credit score
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8 Terms
What is credit score
A credit score is a three digit number that ranges from 300 to 850. How long it takes you to payback a loan a good credit score is 650
Why do bank check ur credit score
They check to help make lending decision such as a high credit score you repay debit in time this helps lender application for car loans.
What is the range for a credit score
the range is 300 to 850
What are the five factors that determine your credit score
Payment history
Amount owed
Length of credit history
Credit mix (10)
New credit (10)
How does high credit score benefit you
Gives financial advantages such as lower interest rates on loans and credit card also reduce security deposit and easy approvals for apartments
Note 
Flashcards (142)