5 components of a credit score
What is the the 1st component of a credit score?
What is the highest credit score you can get?
850
what is the main reason to build credit
to get better interest rates on loans
What is the highest credit score
most places is at 850
when should you start building credit
What is the the 2nd component of a credit score?
amounts owed
what is the lowest credit score you can get
300
how do you establish a long credit history
start building credit early and open or co sign different cards
How do you lose credit.
by not paying on time.
what is a thin file
when you do not have a large history of credit that you could account for
What is the the 3rd component of a credit score?
length of credit history
what is a respectable credit score
around 600 to 700
How does your credit score depreciate.
A way your credit score depreciates is by no paying back your loans on time.
Is 500 a good credit score?
It is not a very good credit score to be at 500.
should you check your credit score
yes and do it very often
What is the the 4th component of a credit score?
new credit
what can you get with a high credit score
better interest rates on loans
Why is credit score important?
It is important for you to get trusted more for things like house loans.
Whats a topic credit store.
Credit Karma.
when is it a good idea to take on credit
when you have stable income and a good balanced credit score
What is the the 5th component of a credit score?
credit mix
how does a low credit score impact you negatively
you can't get as many loans or good deals
What does credit score show?
It shows your trust and how they feel to pay you back.
What is the fastest way to increase your credit score?
pay off all of your debts quickly
what is a credit report
it is your credit history along with your credit utilization to see creditworthiness