True of False Credit Score
Does your Credit score matter?
True
What is the most Important factor on your credit score?
Paying on time
Bad credit score follows you forever?
Myth. You can always improve your credit score
What is a credit report?
Its a list of your bill payments and loan applications that shows your payment transactions.
Does age affect your credit?
No just credit history
Should Everyone know there own Credit Score?
True
Whats the difference between a hard inquiry?
Hard inquiry negatively affects your score and is done by financial Institutions.
Rental payments affect your score?
Myth. Rarely reported by landlords
What is a Credit Score?
A number assigned that shows how you manage your money.
What is a thin credit file?
Not enough information to be given a score.
Are you given a credit score when your born?
False
What is a Soft inquiry?
No money involved and is when the employer does a background check or setup and new account like for utilities.
Filing bankruptcy negatively affects your score for 10 years?
Myth. It affects your score for 7 years.
What are the 5 credit score factors?
Payment history, Credit utilization, length of credit history, Inquiry in new credit, Diversification of credit
What are the 3 main credit companies?
Experian, Equifax, TransUnion
Credit report and Credit score are the same?
False
What is it called that shows how much available credit a person has?
Credit utilization
Credit scores are based on income?
Myth. Based on paying on time.
What is the percentage of each of the 5 scoring factors?
Payment history=35% Credit utilization= 30% Length of credit history=15% Inquiry= 10% Diversification of credit= 10%
What is a credit bureau?
Companies that collect and monitor consumers credit information.
Does your spouses credit score affect yours?
False
What is it called when your credit report has many different bills?
Diversification of Credit
A high credit score will give you a better interest rate?
Fact
What does it mean if your Blacklisted?
Not a secret list just means you have bad credit that is causing you to keep being rejected.
Is your credit score the same for all 3 agencies?
No not all creditors report information to all 3 agencies.