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Building Credit 101

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Questions and Answers

When is the best time to start building credit?

After you turn 30

After you graduate college

You can start now (correct)

After you have a full-time job

How long does it typically take to have a credit score in the mid to high 600s with good credit habits?

5 years

1 year

3 years (correct)

10 years

What are some ways to establish credit for the first time?

Pay off all your debts

Become an authorized user (correct)

Avoid taking out loans

Open multiple credit cards

Which act promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies?

Fair Credit Reporting Act (FCRA) Signup and view all the answers

What is the purpose of a secured credit card?

To build credit enough to qualify for an unsecured card Signup and view all the answers

What is a co-signer responsible for on a loan?

The full amount owed if the borrower doesn't pay Signup and view all the answers

What happens to the deposit made for a secured credit card when the account is closed?

It is returned to the cardholder Signup and view all the answers

Building Credit 101

Choose a study mode

Podcast

Questions and Answers

When is the best time to start building credit?

How long does it typically take to have a credit score in the mid to high 600s with good credit habits?

What are some ways to establish credit for the first time?

Which act promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies?

What is the purpose of a secured credit card?

What is a co-signer responsible for on a loan?

What happens to the deposit made for a secured credit card when the account is closed?

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