Credit Basics
This is a number that shows how trustworthy you are with money
What is a credit score?
This is the most important factor in your credit score
What is payment history?
Paying your bill on time will do this to your score
What is increase it?
A higher credit score gets you this
What is lower interest rates?
This means you don’t have enough credit history
What is a thin file?
The most commonly used credit score model is called ______
What is FICO?
This factor is about how much credit you’re using
What is credit utilization?
Keeping your balance low improves your ______ rate
What is credit utilization?
______ is when you borrow money and pay it back later
What is credit?
Missing payments will do this to your score
What is decrease it?
A good credit score range is typically this
What is 670–850?
This factor looks at how long you’ve had credit
What is length of credit history?
You should check your credit report this often
What is at least once a year?
This type of loan is good for building credit if used responsibly
What is a credit card or student loan?
One way to build credit as a beginner
What is a secured credit card?
This happens when you check your own credit
What is a soft inquiry?
Opening new accounts affects your ______ credit
What is new credit?
Opening too many accounts at once can ______ your score
What is lower your score?
Borrowing too much money can lead to this
What is debt?
Paying bills on time helps ______ your score over time
What is improve?
The three major credit bureaus in the U.S
What are Experian, Equifax, and TransUnion?
This factor refers to having different types of credit
What is credit mix?
This is the best utilization percentage to stay under
What is 30%?
This determines how much extra money you pay when borrowing
What is interest rate?
This is one way to start building credit at a young age
What is becoming an authorized user?