Credit Flashcard

Front

What is a Credit Score?

Back

A computer generated number of a consumer's likelihood to payback loans.

Front

What is considered a GOOD credit score?

Back

750

Front

Joe Blow has a car loan he has not been paying on time. He will most likely start to:

Back

Develop a bad credit history.

Front

What is the cost of credit?

Back

Interest

Front

How long do negative items remain on your credit report?

Back

7 years

Front

Debit cards and credit cards are the same thing.

Back

FALSE

Front

Life is more expensive for people with Bad Credit.

Back

TRUE

Front

What is a credit inquiry?

Back

When a lender checks a consumers' credit report

Front

Teenagers' parents can add them as authorized users on their credit cards to help them build credit.

Back

TRUE

Front

What credit score is considered Bad Credit?

Back

450