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Credit Building Fundamentals

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Questions and Answers

What is a potential advantage of using credit monitoring services?

To maintain a clear picture of your credit health (correct)

To avoid paying interest on your debts

To dispute inaccuracies on your credit report

To obtain a detailed report on your FICO score

Why is it essential to have a personalized credit building plan?

Because credit scores are not affected by financial situation

Because credit building plans are only for those with bad credit

Because everyone's financial situation is the same

Because everyone's financial situation is unique (correct)

What is the primary factor affecting your credit score?

Budgeting and debt management

Payment history (correct)

Credit mix

Credit utilization ratio

What is the recommended level of credit utilization?

Below 30% of available credit Signup and view all the answers

What can be an excellent way to build credit for those with limited credit?

Becoming an authorized user on a family member's account Signup and view all the answers

What is essential for effectively building and maintaining credit health?

A comprehensive and dynamic credit building plan Signup and view all the answers

What is the purpose of services like Experian Boost?

To include rent and utility payments in credit reports Signup and view all the answers

Why is it important to review your credit report from all three major bureaus?

To identify and dispute inaccuracies Signup and view all the answers

What is a potential benefit of having a mix of credit types?

To positively affect your credit score Signup and view all the answers

Why is ongoing education important in a credit building plan?

To stay informed about changes in credit reporting and scoring practices Signup and view all the answers