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UGBA 135 Midterm Correctly Answered Questions 2024. FICO Score - correct answer measure of consumer credit risk Highest FICO Score - correct answer 850 Factors determining FICO Score - correct answer Credit report is based on: -35% paying your bills on time over time -30% your debt-to-cred...

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Voorbeeld van de inhoud

UGBA 135 Midterm

FICO Score - correct answer measure of consumer credit risk



Highest FICO Score - correct answer 850



Factors determining FICO Score - correct 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 person have? - correct answer 3



How do you establish good credit? - correct answer borrow $ and pay it back on time according to its
terms



How much is taken out of your paycheck for SS and Medicare? - correct answer -12.4% of earned income
to SS

-2.9% of earned income to Medicare



Debt-to-credit ratio - correct answer how to calculate:

-$3000 debt, $6000 in credit :: 3000/6000 = 50% D/C ratio



-try to be below 50% || 30% is the best

,Identity Theft: if you're a victim - correct answer -close and replace all accounts that have been
tampered with or didn't open

-file a police report



If you are carrying a balance and you pay more than the minimum payment, where does the excess go? -
correct answer the excess is used to pay off debt of highest interest rate, not the card with the smallest
balance



credit hold on account - correct answer -when a customer is consistently late in making payments, has
exceeded their credit limit, or is identified as a bad risk, you can prevent additional credit purchases by
placing their account on credit hold

-if hold is executed, it will count against credit



Maximum interest on credit card account - correct answer no legal maximum



Who can see your credit scores? - correct answer



Website for free credit report (federally mandated for credit reports) - correct answer
annualcreditreport.com



Three credit scoring agencies - correct answer Transunion (tuc.com) -- Empirica score

Equifax (equifax.com) -- Beacan score

Experian (experian.com) -- Experian model



Best time to establish credit - correct answer when you don't need it

aka younger i thinks



When are your credit payments due? - correct answer generally about 21-25 days after your billing cycle
ends



Secure vs unsecure line of credit - correct answer Debit is secure

, Credit is unsecure (nothing to back it up other than credit history)



How does cancelling inactive credit cards affect your credit score? - correct answer -can lower because it
will increase your d/c ratio

-if you cancel, cancel newest card first



Prepaid cards - correct answer -offered by banks and nonbanks

-not linked to bank accounts

-fees: activation, inactivity, to load money onto cards, if you don't load money each month, check
balance info, to use an ATM for cash, for using a check to close an account



Cash advance - correct answer -using your credit card to withdraw cash

-higher interest rates, no grace period (incur interest rates right off the bat)



grace period - correct answer set length of time after the due date during which payment may be made
without penalty



What is a retail charge card? - correct answer -a credit card issued by a retailer allowing you to charge
purchases made only with their store

-higher interest rate 20-30% on unpaid balances

-no grace period and interest begins on date of purchase

-credit score can be lowered if you cancel card



Can you increase credit score by increasing your credit limit? - correct answer Yes, only if you stay below
a 50% debt-to-credit ratio on each credit card. 30% ratio is the best for top scores. Increase credit limit to
lower credit ratio



How often are credit card balances calculated? - correct answer daily



Credit report vs Credit score - correct answer -credit report: individual report card telling you if you have
been making CC and loan payments on time and personal info

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