Credit Cards
True or False: a lender can set a limit on your credit card.
True
True or False: It's impossible to increase your credit score.
False.
Can you have more than one credit score?
Yes
#1 reason for debt
Poor Money Management Skills
True or False: Paying your bills on time hurt your credit score
False
What are late payment fees?
Make your rates go up so you pay more.
Is it good to have a "thin" file?
No.
Does checking your credit score damage it?
No.
the state of owing money
Debt
The action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.
Foreclosure
How many americans have a credit cards?
70.2%
What percent of lenders use FICO scores?
90%
What is the most commonly used credit score in the U.S.
FICO Score
Second reason for debt
Medical expenses
Most used bank
Wells Fargo
In 2012, how many household depended on their credit cards?
40%
When was the credit scoring system founded
1950s
What can happen when you close accounts?
It can lower your Credit Score.
Third reason for debt
Gambling and addictions
The state of being completely lacking in a particular quality or value.
bankruptcy
Where were the first credit cards used in the United States
New York Restaurants
What's the highest your credit score can get
850
Which Credit score has all three
Equifax
A general increase in prices and fall in the purchasing value of money.
inflation
Main cause of low credit score
Late Payments