Consumer Credit & Credit Cards

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Last updated 10:18 PM on 7/1/26
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8 Terms

1
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Credit score impact factors

payment history 35% credit utilization 30% length of history 15% new credit 10% types of credit 10%

2
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What is the range of credits?

300 to 850.

300 579 poor

580 669 fair

670 749 good

750 799 very good

800 850 excellent

3
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What doesn’t impact credit score

Soft inquiries like background checks. cash payments, income, and employment

4
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Prime Rate

Interest rate commercial banks charge their most creditworthy customers

5
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Cash Advance

Borrowing cash using credit cards(high interest rate)

6
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Grace Period

The time period for which there are no interest rates for the money borrowed

7
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Daily Compound Rate formula

(1- APR/365) ^ 365 - 1

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Why use balance transfer?

To pay off a debt accumulated on one credit card and moving it to a new credit card that offers low intro APR.