4E: Understanding Credit and Scores Flashcard

Front

What is a credit report?

Back

A summary of your credit history

Front

Which of the following can lower your credit score?
Options:
Paying bills late,
Eating healthy,
Exercising regularly,
Watching TV

Back

Paying bills late

Front

What do credit reporting agencies do?

Back

They collect credit information.

Front

How can you build a good credit history?

Back

By using credit responsibly

Front

What happens if you pay your bills late?

Back

Your credit score goes down

Front

Why is it good to keep your credit card balance low?

Back

It helps improve your credit score

Front

Why should you check your credit report?

Back

To see if you have any errors

Front

What should you do if you find a mistake on your credit report?

Back

Report it to the credit agency

Front

What is one way to improve a bad credit score?

Back

Pay off debts on time

Front

What is the benefit of having a good credit score?

Back

You can borrow money more easily