Credit Score
A measure of your creditworthiness...
What is FICO Credit Score
Finding a solution to a problem
What is Strategy
Money that is lent to you from the bank and transferred onto a card
What is Credit Card
Your own money transferred onto a card
What is DEBIT CARD
True or False:
Any credit you take out or money you borrow from the bank will most likely impact your credit score
What is TRUE
The score range on your FICO Credit Score...
What is 300 - 850
How you promote your products
What is Marketing
When your credit score is high and you get approved for a credit (loan), your interest rate may be...
What is LOW
Name two ways you can promote your products
Ads, discounts/sales, social media, etc...
This card DOES NOT IMPACT your Credit Score
What is Debit Card
A credit score range from 680 to 720 is considered...
What is GOOD
Deciding how you are running your business (i.e.: will you be e-commerce or brick-and-mortar? Will you have employees? What are your business hours?)
What is Operations
When your credit score is low and you get approved for a credit (loan), your interest rate may be...
What is HIGH
The lowest FICO Credit Score you can have
What is 300
This factor impacts your FICO Credit Score the MOST (35%)
What is Payment History
Your FICO Credit Score determines two things...
What is
Whether you get a loan
How much interest you pay
Money for your business
What is Finance
Money that is lent to you from the bank to purchase a car
What is Car Loan / Car Note / Auto Loan
The highest FICO Credit Score you can have
What is 850
Name one factor we learned in class (besides Payment History) that impacts your Credit Score
Amounts owed, Utilization Rate, Length of Credit History, New Credit, Types of Credit
The three sources that provide your credit score information in the form of credit reports...
What is Equifax, TransUnion, Experian
Name two ways (we discussed in class) to get money for starting your business...
Taking out a loan
Working a job to save money
Money that is lent to you from the bank to purchase a house
What is Mortgage
Define the 30% Rule when using Credit Cards
Using 30% OR LESS of your credit card or credit line
The rate in which you use your credit card
What is UTILIZATION RATE