Credit Score
A credit score is a...
...three-digit number.
The total amount of money you currently owe to a...
...lender or creditor.
What is a Revolving Credit?
Revolving Credit allows you to borrow funds up to a certain limit.
A record of a consumer's past borrowing and...
...repayment behaviors.
Which Credit score is good and which is bad?
1) 310
2) 240
4) 301
3) 520
1) 310 - Bad
3) 520 - Good
Reducing your outstanding balance is a primary way to improve a declining...
...credit score.
What the resources are mainly about...
...credit History.
How to assess a credit application…
...A lenders review
Why is 309 bad...
...It is bad because you have a lot of debt. In the future people will not sell you a car or sell you a house. They will not trust you and give you more of a down payment.
Can you just change you you budget on your card whenever you want?
Sort of, We should call your credit card company and get it lowered so you will have less money to pay off.
What do credit cards help with:
1)Getting homes
2)Getting groceries
3)Getting cars
4)All
5)2 and 3
5) 2 and 3
A person, John, just got a credit card. He has a score of 0 and that person wants a car. Will lenders give him a loan?
Likely not because they do not know if he pays his lows fast or takes his time.
Why is 760 excellent?
This means you pay on time, no debt. People will trust you when you buy a car or buy a house and give you a lower down payment.
Why will you change you limit...
...you would change your credit card limit because you don't want to pay off as much debt or because you don't need that much money on your credit card.
A person, Amy, has a very large credit score. She's been using a credit card since she was 15 and now she is 55. She did not make too many wise payments when she was younger. Now she has a low credit score but wants a car. Will the lenders give her a loan?
They will likely give her a loan but with a larger down payment and or additional fees.