Factors that affect your credit score.
Will your credit score be higher if you have been with a bank for 5 or 1 year?
5 years!
Is it harder or easier to get a loan for your house when you have a low credit score?
Harder
why are interest rates rising
To compensate
What range can your credit score be from? (Low to High).
300-850
Would you pay less interest on a large loan if you had a higher or a lower credit score?
Higher credit score.
If you don't pay back what you owe will your credit score go up or down?
Down!
true or false- You will have a higher interest rate if you have a lower credit score.
True
what causes the high interest rate
Having a bad credit score!
What does your credit score mean?
What is Credit Utilization Rate
True or False- Paying back a bigger amount will help your credit score go up.
True!
YOu are more vulnerable to fraud
GUESS- what was the highest interest rate
18.63%
How do you build a credit history from a young age
You can pay student loans on time and or you can open a student of secured credit card.
what do you think is the definition of personal finance?
the process of planning and managing personal financial activities such as income generation, spending, saving, investing, and protection.
Will checking my credit report hurt my credit score?
Checking your own credit report won't hurt your score because it's considered a soft inquiry!
What is a good credit score to have coming out of college as a student?
Around 700.
who benefits from high interest rates
Banks, insurance companies, brokerage firms, and money managers.
why is it important to build credit history from a young age
so that you can get lower interest rates and better financial opportunities overall
When is it a good idea to borrow(take on credit)
If you owe a substantial balance on one or more high-interest-rate credit cards
True or False- If you make more payments your credit score will go up.
True!
How would you be able to borrow money if you don't have a high enough credit score
Get a Co Signer
Why are interest rates important for a company to have?
Interest rates are big apart of revenue for companies and help out the economy
What makes up your credit score, what are the five categories?
Payment history (35%), Amounts Owed (30%), Length of credit history (15%), New credit (10%), mixed credit (10%).
What are the 4 c's of a credit score
Capacity ,Capital, Collateral and Credit