being impeached...again...?
Donald Trump
What is a Credit Report?
A credit report pulls data from three major credit reporting agencies: TransUnion, Equifax and Experian.
If you’re trying to improve your credit score before applying, you shouldn´t rely on the factors that impacted your score.
False
Who calculates your creditworthiness and where does it range from?
Fair Issac & Co. and ranges from 350-850.
15% Length of Credit History:
The longer you’ve been paying on time, the better the credit score (or the more points you are going to get).
What DC movie is coming out that a lot of individuals are looking up for?
Justice League: The Snyder Cut
What is Credit History?
Number of open accounts, total levels of debt, and repayment history, and other factors.
Can a new credit impact your credit score and is it one of the main six that could affect your score.
yes
What is a subprime borrowers?
People´s credit generally below 640
10% New Credit:
Every time you apply for credit, your FICO score drops.
Does your credit score affect and play a key role when buying a house or anything that is need of your credit score and report.
True
What is a Credit Score?
A credit score is a number between 300–850 that depicts a consumer's creditworthiness.
For FHA loans, you can usually get approved with a credit score of 580 or higher.
True
Would a interest rate from a lender would be lower or higher if you have a high a credit score.
Lower
30% Amount Owed against your Credit Limit:
The level of dept could effect the predictive of future credit performances(higher the debt the greater the impact on your credit score/performance).
Put them in their own category: 800, 700, 600, 400, 200(hint credit)
Excellent, Great, Fair, Poor,Very Poor