CREDIT SAVVY
WHAT DOES YOUR CREDIT SCORE TELL A CREDITOR ABOUT YOU?
A CREDIT SCORE PREDICTS HOW LIKELY YOU WILL PAY BACK A LOAN ON TIME.
NAME THE 3 MAJOR CREDIT BUREAUS?
EQUIFAX
EXPERIAN
TRANSUNION
NAME 5 COMPANIES OR SERVICE PROVIDERS WHO WILL CHECK YOUR CREDIT REPORT BEFORE RENDERING A DECISION TO EXTEND CREDIT OR A SERVICE.
MORTGAGE LENDERS
AUTO DEALERS
CREDIT CARD COMPANIES
DEPARTMENT STORES
UTILITIES
CELL PHONE
CABLE COMPANIES
RENTAL (APT. HOMES)
INSURANCE COMPANIES
EMPLOYERS
THE SCORES ON MY CREDIT KARMA OR CREDIT SESAME ACCOUNT ARE MY ___________ SCORES.
CONSUMER SCORES
WHICH ARE VERY DIFFERENT FROM MORTGAGE SCORES
WHAT IS THE LOWEST AND HIGHEST CREDIT SCORE RANGES FOR A MORTGAGE CREDIT REPORT?
SCORE RANGES FROM 300 TO 850
HOW MANY CREDIT CARDS ARE TOO MANY CREDIT CARDS?
YOU CAN HAVE AS MANY CARDS AS YOU LIKE * Pending that you manage the credit cards responsibly! 2 TO 4 credit cards are recommended.
TRUE OR FALSE
PAYING OFF ALL DELINQUENT ACCOUNTS WILL IMPROVE MY CREDIT PROFILE
FALSE
ON ALL REVOLVING ACCOUNTS, IT IS BEST TO KEEP THE BALANCE BELOW WHAT % OF THE HIGH CREDIT LIMIT?
30% OR LESS WITH 10% OF THE HIGH CREDIT LIMIT FOR OPTIMAL POINTS
NAME 3 OF THE 5 FACTORS THAT DETERMINE YOUR CREDIT SCORE
PAYMENT HISTORY
HOW MUCH YOU OWE
LENGTH OF CREDIT HISTORY
TYPE OF CREDIT
INQUIRIES
IF YOU HAVE INVISIBLE CREDIT (NO CREDIT SCORES) WHAT MUST YOU DO TO ESTABLISH A CREDIT SCORE.
HAVE AN OPEN AND ACTIVE TRADELINE AND / OR HAVE A 6 MONTH REPORTING HISTORY
WHAT IS THE BIGGEST FACTOR THAT AFFECTS MY CREDIT SCORE
PAYING YOUR ACCOUNTS ON TIME!
WHICH ACCOUNTS FOR 35% OF YOUR CREDIT SCORE
TRUE OR FALSE
A BANK WILL REQUIRE A CREDIT CHECK TO OPEN A CHECKING ACCOUNT
FALSE
BANKS DO NOT REQUIRE A CREDIT CHECK TO OPEN A CHECKING ACCOUNT. BANKS WILL RUN A CHEXSYSTEM CONSUMER REPORT.
WHAT ARE 3 TYPES OF CREDIT TRADELINES?
REVOLVING
INSTALLMENT
MORTGAGE
What percentage of all credit reports have errors?
25% OF ALL CREDIT REPORTS HAVE SOME TYPE OF ERROR
ONE 30 DAY LATE PAYMENT CAN DROP MY CREDIT PROFILE MORE THAN ______ POINTS
100 POINTS
Which credit score will the mortgage lender use to determine your ability to repay the mortgage. The high, middle or low credit score?
Your middle credit score - lenders will throw out the high and low score and use the mid score.
TRUE OR FALSE
The information on my credit report is carved in stone and will remain on my credit profile.
False - most negative information stays on a credit report for 7 years.
True or False
Paying off all my delinquent debt will improve my credit profile
False - Paying off all delinquent debt may drop your credit scores.
True or False
To improve my credit score I must hire an attorney.
There is nothing that a credit repair company can do for you that you cannot do for yourself for free.
True or False
After paying off a balance on a credit card you should close your account.
False - closing an account may decrease your credit profile.
HOW MANY HOMES DID DR HORTON CLOSE IN FISCAL 2024 THAT GRADUATED FROM THE HOME BUYERS CLUB?
2,620