Fill in the blank
Any credit score under 580 is _______.
BAD
One of the 5 C’s that looks at whether you have the ability to pay back the loan, such as how much money you make.
Capacity
If someone has a credit score of 800, their credit score is ____________.
Excellent
Name 1 type of revolving credit
credit card
True or False. It is bad to apply for a bunch of loans or credit cards on the same day or all in one week.
True
Someone with a higher credit score will get a __________ interest rate then someone with a lower credit score.
lower(or better)
One of the C’s that look at what type of person you are such as how long you've been at your job or house?
Character
Name 2 things you can do to help raise your credit score.
pay your bills on time, pay more than the minimum monthly payment, stay with the same lenders, don't close a credit card etc
What do you call loans that use collateral to secure the loan, such as a mortgage or car loan.
Secured loan
FICO
Credit scores range from _______ to _______.
300 to 850
One of the 5 C's where lenders look at the value of your assets, such as how much you have in your bank accounts and what you own.
Capital
When getting any type of loan, your want your interest rate to be low or high?
Low
What are loans called where the monthly payment and interest rate stays the same the entire term of the loan?
Installment loan
James took out a personal loan for $10,000. The $10,000 is called the ___________. (original amount of money borrowed)
principal
You need to be _____ days late on a bill before it makes your credit score drop.
30
One of the 5 C's that looks at what the purpose of the loan is? What will you be using the money for?
Conditions
True or False: It helps your credit score to stay with the same lenders, don't switch around a lot.
True
What do you call loans where the interest rate is locked in and stays the same the entire length of the loan?
fixed rate loan
If someone files for _____________, it will stay on your credit report for 7 years.
Bankruptcy
What do Experian, Equifax, and TransUnion do?
They track everyone's credit and keep track of their score.
Name 4 of the 5 C’s that lenders use to decide if you are worthy of a loan.
Capacity, Capital, Character, Collateral, and Condition
Name two of the 3 reporting agencies
Equifax, Transunion, or Experian
Student loans, personal loans, and car loans are all what type of loan?
installment loan OR fixed rate loan
Name 2 people who will pull your credit report in your lifetime?
Landlord, Employers, Insurance Companies, utility companies, Lenders