Credit Score
Does making late payments hurt or help your credit score?
It lowers it
What is are two things that a credit agency does?
Generate credit reports, calculate credit scores, collect credit information,provides reports to lenders, offers monitoring and reports, assist in identity theft protection, etc.
Does checking your credit score hurt your credit?
No.
What is the record of checking account transactions including checks, online payments, and deposits kept by the depositor called?
checkbook register
Is credit score based off of long term reports or short term?
Long term
What are credit reporting agencies?
They manage information based off of your credit.
What is a credit score?
A number assigned to a person that indicates the capacity to repay a loan.
What is the process of matching your checkbook with the monthly bank statement.
Reconciliation
Name 2 components of your credit score
Payment history, Amount owed, new credit, length of credit history, Types of credit used.
What is in a credit report? Name 2 things.
A credit report includes details about your credit history, the number of credit accounts you have, your payment history, the number of times you have applied for credit, etc.
What can give you a loan for the cash you don't have?
a credit card.
Name 3 ways to help your credit score.
Having a long credit history, not exceeding your credit limit, checking your credit report, paying your loans on time.
Name 3 ways to hurt your credit score.
making a late payment, applying for more credit, canceling your credit cards, owe a lot of money, etc.
Name the 3 companies that offer free credit reports.
Equifax, Experian, and TransUnion.
How does your credit score affect your ability to loan money?
It can lead to higher interest rates.
What does APR stand for and what is it?
APR-Annual Percentage rates and it is the interest rate over the course of a year.