General Credit
A number that predicts the likelihood that you'll pay your bills on time.
What is a FICO score?
10% of your credit score.
What is new credit or variety of credit?
A loan that is used to purchase a house.
What is a mortgage?
A report listing your debts, activity on your accounts, and credit rating.
What is credit report?
A plan for how to spend money.
What is a budget?
Someone who legally agrees to take responsibility for a person's debt if they cannot repay it.
What is a co-signer?
The largest factor (35%) in your credit score.
What is Payment History?
A loan that uses the equity of your home.
What is a HELOC?
How long most negative information stays on your credit report.
What is 7 years?
The percent of textbook learning do we forget almost immediately.
What is 70%?
The website where you can get a copy of your credit report for free.
What is AnnualCreditReport.com?
The company that calculates your credit score.
What is FICO?
A loan used to pay for college.
What is a student loan?
The names of the big 3 credit bureaus.
What is Experian, Equifax, and Transunion
A refundable tax credit given to people with lower incomes who work.
What is the EITC or Earned Income Tax Credit?
The cost you pay to borrow money, including fees, expressed as a percentage.
What is APR or Annual Percentage Rate.
30% of your credit score.
What is utilization ratio or debt level in comparison to credit limits?
Something valuable that the lender can take as payment if you can't or don't repay your secured loan.
What is collateral?
How long bankruptcy stays on your credit report.
What is 10 years?
This insurance can be eliminated once your equity reaches 20%.
What is PMI or Private Mortgage Insurance?
The maximum liability for credit card charges you did not authorize.
What is $50?
What is Length of Credit History?
The company that decides if you are approved for a loan.
What is a lender?
The number of days before a loan is reported as past-due on your credit report.
What is 30 days?
Preparation + Participation =
What is engagement?