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credit score
credit history
credit report
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100

what is a credit score?

a three-digit number representing the information from you're credit profile.

100

what is a credit history

your past credit scores, good and bad
100

what is a credit report?

A summary of your credit history

100

How old do you have to be to get a credit card

19

200

What does a credit score do?

shows how well you handle having credit.

200

what are the two credit bureaus called?  

TransUnion and Equifax

200

who can see your credit report?

(name 2)

  • banks, credit unions and other financial institutions

  • credit card companies

  • car leasing companies

  • retailers

  • mobile phone companies

  • insurance companies

  • governments

  • employers

  • landlords

200

What are some decisions people will use your credit score to make? 

(name one decision)

  • lend you money
  • collect a debt
  • consider you for rental housing
  • consider you for a job
  • provide you with insurance
  • offer you a promotion
  • offer you a credit increase
300
Does your credit score affect how much interest they charge you on a loan

Yes,

good credit score- less intrest

bad credit score - more intrest

300

Does waiting to report a problem affect your credit positively or negatively? 

negatively, in a bad way

300

what does a credit report including?

(name 3)

  • name
  • date of birth
  • current and previous addresses
  • current and previous telephone numbers
  • social insurance number
  • driver’s licence number
  • passport number
  • current and previous employers
  • current and previous job titles
300

whats the key to a good credit history?

pay bills on time and in full
400

factors that can affect your credit score:

  • how long you’ve had credit
  • how long each credit has been in your report
  • if you carry a balance on your credit cards
  • if you regularly miss payments
  • the amount of your outstanding debts
  • being close to, at or above your credit limit
  • the number of recent credit applications
  • the type of credit you’re using
  • if your debts have been sent to a collection agency
  • any record of insolvency or bankruptcy
400

does exceeding your credit limit have a positive or negative impact?

negative, bad impact

400

What is another name for credit report?

credit profile

400

factors that will affect how long information stays on your credit report:

(name 1)

  • the type of financial information
  • your province or territory
  • the credit bureau that created the report
500

how is credit score calculated?

(name 3 factors)

  • how long you’ve had credit
  • how long each credit has been in your report
  • if you carry a balance on your credit cards
  • if you regularly miss payments
  • the amount of your outstanding debts
  • being close to, at or above your credit limit
  • the number of recent credit applications
  • the type of credit you’re using
  • if your debts have been sent to a collection agency
  • any record of insolvency or bankruptcy
500

What are the two main reasons why your credit history matters

It can affect your finances, and it can show signs of identity theft

500

What provinces don't need consent to look at your credit report

Nova Scotia, Saskatchwan, PEI

500

what are the 5 Cs of credit?

capacity, capital, conditions, character, collateral