Ch 8.1 Credit

Gets information about your credit history and creates a score for you.

• Algorithm
• Credit Bureau
• Credit Score
• FICO score

Number given on a person's credit file to indicate their credibility

• Algorithm

• Credit Bureau

• Credit Score

• FICO score

Credit score created by the Fair Isaac Corporation

• Algorithm
• Credit Bureau
• Credit Score
• FICO score

Record of credit history by the credit bureau

• Credit Report
• Credit Utilization Ratio
• Excluded information
• Subprime Loans

A type of loan with higher interest rates for individuals who do not quality for prime-rate loans.

• Credit Report

• Credit Utilization Ratio

• Excluded information

• Subprime Loans

Which of the following would NOT be a good credit score?

• 320

• 569

• 800

• 670

The most important aspect of one's credit score

• payment history

• length of history

• type of credit used

• frequency of credit used

This is a great credit score

• 400

• 550

• 375

• 800

A person with a higher credit score will most likely

• have a bigger home

• owe more money

• take out too many loans

• pay lower interest rates on credit cards

Which of the following is NOT a credit report company?

• FICO

• Trans Union, LLC

• Equifax

• Experian