Increasing your credit score

Front

What is the difference between a credit rating and a credit score?

Back

A credit rating is an assessment of creditworthiness, while a credit score is a number that determines creditworthiness.

Front

What is the range of a FICO score?

Back

300 to 850

Front

What is considered a good credit score?

Back

700 or higher

Front

How can individuals establish initial credit?

Back

By having someone with an established credit history cosign their credit card application.

Front

What is one way to avoid credit risk?

Back

Paying outstanding balances before interest and other charges accumulate.

Front

Why is it important to have a good credit rating?

Back

To receive better insurance rates, to find a better job, and to make home improvements.

Front

What are the Five Cs of Credit?

Back

Character, Capacity, Capital, Conditions, and Collateral.

Front

Who would NOT want to know about your credit history? Banks, Employers, Landlords, College Professor

Back

College Professor

Front

What is one factor that lenders consider when determining creditworthiness? Options: Length of credit history, Types of credit, Payment history, All of the above.

Back

All of the above.

Front

How often can individuals get a free credit report?

Back

Once every year