8.0 Managing Credit & Fundamentals of Statistics Assessment

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What is a credit report?

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

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Why is it important to check your credit report regularly?

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To identify potential errors or fraudulent activity.

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What is a good credit score range?

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A good credit score typically ranges from 700 to 749.

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What can happen if you miss a credit card payment?

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Missing a credit card payment can lead to late fees, increased interest rates, and a drop in your credit score.

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What is the impact of hard inquiries on your credit score?

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Hard inquiries can temporarily lower your credit score by a few points.

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What is the difference between the mean and median in a data set?

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The mean is the average of all values, while the median is the middle value when the data set is ordered.

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What is the largest factor affecting your credit score?

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Payment history is the largest factor affecting your credit score.

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What are the consequences of struggling to pay off excess debt?

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Consequences can include developing health problems from stress, having wages reduced by collectors, and having purchases repossessed.

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What does it mean if a lender offers a low interest rate?

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It typically indicates that the borrower has a good credit score and is considered a low-risk borrower.

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What is a histogram?

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A histogram is a graphical representation of the distribution of numerical data, showing the frequency of data points within certain ranges.