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Understanding credit scores - Consumer Financial … - credit score apr calculator
Name: Date: Class:
BUILDING BLOCKS STUDENT WORKSHEET
Understanding credit scores
Understanding what credit scores are and how they work can
help you learn how to earn good credit in the future.
Instructions
Read the "Credit scores: Exploring one example" handout.
Match the vocabulary words and phrases to the correct definition.
Answer the reflection questions.
Defining credit score words and phrases
Draw a line between the vocabulary word or phrase and its definition.
1. Credit score A. Total owed as well as how much available credit a
person is using
2. FICO B. All new loans or accounts and all creditor credit
report requests
3. Poor FICO credit score C. How long a person has had an account or loan
4. Exceptional FICO credit score D. Stands for Fair Isaac Corporation, a company that
provides lenders with formulas to figure out credit scores
5. Payment history E. Credit score that is below 580
6. Length of credit history F. A way for lenders to predict how likely a person is to pay
back a loan on time
BORRO7W. New credit G. Whether a person is paying bills on time and as agreed
8. Total debt, balances, H. Credit score of 800 or more
and utilization
BUILDING BLOCKS STUDENT WORKSHEET 1 of 2
Understanding credit scores Summer 2022
Reflection questions
1. Why are credit scores important?
2. As an adult, having a good credit score is very important. What are two things
you can do as an adult to be sure that you have a good credit score?
BUILDING BLOCKS STUDENT WORKSHEET 2 of 2
Understanding credit scores Summer 2022
How to calculate your credit card Apr?How to calculate your monthly APR. Calculating your monthly APR rate can be done in three easy steps: Step 1: Find your current APR and current balance in your credit card statement. Step 2: Divide your current APR by 12 (for the twelve months of the year) to find your monthly periodic rate. Step 3: Multiply that number with the amount of your ...
Pdf INFO
Title: Understanding credit scores
Subject: Youth financial literacy
Keywords: CFPB; Consumer Financial Protection Bureau; building blocks; middle school; financial knowledge and decision-making skills; borrow; managing credit; CTE; career and technical education; English; language arts; direct instruction; remember; understand; National Standards for Personal Financial Education
Author: CFPB. Consumer Financial Protection Bureau
Creator: Adobe InDesign 17.0 (Macintosh)
Producer: Adobe PDF Library 16.0.3
CreationDate: Fri Jul 8 14:52:43 2022
ModDate: Mon Jul 11 08:45:26 2022
Tagged: yes
Form: AcroForm
Pages: 2
Encrypted: no
Page size: 612 x 792 pts (letter) (rotated 0 degrees)
File size: 127510 bytes
Optimized: yes
PDF version: 1.7
