Credit score

Question 1

What is a credit limit?

Answer 1

Maximum amount you are allowed to borrow/spend

Question 2

what is credit balance?

Answer 2

The amount you did barrow/spend

Question 3

which is not a factor in determining someone credit limit?

Answer 3

Interest rate

Question 4

what is a billing cycle?

Answer 4

The time in period in which all credit card cost are taken into account

Question 5

what is the term used to represents credit card interest rate?

Answer 5

APR

Question 6

True of False: Your payment is due at the end of your billing cycle?

Answer 6

False

Question 7

what is the price you pay, the cost for borrowing money?

Answer 7

Interest rates

Question 8

what does credit score represents?

Answer 8

a three-digit number that reports your reputation for managing debt and bills

Question 9

Which two factors make up the MAJORITY of your credit score?

Answer 9

1. payment history

2. Credit Utilization(amounts owed compared to limit)

Question 10

To have a good or excellent credit score, you should use LESS than what percentage of your total credit limit?

Answer 10

less than 30%