Credit Ranges
This is the highest credit score a person can have.
What is 850?
3-digit number that represents your trustworthiness with loans.
What is a credit score?
This type of loan is used to purchase a house.
What is a mortgage?
Paying your bills before the due date helps keep this strong.
What is your credit score?
This is the maximum amount a credit card company can allow a user to borrow.
What is a credit limit?
"Good" credit score starts at these 3-digits.
What is 670?
This report contains your credit history from lenders, loans and credit cards.
What is a credit report?
This loan is taken out to help pay for college.
What is a student loan?
Checking your credit report yearly helps you catch these incorrect details.
What are errors and inaccuracies?
Failing to pay your credit card bill on time results in this extra charge.
What is a late fee?
Credit score category that is a score between 300-579.
What is "poor" credit?
This part of your credit score measures how often you open new accounts and how many recent inquiries you have.
What is new credit?
This loan type requires no collateral, increasing risk for lenders.
What is an unsecured loan?
Keeping your credit utilization under this percentage helps maintain a healthy score.
What is 30%?
This annual charge some credit cards require just for having the card.
What is an annual fee?
This score range is considered
"excellent."
What is 800-850?
This percentage of your credit limit that you use affects your score significantly.
What is credit utilization?
This loan is tied to an item, which can be confiscated if unpaid.
What is a secured loan?
Opening many credit accounts at once causes these formal requests on your score, potentially causing mine penalties.
What are hard inquiries/pulls?
This term describes moving debt from one credit card to another, often with lower rate.
What is a balance transfer?
This credit score is considered "fair," resulting in higher interest.
What is 580-669?
The two main credit scoring models used by lenders.
What is FICO and VantageScore?
This type of loan allows you to borrow, repay and borrow again up to a certain limit.
What is a line of credit?
This long-term factor (the age of your accounts) makes u about 15% of your credit score.
What is credit history length?
This interest rate on your card, charged if you don't pay in full, is usually expressed as a percentage.
Whis is an APR(Annual Percentage Rate)?