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Managing Credit Fina

Managing Credit

QuestionAnswer
Credit Score factors Payment history 35% Amounts Owed 30% Length of Credit History 15% New Credit 10% Credit Mix 10%
Credit Score A three-digit number that predicts your creditworthiness, based on your credit report information. Lenders use this number to assess the likelihood that you will repay borrowed money on time.
Avalanche Method Pay your minimum balances on all debt and then focus your extra money towards your debt with the highest interest rate. (This method helps you pay the least amount of interest overall)
Snowball Method Pay your minimum balances on all debt and then focus your extra money towards your debt with the smallest balance.
Credit Reporting Agencies Credit reporting Agencies, also known as credit bureaus, are companies that compile and sell credit reports. (Equifax, Experian and TransUnion) They also track your credit information.
What is needed to contact the credit reporting agency to report an error? Personal Info, Explanation, Evidence
Benefits of using a cosigner on a loan? You have a better chance of getting approved and getting a lower interest rate if the cosigner has good credit
Secured Credit Card - The limit? The amount you deposit becomes your credit limit.
What is on my credit report? Your credit reports include information about the types of credit accounts you’ve had, your payment history and certain other information such as your credit limits.
What is the credit score range from lowest to highest possible score? 300-850
What are examples of secured debt that can be taken if you don't make on time payments to your lenders? Mortgage and Auto Loan
Important reasons to check your credit report? Accuracy and how are the different factors affecting my credit score
Created by: LindsayMiller344
 

 



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