Credit Score!

Question 1

Could you be turned down buying a home because of late credit card payments?

Accepted Answer

Yes

Question 2

What is a credit score?

Accepted Answer

A standardized measure of a persons ability to repay debt.

Question 3

Your available credit is $1,000 but you keep your debt to $200. Does this help you?

Accepted Answer

Yes, when you spend less than your limit, it is positive.

Question 4

Your credit score is 699. Is this a good or bad credit score? (according to FICO)

Accepted Answer

Good

Question 5

What does a consumer reporting agency do?

Accepted Answer

It keeps a record of a consumers's credit history.

Question 6

You are busy and forgot to pay your credit card bill . This will likely lower your ?

Accepted Answer

credit score

Question 7

I'm your bank. You want a loan. Why should I loan you money?

Accepted Answer

Because I pay my bills on time.

Question 8

Why do banks want to know the financial history of their loan customers?

Accepted Answer

Lenders need to understand their financial risk.

Question 9

Name one of the three nationwide credit reporting agencies.

Accepted Answer

Equifax, Experian, TransUnion

Question 10

A credit report contains many pieces of personal information about a consumer. Name two.

Accepted Answer

Social Security number and previous addresses

Question 11

You charge your new cellphone on a credit card and pay it off immediately.

Accepted Answer

This Helps because you are building credit

Question 12

You pay your bills on time. Is this a smart move?

Accepted Answer

Yes

Questions 12