Credit Score/ Credit Report

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What is a credit score?

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A credit score is a numerical representation of a person's creditworthiness, typically ranging from 300 to 850.

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What does a credit report contain?

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A credit report includes information about an individual's credit history, such as current and past addresses, account balances, bankruptcies, and foreclosures.

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True or False: A loan company will look at your credit history when you apply for a loan.

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True

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Which of the following is NOT included in a credit report? Medical information, Current and past addresses, Account balances, Bankruptcies and foreclosures.

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Medical information.

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What is the most common credit scoring system?

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The most common credit scoring system is called FICO.

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What is the range of a typical credit score?

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The typical credit score ranges from 300 to 850.

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What happens if you apply for many credits in a short time?

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It can have a negative impact on your credit score.

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What factors can affect your credit score?

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Factors include payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries.

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What is credit utilization?

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Credit utilization is the ratio of your current credit card balances to your credit limits, expressed as a percentage.

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Why is it important to maintain a good credit score?

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A good credit score can help you secure loans with better interest rates and terms.