Managing Credit

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A key factor influencing credit scores is: Recent inquiries, Monthly expenses, Martial status, Education level

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Recent inquiries

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Failing to pay federal student loans may result in: Reduced student loan interest, Higher credit score, Tax refund garnishments, Revocation of your degree

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Tax refund garnishments

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A cosigner on a loan can help by:

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Boosting approval odds

Front

Establishing credit early can help with: Quick loan approvals, Higher credit card limits, Avoiding yearly credit checks, Getting better interest rates

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Getting better interest rates

Front

Which of the following is TRUE about finding errors on your credit report?
You may have to file a dispute with each credit bureau,
You should wait until the end of the month before reporting,
Finding errors is common & is not a big deal,
Overlooked errors may result in you paying a fine

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You may have to file a dispute with each credit bureau

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Why might older individuals typically have higher credit scores? Options: They have had more time to accumulate wealth, They have paid more taxes, They always earn more than younger individuals, They have longer credit histories

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They have longer credit histories

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How often should you check your credit report for errors?

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At least once a year

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Where can you get a free copy of your credit report?

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annualcreditreport.com

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When applying for a loan, why might a lender be interested in your credit score?

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To set the loan's interest rate and terms based on risk

Front

Which types of debt usually CANNOT be erased or reduced?

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Federal student loans