Understanding Credit History and Reports

Why wouldn't the teacher lend Tim $60?

• Tim had a history of not repaying on time.

• Tim never borrowed money before.

• Tim promised to repay with interest.

• Tim had too much money already.

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What does a credit history show?

• Your travel history.

• Your academic records.

• Your history of repaying borrowed money.

• Your internet browsing history.

What can a bad credit history affect?

• Your ability to borrow books from the library.

• Your grades in school.

• The interest rates and loans you can receive.

• The number of credit cards you can own.

Who might check your credit history?

• Social media platforms.

• Your teachers.

• Landlords and lenders.

• Your friends.

What could be a consequence of having a bad credit history?

• Getting a higher salary.

• Easier access to loans.

• Difficulty in renting an apartment.

• Winning a lottery.

What is contained in a credit report?

• Your favorite color.

• Borrowing, spending, and payment history.

• Your social media activity.

• Your shopping preferences.

How long can negative information remain on your credit report?

• 1-2 years.

• 3-5 years.

• 7-10 years.

• Indefinitely.

What might happen if you have a poor credit score?

• Your credit score will automatically improve.

• You will be banned from borrowing money.

• You might receive higher interest rates on loans.

• You will receive a monetary reward.

What is the range for an excellent credit score?

• Below 579

• 670-739

• 580-669

• Over 740

Why is it important to maintain a good credit score?

• To win competitions.

• To access better loan conditions.

• To improve your cooking skills.

• To get likes on social media.