What is a credit score?
Credit Score Assessment

Flashcard
•
Mathematics
•
12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
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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