Unit 3

How is a FICO score used?

FICO scores are used by banks, credit companies, apartments, ect... and they decide weather you are eligibe for loans or not. They can see all of the bad parts of your credit score.

What kind of bank accounts are made available by banks

Checking, money, market and savings accounts are available by banks.

How are the credit reports used?

Credit reports are used to help protect your identity and used by companies to see if you are eligible for loans.

Name the 3 credit reporting agencies

Equifax, Experian and Transunion.

What is FICO score and components of the FICO score?

FICO score is a type of credit score that has 5 components. 35% make up payment history, 30% make up how much you owe, 15% makes up the length of credit history, 10% makes up the credit mix and the other 10% makes up your new credit.

How can FICO scores be used to improve your credit rating?

When you use FICO it gives you 5 reasons why your score is negative and you can use these tips to improve your rating

How is a check register used?

check register is used to keep track of how much money is used and your current balance.

What are components of a check?

date, amount, memo, reason for check, who its to and signature.