NGPF 5.4 Building Credit from Scratch | Baamboozle - Baamboozle

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What is the credit score scale?

300 to 850

100 to 1,000

0-100

How does the interest rate on a loan compare for someone with excellent credit compared to someone with poor credit?

Interest rates are lower for someone with excellent credit

Interest rates are the same regardless of credit score

Jane needs a cosigner for her loan. Which person would be the best for her to ask to be her cosigner?

Her sister, who shows her she has a credit score of 735

Her cousin, who has several fancy cars and must be rich

Her grandfather, who lives on a tight budget

All of the following purchases can be impacted by your credit report EXCEPT…

Buying a TV with cash

Getting your own cell phone plan

Leasing an apartment

Applying for a mortgage to buy a house

If you have a co-signer, you are still required to make the payments on a loan.

True

False

The person who cosigns for you is impacted because they become responsible for the debt if you fail to make payments.

True

False

What is a secured credit card?

a type of credit card that is backed by a cash deposit from

it's the same as a debit card

How does opening a checking account with a bank help you build credit even though it doesn’t directly impact your credit score?

allows you to establish a relationship with the bank and show a pattern of responsible financial management.

Which of the following actions is NOT a way your credit score may be used

opening a savings account

leasing an apartment

buying a car

getting a cell phone

How long does it take to establish your first credit score?

about 6 months

about 3 months

about 1 year

about 2 years

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