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Credit Report and Credit Score

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  • Why is a credit score important?
    It shows if you are can pay your loans and credit cards every month.
  • What is another name for a financial institution?
    a bank
  • Is my credit limit the most I can borrow?
    Yes, this is the most the bank will let you borrow.
  • What is the difference between credit cards and loans?
    Credit cards you can use to many different things. A loan is only for 1 thing.
  • What is in your credit report?
    It shows your personal information and credit history.
  • Can you payback money you borrow 1 or 2 months late?
    No, the bank will report late payments on your credit score.
  • What is a lender?
    A lender is the person or bank that is giving you money.
  • What do banks see in your credit history?
    payment history and borrowing accounts
  • List 3 ways you can borrow?
    loans, credit cards and, mortgage
  • Is my current job was one I had in the past.
    No, your current job is the one you are working at right now.
  • Do you have to pay interest on loans.
    Yes, you pay interest every month on a loan.
  • What does "to owe" mean?
    It means to give money back that you borrowed.
  • Why is my payment history important?
    It tells the bank I can make my payments all the time.
  • When is your employment history?
    These are jobs that I had in the past.
  • What is interest?
    It is an extra fee that you pay every month when you borrow.
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