Fico score - Study guides, Class notes & Summaries

Credit Report a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History Makes up 15% of FICO score Type __ of credit use makes up 10% of FICO score New Credit or Inquiries Makes up 10% of FICO score Amounts Owed Makes up 30% of FICO score Payment History Makes up 35% of FICO score Fair Credit Reporting Act (FCRA) act that protects privacy of background information and ensures...

UGBA 196 - Final Exam 2023 Complete Debt to Credit Ratio Total balance on your credit cards and other loans compared to your total credit limit. 30% is ideal. (Pay down, charge less or have more cards/increase limits) 5 things that determine your credit score 1. Record of paying bills on time (35%) 2.Debt-to-credit ratio (30%) 3.Length of credit history (15%) 4.Recent applications for credit (10%) 5.Mix of credit cards and loans (10%) Highest FICO score 850 Best way to establish goo...

Credit Report - ANSWER-a compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History - ANSWER-Makes up 15% of FICO score Type - ANSWER-__ of credit use makes up 10% of FICO score New Credit or Inquiries - ANSWER-Makes up 10% of FICO score Amounts Owed - ANSWER-Makes up 30% of FICO score Payment History - ANSWER-Makes up 35% of FICO score Fair Credit Reporting Act (FCRA) - ANSWER-act that protects privacy of ba...

UGBA 196 Midterm What does your FICO score represent? - correct answer delinquency and default rate of a large number of people with similar credit history What factors determine your FICO score? (5) - correct answer on time bills, debt to credit ratio, length of credit history, new accounts/applications for credit, mix of credit cards and loans Credit Card Act - correct answer ⁃ no interest rate increase for 1 year unless introductory rate has come to an end or you are 60+ days late on...

FICO Score - Answer- measure of consumer credit risk Highest FICO Score - Answer- 850 Factors determining FICO Score - Answer- Credit report is based on: -35% paying your bills on time over time -30% your debt-to-credit ratio ( borrowing money/ credit limit) -15% length of credit history -10% mix of credit cards and loans (like to see things other than credit card; Rent, any loan (e.g. leasing car)) -10% new accounts and recent applications for credit How many FICO scores does a pe...

Credit Report - correct answera compilation of data about you that has been gathered by credit reporting agencies or "credit bureaus" Length of Credit History - correct answerMakes up 15% of FICO score Type - correct answer__ of credit use makes up 10% of FICO score New Credit or Inquiries - correct answerMakes up 10% of FICO score Amounts Owed - correct answerMakes up 30% of FICO score Payment History - correct answerMakes up 35% of FICO score Fair Credit Reporting Act (FCRA...

Hawaii Revised Statutes include specific chapter on all of the following forms of property ownership EXCEPT: A. Timeshares B. Cooperative housing C. Fractional ownership D. Planned communities - Answer- C. Fractional ownership Client trust funds shall be placed into the brokerage trust account: A. On the day of receipt B. By the next calendar day following receipt C. By the next business day following receipt D. Within three business days following receipt - Answer- C. By the next...

FICO score CORRECT ANSWER 300-850 5 factors that determine credit score CORRECT ANSWER payment history 35% amount owed 30% length of history 15% type of credit 10% new credit 10% Where can you get 1 free credit report a year? CORRECT ANSWER Annual credit 3 major credit bureaus CORRECT ANSWER Equifax, Experian, TransUnion 5 C's of credit CORRECT ANSWER Character, Capacity, Capital, Collateral, Conditions 3 ways credit cards benefits consumer CORRECT ANSWER bill consolidation ...

1. What is an emergency fund and what is used for? - Answer- - savings to cover 3 to 6 months of living expenses in readily available cash to be used only in the event of an emergency (15% of the earnings paycheck) Standard Savings account What is our definition of a millionaire? - Answer- someone who can take care of themselves without help from a government agency, financially independent, live the life they want to lead What is the rule of 72? - Answer- How long it will take to double y...

Federal Housing Administration (FHA) -borrowers with a credit score of less than _________ are not eligible for FHA loans. - 500 -borrowers with less than 580 FICO score will be required to put down at least _________%. - 10% -borrowers with less than 580 FICO score will be required to put down at least 10%. - they are required to put at least 10% down, or are only elgible for 90% financing -down payment from assistance from _________ is prohibited. - sellers -every time there i...