Unit 5 Flashcard

Front

When you start, do you have a perfect credit score (since you’ve done nothing to damage it)?

Back

False

Front

What is a "soft" credit inquiry?

Back

When you check your own credit score.

Front

Which of the following IS a category that impacts your credit score? Credit Card Utilization, Job History

Back

Credit Card Utilization

Front

Your credit score can range from?

Back

300 - 850

Front

How long does information stay on your credit report?

Back

7 years for any late payments

Front

Which of the following is a benefit to having good credit? Lower insurance rates, Lower interest rates on loans, Lower interest rates on credit cards, All are benefits of having good credit

Back

All are benefits of having good credit

Front

As a borrower, you have certain responsibilities to the companies issuing you credit. Which of the following is your responsibility? Understand the terms of the agreement., Make payments on time., All are a borrower's responsibility.

Back

All are a borrower's responsibility.

Front

Which is not one of FICO's 5 credit score factors? Options: Payment history, Annual Income

Back

Annual Income

Front

Jona was trying to find ways to start building his credit. You mention getting a loan deposited into a secure savings account. Repayment of the loan is reported to credit agencies and Jona will get the principal back. You have described?

Back

A credit builder loan

Front

What is a co-signer responsible for?

Back

The full amount owed if you don't pay the loan.