Credit score
The lowest credit score
What is 300?
Someone who has little to no history
What is a thin file?
Makes up 35% of a credit score
Payment history
35% of your credit score
What is payment history?
The highest credit score
What is 850?
APR
Annual Percent Rate
A statement that has information about your credit activity.
What is a credit report?
30% of your credit score
What is the the amount owed?
An inquiry into your credit history, typically when applying for new credit. They can negatively affect your credit score at first.
What is a hard inquiry?
A legal process to get out of debt when you can no longer make all your required payments
What is bankruptcy?
Do loans boost your credit score?
Yes, if you make your payments on time it could increase your credit score.
10% of your credit score that involves new inquiries
What is new credit?
An inquiry into your credit history as part of a background check. This does not affect your credit score.
What is a soft inquiry
A person who is equally responsible for paying back debt under the credit terms.
What is a co-signer
Recommended credit utilization rate
under 30%
15% of your credit score
What is the length of credit history?
Making purchases now and paying for them later.
What is credit
A type of credit that is borrowed to buy a car or house.
What is a loan
A detailed report of an individual's credit history
What is a credit report?
10% of your credit score based on the loans and credit cards you have
Types of credit