Personal Finance Semester Review

Front

FICO Credit Scores consist of: credit profile, marital status, total assets, job income, credit history and debt ratio, Amt owed, New Credit, Length of Credit History, Credit Mix, Payment History, Income and how much you have in the bank

Back

Amt owed, New Credit, Length of Credit History, Credit Mix, Payment History

Front

The most critical factor in a FICO score (35%) is:

Back

Payment History

Front

To build a good credit history, you should

Back

pay on time and as much of your balance as possible

Front

The highest FICO score possible is:

Back

850

Front

A Credit Score is a:

Back

A measure of someone's credit risk

Front

What are the 3 major Credit Reporting Agencies in the U.S.?

Back

Equifax, Experian, and Trans Union

Front

How do credit card companies make money?

Back

By charging late fees and interest to their customers.

Front

The cost of credit expressed as a yearly interest rate is known as:

Back

Annual Percentage Rate (APR)

Front

The maximum amount you may borrow on a credit card is known as:

Back

credit limit

Front

What is an annual fee?

Back

A fee charged by a card issuer for being a card holder.