TRUE or FALSE: The length of your credit history affects your credit score
What is TRUE?
TRUE or FALSE, Your credit reports includes your credit score.
What is FALSE?
TRUE or FALSE: A single member household can purchase a 2-bedroom BMR(Below Market Rate)?
What is FALSE? The bedroom number must be equal or less than the household size.
TRUE or FALSE: Both debt settlement and debt consolidation have a negative impact on our credit score?
What is FALSE. Debt consolidation generally does not have negative impact on your credit rating.
TRUE or FALSE: I can invest if I only have $50 a month to invest?
What is Yes? Many investment firms will let you set up a regular investment plan with low amount.
This is the most important factor affecting your credit score
What is your payment history?
This is the most common term for a fixed rate mortgage.
What is 30 years?
This is an example of a revolving loan
What are credit cards, line of credits?
Rent, mortgage, cell phone, car payment, insurance, and loan payment are examples of these types of expenses
What are fixed expenses?
This is the type of credit score that most lenders use.
What is FICO?
This is the second most important factor affecting your credit score
What are your amounts owned (credit utilization, your credit balance compared to credit available to you)?
In terms of loans, APR stands for this.
What is annual percentage rate (it includes both the interest costs and fees)?
When you have two credit cards with different interest rates, this is the card you should focus on paying off first?
What is the card with higher interest rate?
Taking your assets and subtracting your liabilities gives you this
What is your net worth?
This is the first step to take when you find incorrect information on your credit bureau
What is filing a dispute with the credit bureau?
This is the range of the base FICO score.
What is 300-850 (industry specific one can be 250-900)?
Dividing your mortgage payments by your monthly gross income gives you this.
What is a front end ration?
This is the statute of limitation in California for debts.
What is 4 years? (Lenders can not try to collect debts past due over 4 years.)
You will lose your purchasing power every year by keeping your money in your checking account and not investing because of this
What is inflation?
These are the names of the three credit bureaus.
What are Equifax, Transunion, Experian?
This is a credit card that requires you to provide a security deposit with the amount same as the credit limit. It can help you build your credit before you are able to acquire an unsecured credit card.
What is a secured credit card?
This is the amount of hours of workshop you are required to attend for the purchase of Below Market Rate housing in San Francisco
What is 8 hours?
IRS debts, student loans, state and municipal debts, child support, and alimony are all examples of this type of debt
What is a non-dischargeable debt?
The number of years you need to double your investment is this number divided by the rate of return.
What is 72?