Intro to Credit Scores
Understanding Credit Scores
Wow. Well where does my credit score come from? What is it?
Another good question. To answer it, let’s say that you eventually do take out that car loan. Now you have to start paying it back.
What can happen to your credit score if you are late paying your bills?
Your payment history is not a factor in calculating your credit score
You automatically get a 5-day grace period
As long as you pay your bills in full there’s no impact on your credit score
Late payments can lower your credit score
Which of the following companies is NOT a credit bureau?
TransUnion
Equifax
Experian
Ficofax
Which of the following factors has the greatest impact on your credit score?
Your income
Your marital status
Your payment history
Your age
Who creates the most commonly used credit score?
A company called Fair Isaac Corporation
The Department of Motor Vehicles
The IRS
The U.S. government
What’s VantageScore?
A mobile app for paying friends
A credit card for sports fans
The new name for FICO scores
An alternative credit score created by the three major credit bureaus