Understanding Credit Scores and Management

The video discusses the importance of credit education, detailing the journey of a credit educator who became certified to help others. It explains the differences between FICO scores and Vantage scores, and provides strategies for building a healthy credit profile. The video also covers credit card utilization, debunks common credit myths, and offers advice on credit repair and improvement. Additionally, it addresses the impact of student loans on credit and the differences between business and personal credit. The session concludes with resources for further learning.

What prompted the speaker to start learning about credit?

• She wanted to buy a house.

• She was denied a student loan.

• She was offered a high-interest car loan.

• She wanted to start a business.

Which of the following is NOT one of the three main credit bureaus?

• Experian

• Equifax

• TransUnion

• Credit Karma

What percentage of your credit score is determined by your payment history?

• 40%

• 35%

• 25%

• 30%

What is the recommended number of credit cards to have for building a healthy credit profile?

• One

• Two

• Three

• Four

Why is it important to add your child as an authorized user on your credit card?

• To help them get a job

• To establish their credit history early

• To increase their allowance

• To teach them financial responsibility

What is the worst type of dispute you can make when challenging accounts on your credit report?

• Asking for proof of ownership

• Requesting an investigation

• Claiming the account is not yours

• Challenging the validity of the account

How long does a late payment stay on your credit report?

• 3 years

• 7 years

• 5 years

• 10 years

What should you do if you have bad credit and want to improve it?

• Pay off all debts immediately

• Only dispute old collections

• Avoid using credit for seven years

• Focus on building new credit

What is the recommended number of credit cards for the average person?

• Three

• Four

• Two

• One

Which website is recommended for checking your FICO scores?

• Credit Karma

• Credit Sesame

• myfico.com

• annualcreditreport.com