Credit scores indicate the likelihood an individual will repay his/her debt. We have an idea of how the scores are calculated, but only the credit bureaus know the exact calculation.
Which of the following statements are TRUE about credit scores?
Maxing out your credit cards will typically lower your credit score.
What financial behaviors will typically lead to a low credit score?
II & III
Which of the following factors will have the greatest impact on your credit score? I. Length of Credit History II. Payment History III. Amounts Owed IV. Types of Credit Used
Knowing your exact credit score
Which is LEAST important to maintaining a healthy credit score?
pplying for a loan at a bank.
Renting an apartment.
Buying a car.
In which of the following situations is having a good credit score important?
review your credit report each year.
Make sure everything on your credit report is correct.
Dispute any errors you find on your report with your credit agency.
What can you do it make sure you have a healthy credit report?
One credit report from each credit bureau
How many free credit reports are you legally entitled to each year?
The more money you make, the higher your credit score.
Which of the following is NOT true of credit scores?
Paying off your credit card bill
Which of the following actions would improve your credit score?
A numerical rating that expresses how likely you are to repay your debts.
Which best explains what a credit score represents?
You forgot to pay the cable bill.
Which of the following actions can NEGATIVELY impact your credit score?
Missing a car payment.
Which behaviors might lead someone to have a low credit score?
Pay off his credit card balance each month.
Jose wants to be sure he maintains a high credit score as he is planning to buy a new car soon. What should he do to ensure his score stays high, allowing him to buy his dream car?
It can impact your ability to be approved for bank loans
Having a good credit score is important because
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