Credit Scores

A law that protects consumers from discrimination in the granting or denying of credit

• Equal Credit Opportunity Act

• Constitution Of the United States

• Roe vs Wade

• Credit Act of 1929

The most commonly used credit score

• FICO Score

• Social security Number

• Home Address

• Date of Birth

A history of the payments you have made on all credit you have obtained; 35% of your credit score is based on this

• Credit History

• Default

• Collections

• Interest paid

Your credit score is NOT configured off of which of the following:

• Payment history
• Amount owed
• GPA
• Length of credit history

What type of credit score is this 399?

• Average

• Great

• Poor

• Excellent

Which is an excellent credit score?

• 672

• 555

• 713

• 825

Your credit score determines how successful you will be in obtaining a loan

• True

• False

What is a reason you would want to have a good credit score?

• You can qualify for better interest rates on loans

• You get a prize each year if your score is over 500

• You don't have to pay as much for goods and services if you have a good credit score

• You get more friends

FICO stands for:

• Freeway Incident Car Overturned

• Fair Intrinsic Corporation

• Fair Isaac Corporation

• Fred Isaac Company

FICO Scores range from:

• 0-1000

• 0-850

• 200-800

• 300-850