Unit 4 Credit Review

Flashcard
•
Mathematics
•
12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What are the 3 C's of credit?
Back
Capacity, Character, Collateral.
2.
FLASHCARD QUESTION
Front
What does 'capacity' refer to in credit?
Back
It refers to your financial ability to repay a loan.
3.
FLASHCARD QUESTION
Front
What does 'character' mean in the context of credit?
Back
It refers to your credit history and reliability in repaying debts.
4.
FLASHCARD QUESTION
Front
What does 'collateral' mean?
Back
It is an asset that a borrower offers to a lender to secure a loan.
5.
FLASHCARD QUESTION
Front
What is the FICO score range?
Back
The FICO score ranges from 300 to 850.
6.
FLASHCARD QUESTION
Front
What is the purpose of a credit report?
Back
To provide lenders with information about a borrower's credit history.
7.
FLASHCARD QUESTION
Front
Name the three major credit reporting agencies.
Back
Experian, TransUnion, Equifax.
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