Components
Does making late payments raise or lower your credit score?
It lowers it.
No.
Should you get your own credit card or become authorized under your parents' credit card?
Both.
Consolidate your credit debt.
How does your credit score affect your ability to borrow money?
It can lead to higher interest rates.
Is your credit score based off of long term or short term credit history?
Long term.
Does paying early help your credit score?
No
Should you consider secured credit cards?
Yes.
Should you tackle the smaller balances first or the larger balances first?
Smaller
Does checking your credit score hurt your credit?
No.
What is one of the components of a credit score?
Payment History, Length of Credit History, New Credit, Types of Credit Used, Amounts Owed.
Do all payments on time help your credit score? Why?
No it doesn't because not all utility bills are reported to credit bureaus.
Should you consign somebody else's credit card?
No.
Should you consider a balanced transfer credit card?
Yes.
What is a credit score?
A number assigned to a person that indicates the capacity to repay a loan.
What is the scoring system of credit?
Fico.
Does closing credit cards help raise your score?
No.
No.
What is an introductory APR?
It's an APR with a 0% interest rate.
When should you check your credit score?
When you're applying for a credit loan.
What is the ideal percentage of credit used on a monthly basis?
Ideally, 10-20%.
Should you pay your rent or your credit card bill?
Your credit card bill.
Should you consider taking a personal loan to pay off credit debt?
Yes.
What is the consequence for having a thin file area?
Not having enough information to generate a credit score?