credit score
The lower the number the better the credit score. True or false
false
Do I need to carry some credit card debt for a high credit score?
No
What Is a Line of Credit?
A line of credit is a flexible loan from a bank or financial institution
using your credit card less = better credit. True or false.
false
Will paying off my debts lower my credit score?
Possibly. If you are paying off credit card debt and plan to leave the card outstanding, probably not. If you are paying off student loans or a car payment where the account will be closed after the debt is paid down, you might see a temporary decline in your score.
When a Line of Credit Is Useful
By and large, lines of credit are not intended to be used to fund one-time purchases such as houses or cars
What Is the Difference Between a Credit Score and a Credit Report?
Your credit report provides a detailed record of your credit and payment history. It shows how much debt and how many open accounts you have (and with whom), how long you have been managing credit accounts, and a historical record of how and when you've paid your bills.
How often should I check my credit score?
At least once a year
Can my minimum payment increase?
Yes, your minimum payment can increase based on several factors, such as when your variable interest rate increases or you borrow more money.
How Often Is My Credit Score Updated?
Your credit score can change whenever new relevant information is reported to your credit file. Since this can happen at any time, your score could be different daily or even by the minute depending on when you or a lender requests it.
Will my debt ever get so old that I won’t have to pay it?
no they have a statute of limitations
When can I borrow money?
You can borrow money only for a specified time, starting when you open your account.
How Do I Dispute Something on My Credit Report?
If your credit report shows information you believe to be inaccurate, you can file a dispute with any of the three credit bureaus. You can dispute information on your Experian credit report by phone or mail, but the fastest route to resolution is online
Is there a maximum amount of debt I can take on?
no. Lenders may offer more credit than you have the ability to pay back.
How soon do I have to pay off my balance?
After the borrowing period ends, under some plans you may be required to pay off your balance immediately in one payment.