Managing Credit
What type of person would be the best choice to co-sign on a credit card?
Someone with a higher credit score.
What is the scale for the minimum and maximum credit scores? Is it better to have a higher or lower credit score?
300-850. Higher.
What 3 things appear on your credit report?
Student loan payment history, Balance owed on a car loan, Number of active credit accounts
What are 3 examples of Debt?
Credit Card Balance, Student Loans, Auto Loans
What is the name of the student teacher with brown hair?
Ms. J (or Johnson)
How does your credit score affect loan interest rates?
A higher credit score tends to lead to lower interest rates.
What percentage should you keep your credit utilization below?
30%
What information do you need to request your credit report?
Name, DOB, SSN, Home Address
Using the Snowball Method, what debt do you focus on first?
The debt with the lowest balance.
What is the name of the student teacher with blonde hair?
Ms. T (or Trottier)
3-6 months.
What are 4 ways to view your credit score?
Check your credit card or loan statement, Talk to a non-profit counsel, Use a credit score service, Purchase a score directly from FICO.
Why might someone want to look at your credit report?
To decide if you are a quantified or risky candidate for credit?
Using the Avalanche Method, getting out of debt requires you to pay the most money with the ____ interest rate?
a. Highest
b. Lowest
Highest.
What drink does Ms. J bring in every morning?
Bubblr
What is the advantage of paying your credit card bill on time each month?
You don't have to pay interest or additional fees, and maintain a good credit score.
What makes up most of your credit score?
Payment history and credit utilization.
Why should you review your credit report daily?
Check for accuracy and monitor the factors impacting your FICO score.
What is the Consolidation debt repayment strategy?
Where you combine multiple debts into a single new loan, simplifying your payments into one monthly bill.
What sport does Ms. T play at UWEC?
SOFTBALL
What is the difference between secured and unsecured credit cards?
U- Gives you a specific credit limit when you receive the card.
S- You have to pay for the specific credit limit before you receive the card.
It is best to avoid these in order to improve your payment history…
Late payments.
What should you do if you find errors in your credit report?
What are the consequences if you don't pay your loans?
Placing a negative mark on your credit report, charging late payment fees, increasing your interest rate, sending your account to a collection agency, freezing your bank account, seizing assets, and Wage garnishment.