Credit Score Assessment

Credit Score Assessment

Assessment

Flashcard

Mathematics

12th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is a credit score?

Back

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

2.

FLASHCARD QUESTION

Front

What factors influence a credit score?

Back

The main factors include payment history, amounts owed, length of credit history, new credit, and types of credit used.

3.

FLASHCARD QUESTION

Front

Why is payment history important for credit scores?

Back

Payment history is the most significant factor in credit scoring, as it shows whether a person pays their bills on time.

4.

FLASHCARD QUESTION

Front

What does 'amounts owed' refer to in credit scoring?

Back

'Amounts owed' refers to the total debt a person has across all credit accounts, including credit cards and loans.

5.

FLASHCARD QUESTION

Front

How does the length of credit history affect a credit score?

Back

A longer credit history can positively impact a credit score, as it provides more data on a person's credit behavior.

6.

FLASHCARD QUESTION

Front

What is the impact of new credit inquiries on a credit score?

Back

Each new credit inquiry can slightly lower a credit score, as it may indicate higher risk if too many inquiries are made in a short time.

7.

FLASHCARD QUESTION

Front

What are credit bureaus?

Back

Credit bureaus are organizations that collect and maintain records of individuals' credit activity and habits.

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