Random credit stuff
Credit Score
about credit cards

what is just one way to build your credit score

  1. Pay bills on time. ...
  2. Make frequent payments. ...
  3. Ask for higher credit limits. ...
  4. Dispute credit report errors. ...
  5. Become an authorized user. ...
  6. Use a secured credit card. ...
  7. Keep credit cards open. ...

at what age can you solely own a credit card?



why should you build a good credit history from a young age 

To help yourself in the future when it will help you to have a good credit history. 


What is credit utilization?

 the amount of credit you have used compared with how much credit you have been extended by a lender.


what is cosigning a credit card 

 co-signer is someone with good credit and income who guarantees that they will pay your credit card balance if you default.


What is a thin credit file? 

It is when there is not enough info in your credit reports to generate a credit score


What are the five components that make up a credit score?

payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).


Is having a cosigner for your credit card a requirement before turning 21?



What are some of the consequences of a thin credit file?

It makes it difficult  to get approved for credit 


how often should you check your credit score? 

A) once per year

B) once per month

C) whenever you feel like it

B) Once per month 


what are the three largest credit card company's in the world right now?

  American express, Bank of America, and Barklays 


how does a persons credit score determine their ability to borrow 

If they have a high credit score will give the lender confidence you will make payments on time and may help you qualify for lower mortgage interest rates and fees

Name at least one scenario when you should borrow money

if you can't pay medical bills, can't afford moving cost, or  when your saving money but carrying debt.

How many reports of credit card fraud were their last year?



1 mil

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