CREDIT BASICS
This type of credit lets you buy now and pay later
What is a credit card
What is the most commonly used credit score model?
What is a FICO score
How many major credit bureaus are there?
What is 3
A teenager can build credit by becoming this on a parent's credit card.
What is an authorized user?
This helps you know where each dollar of income goes.
What is a budget
This is credit tied to a car, home or credit cards
What is secured credit
What are the ranges of Fico Scores?
What is 300 to 850
How long does negative information stay on your credit report?
What is 7 years
This habit shows lenders you can responsibly manage borrowed money.
What is making payments on time
It is better to do this instead of relying on credit for purchases.
What is save money?
This is credit that is not tied to an asset
What is unsecured credit
What is the largest factor affecting your FICO score?
What is payment history?
How long does it take before a payment becomes delinquent?
What is 30 days
You should pay this each month to avoid debt and build strong credit.
What is the full balance
What is one key habit that prevents credit score damage.
What are timely payments
What are the 3 common types of credit discussed?
What are credit cards, car loans and personal loans
What percentage of your FICO score is based on payment history?
What is 35%
Name all 3 major credit bureaus
What is Equifax, Experian & Transunion
According to the presentation, there is no benefit to having several of these.
What are Credit cards
If you can't make payments, one suggestion is to identify these
What are spending triggers/habits
If you fail to repay a secured loan, the lender may take this.
What is car or home?
What percentage of your FICO score is based on amounts owed?
What is 30%
Which period of credit activity carries the most weight in scoring?
What are the last 24 months
Applying for several credit accounts in a short period can negatively affect this.
What is credit score
What is a financial habit that helps you cover unexpected expenses without relying on credit cards?
What is emergency savings fund