Chapter 3: Credit Scores – What’s the BFD?
Credit Scores: What’s the BFD?
At the completion of this section, you will be able to:
- Explain the difference between a credit report and a credit score
- List the 3 credit reporting agencies, explain how to acquire a copy of your credit history, and describe how your credit history impacts your credit score
- List the 5 ingredients that makes up a credit score
- Identify at least two steps you can take to improve your credit score
- Define the difference between bad credit and being “credit invisible”
- Identify at least one entity who might make a credit score inquiry other than a loan officer or credit issuer and explain the impact that inquiry might have on your credit score
- Explain the difference between a “hard” ding and a “soft” ding and provide an example of the source of each type
- Identify two means of establishing credit if you’re “credit invisible”
IN OTHER WORDS, at the completion of this section YOU will know your shit. And that they’re full of it. You will know all the stuff they don’t want you to know — all the lies and distortions and tricks. YOU will be prepared to leverage your knowledge, to claim your power, and use their own lumbering momentum in YOUR favor.