Credit Score Notes

Open Ended

Before we start, do you know anything about credit scores? If so, what do you know? If not, is there anything you would like to know?

Multiple Choice

What is the complete record of your borrowing and repayment of money?

• Credit History

• Personal Credit Rating

• Credit Bureau

• Consumer Credit Report

Multiple Choice

What is a measure of credit worthiness based on an analysis of your financial history such as debt and debt repayment and credit usage?

• Credit History

• Personal Credit Rating

• Credit Bureau

• Equifax

Multiple Select

What are the 3 major credit bureaus in the US?

• TransUnion

• IRS

• Equifax

• Experian

• FICO

Your credit score is affected by various factors
Payment History - you paying your bills on time, this has a high impact on your score
Credit Usage - What percent of your available credit you have used, this has a high impact on your credit
Derogatory Marks - You letting credit default, consistently missing payments, or lack of payments being sent to collections, this has a high impact on your score
Credit Age - the average age of all credit history, this has a medium impact on your score
Total accounts - surprisingly, a higher number of accounts is better for you (If they are in good standings of course), this has a low impact on your score
Hard Inquiries - A lender or credit card company doing a deep dive on your credit history will appear as a hard inquiry on your score, this has a low impact on your score

Credit Score: a number given to a person that lets lenders know their capacity to repay

Credit Score

Categorize

Options (6)

Payment History

Credit Usage

Derogatory Marks

Credit Age

Total Accounts

Hard Inquiries

Sort factors of your credit score by high, medium, and low impact

High Impact

Medium Impact

Low Impact

Credit Score Values

Credit Score is given a numerical value from 300 to 850.

The national average for credit score is 701.

Your credit score can affect your borrowing power (amount). Higher scores usually are accompanied with higher borrowing power.

Your score can also affect your interest rates. Lower scores usually have higher interest rates.

Dropdown

Credit Scores are generated on a scale from ​

Select answer

to ​

Select answer

Multiple Choice

If the national average for credit score is 701, where on the credit scale do most Americans fall for their credit score?

• Poor

• Fair

• Good

• Very Good

• Excellent

Open Ended

What is something that you learned about credit scores that you did not know before? Please answer in complete and proper sentences.