Vocab
What is a Credit History
The Record of a persons Financial Transactions
What are the 5 C's of credit
Characters, Capacity, Capital, Collateral, Credit History
What should you consider about a credit report
The Credit Accuracy, and where you can improve
How should you keep your Credit Utilization
Keep it low
What should you not do with unused accounts
Close them
What are some Traditional credit options (at least three)
Auto Loan, Student Loan, Home Loan, Personal Loan, Credit Cards
What are some pros of Credit?
Building Credit History, Convenience, Pay Over Time
What should be in your Credit Report
Personal information, account history and any negative marks
What kind of Card should you have
A secure one
When should you apply for Loans
Only when needed
What is one way to build strong credit history
by paying off credit cards every month
What is a Credit Score?
Number Calculated to measure Credit worthiness
What should you consider about building credit
A Credit Builder Loan
What should you avoid about Credit accounts
Avoid opening multiple accounts together
What should you do with your accounts after divorce
Separate them
What are some nontraditional Credit options (at least three)
Payday Loans, Pawnshops loans, Car Title loans, Rent to own programs
What are some cons of Credit
Overspending, debt, fraud and fees
When should you pay your payments
On time
What is the track record of handling debts and bills called
A Credit History
What should you do with old information
Remove it
What is Credit Utilization
The amount of credit used compared to the avaiable credit
What is Credit Worthiness
An individual's ability and willingness to pay back money
How many Digits should be in a credit score
Three digits
What determines a Credit Score
Payment History, Credit Utilization, Length of Credit History,
Who should you negations with about your Credit History
The Creditors