Credit
What is considered a very good credit score?
740-799
How long does it take to get a loan approved?
2-5 business days
Can debt bring people into depression and anxiety?
Yes, it can. Debt can cause depression and anxiety along with other mental health problems.
If your term is shorter, what happens to your payments?
Your payments will get more expensive
What is the best way to achieve a high credit score?
Pay your bills on time, minimize unnecessary debt, and monitor your credit over time
What are the requirements to get a loan?
At least 18, a good credit score, have a stable income, debt-to-income ratio
How common is debt be in most countries?
Debt is extremely common. In most major economies, their government is borrowing more than they earn.
What is a cross-border payment?
Cross-border payment transfers funds between banks from different countries.
Who created credit scores?
Earl Isaac and Bill Fair
What are the largest loan amounts available?
$100,000-$250,000
How common is it to go in debt?
Nearly 70% of Americans say they are in debt
What is the interest rate for credit cards and loans?
The average credit card interest rate is 19.56% and for loans it is 12.42%
What is the benefit of a high credit score?
Lower interest rates, easier and faster loan approvals, better rental opportunities
Name the 4 main types of loans
Secured loans, unsecured loans, fixed-rate loans, and variable-rate loans
How much student debt are Americans in?
Americans owe over $1.8 trillion in student loan debt
What are the main types of interest rates?
Nominal rate, real rate, effective annual rate, prime rate, discount rate, and federal funds rate