Credit Score Infographic Flashcard

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What is a credit score?

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A credit score is a numerical representation of a person's creditworthiness, based on their credit history and financial behavior.

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What range is considered an 'Excellent' credit score?

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An 'Excellent' credit score typically ranges from 740 to 850.

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What factors influence a credit score?

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Factors include payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.

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What is the impact of a low credit score?

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A low credit score can lead to higher interest rates, difficulty in obtaining loans, and potential denial of credit.

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What is the credit card rate for an 'Excellent' credit score?

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The credit card rate for an 'Excellent' credit score is typically around 11.99%.

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What does a 'Fair' credit score range indicate?

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A 'Fair' credit score typically ranges from 620 to 679, indicating some risk to lenders.

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What is the median credit score in the US?

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The median credit score in the US is 722.

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How do credit scores affect employment opportunities?

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Credit scores can affect employment opportunities as some employers check credit history as part of the background check process.

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What is interest rate?

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An interest rate is the percentage charged on borrowed money, typically expressed annually.

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What is the consequence of missing a credit card payment?

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Missing a credit card payment can lead to late fees, increased interest rates, and a negative impact on your credit score.