Creditworthy

credit score

a number that lenders look at to see if an individual is creditworthy; also called a FICO score

A credit report is a _____. written paper from past creditors recommending an individual for more credit computer-generated number that tells if a person is creditworthy a report prepared by a credit bureau that shows details of an individual's credit history statement that lists how much you owe on your credit accounts

a report prepared by a credit bureau that shows details of an individual's credit history

credit report

a report prepared by a credit bureau that shows details of an individual's credit history; used by a lender to determine whether an individual is creditworthy

inquiry

a request for a person's credit report

service credit

a type of credit or promise to pay for services, such as phone, electricity, and water

Choose all that apply. Select each type of credit. credit card installment account loan automatic credit service credit

credit card installment account loan service credit

In a few sentences, explain how a credit score affects creditworthiness and the cost of credit.

credit scores effect credit worthiness and the cost of credit by short term loans, swipe fees, interest use, networking banks. credit score is the analysis of the person's credit files, and this is the basis of his credit worthiness

installments

equal payments usually made over several years

creditworthy

having an acceptable credit rating; considered responsible to borrow money

Collin has a credit card bill of $3,000. He makes only the minimum payment and is always close to the limit on his credit card. Is Collin using credit responsibly? Yes No

no

lender

the bank or company that lends money on the condition that it will be paid back

Name at least four factors that a lender investigates when considering whether you are creditworthy.

they use the information in the credit report to evaluate how responsbile an individual is with borrowing money. living expenses money owed current income

FICO is a credit score. True False

true

To obtain your credit report, you should _____. visit the official web site and complete the necessary steps write to the credit bureau asking for a report complete a lengthy form at the bank and give it to a customer service representative call a credit card company for a copy

visit the official web site and complete the necessary steps