Managing Credit Flashcard

Front

What is a credit report?

Back

A credit report is a detailed report of an individual's credit history, including personal information, credit accounts, payment history, and any bankruptcies or foreclosures.

Front

How often can you request a free copy of your credit report?

Back

Once a year per credit agency.

Front

What is credit utilization?

Back

Credit utilization is the ratio of your current credit card balances to your credit limits, expressed as a percentage. It is recommended to keep it under 30%.

Front

What is the recommended credit utilization percentage?

Back

30%.

Front

What happens if you miss a credit card payment?

Back

Missing a payment can negatively impact your credit score and the missed payment will remain on your credit report for 7 years.

Front

How long does a missed payment stay on your credit report?

Back

7 years.

Front

What is a repossession?

Back

Repossession is the act of taking back an item, such as a car or home, by the lender when the borrower fails to make payments.

Front

How long does a repossession stay on your credit report?

Back

7 years.

Front

True or False: Most Americans have large amounts of money in their savings accounts and hardly any debt.

Back

False.

Tags

CCSS.L.5.3B

CCSS.L.6.1E

Front

What is a credit score?

Back

A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4