EverFi Module 4 Credit scores

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Very Poor Credit Score

BELOW 500 , seek

Poor credit score

500-579 if your introits rate is high you may not qualify for loans at all

Fair Credit score


Okay credit score


Good Credit score

680-700 would qualify for MOST loans

Excellent Credit Score

700+ qualify for BEST loan terms and interest rates

How can you boost ur Credit Score and avoid a low one in the 1at place?

By PAYING your Bills ON TIME and managing what you barrow responsibly

What financial behaviors will typically lead to a low credit score?

Maxed out Credit Cards

Payment History

A history of the payments you have made on all credit you have obtained, which affects your credit score. Tracks such things as whether or not you pay your bills on time, whether or not you always pay at least the minimum amount, etc. ( 35%)

Amounts Owed

PPl who use less of their available credit, considered lower risk (30% )

Length of Credit History


New Credit

rated based on the number of recently opened accounts and the number of recent credit inquiries (10%)

Types of credit used

number of various types of accounts (credit cards, loans, mortgages, etc.) (10%)

Which of the following factors will have the greatest impact on your credit score? I. Length of Credit History II. Payment History III. Amounts Owed IV. Types of Credit Used

II (Payment History) III ( Amounts Owed

Credit Report Info:

Personal info

Name , address, and Social Security number on the TOP of the report. – Make it accurate and up to date

Public Records

Lists info that’s available, includes things like Court Judgements and bankruptcy filings

Potentially Negative Items

Unpaid accounts and late payments and may stay on ur record UP to 7 Years.

Payment History

includes On Time and Late Payment of ur debts – {Reminder}: Payment history has the GREATEST impact on ur Credit Score

Accounts in Good Standing

Have been reported to the credit bureau(s) as paid on Time and in FULL.

Soft Inquiry

Occurs when someone runs a background check on your credit like when ur starting @ a new job and DOESN’T affect ur Credit Score.

Hard Inquiry

Occurs when someone checks ur Credit History to make a lending decision. – A hard Inquiry AFFECTS ur Credit Score and can remain on report for up to 2 YEARS.

Did you know?

Every year ur entitled to one credit report from each of the credit BUREAUS for a total of 3 Free reports a year.

Which is LEAST important to maintaining a healthy credit score?

Knowing your EXACT Credit Score

Excellent Credit Score

Preferred Interest rate of 13% {720}

Fair Credit Rate

Land higher Interest Rate of 23% {620}

Which of the following actions has NO impact on your credit score?

You inquire about a credit card charge.

Which of the following MOST influences your credit score?

Payment History

Which of the following statements about credit scores is TRUE?

All of the above. a.}Credit scores reflect how likely individuals are to repay their debts. b.Credit scores range from the low 300’s to the mid 800’s. c.}Each person has three credit scores. d.} All the above

Which of the following actions would improve your credit score?

Paying off your Credit card bill

Jose wants to be sure he maintains a high credit score as he is planning to buy a new car soon. What should he do to ensure his score stays high, allowing him to buy his dream car?

Pay off his Credit Card Balance each Month

Having a good credit score is important because:

It can impact your ability to be approved for bank loans

In which of the following situations is having a good credit score important?

All of the above. A.} Applying for a loan @ a bank B.} Buying a car C.} Renting an Apartment D.} All of the above

Which behaviors might lead someone to have a low credit score?

Missing a car payment

Which of the following actions can NEGATIVELY impact your credit score?

You forgot to pay the cable bill.

If your credit reports show different scores, what should you do?

Get in touch with credit bureaus to see if they have different or inaccurate info on your credit history

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