categories of credit score
History of making payments on loans and credit cards
Payment History
Size of late payments does matter
True
Should you consolidate credit debt or consider paying cards off individually?
Consolidate your credit debt.
Should you get your own credit card or become authorized under your parents' credit card?
Both
An individual's ability and willingness to pay money back.
creditworthiness
The portion of available credit that you are using
Amounts Owed
Total amount that you owe effects your credit score.
False
Should you tackle the smaller balances first or the larger balances first?
Smaller
Should you consider secured credit cards?
yes
A record of a consumer's credit history.
credit report
Number of years you have had credit.
Credit History
A shorter credit history is better.
False
Should you consider a balanced transfer credit card?
Yes
Should you consign somebody else's credit card?
No
A number that summarizes an individual's credit record and history.
credit score
Checking your credit score or opening new credit accounts
New Credit
You should not check your credit history often.
True
What is an introductory APR?
It's an APR with a 0% interest rate.
Should you apply for multiple credit cards at the same time?
no
An example of positive credit card use
paying card balances in full every month, paying card bills on time, applying for only cards that are needed, keeping track of all charges, and checking monthly card statement for errors
Auto loans, mortgages, credit cards, retail accounts
Types of Credit
Having several types of credit can help your score.
True
Should you consider taking a personal loan to pay off credit debt?
Yes
Should you pay your rent or your credit card bill?
Your credit card bill
What are two results of not using credit cards properly?
a negative credit history, and a lower credit score