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Borrowing
1
Do you check at least 3 lenders’ interest rates and fees before taking out a new loan?
Yes
Because lenders offer different interest rates and charge different fees, it is important to shop around when seeking a loan.
 
Borrowing
2
Do you spend more than 20% of your income to pay your credit card, student loans, automobile and other debts each month (but not including your mortgage)?
No
A good rule of thumb is to avoid having to pay more than 20% of your income on debt each month (not including mortgage payments).
 
Borrowing
3
A 15-year mortgage typically requires lower monthly payments than a 30-year mortgage, but the total amount of interest paid over the life of the 15-year loan will be more.
No
A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be lower for the 15-year mortgage.
 
Borrowing
4
Do you pay your credit card bills in full each month?
Yes
By paying your credit card bills in full each month, you can avoid interest charges and fees. Over time, these charges and fees can add up to a lot of money.
 
Borrowing
5
Credit reports contain information about the types and amount of credit people have, how they pay their bills, and past employers.
Yes
Credit reports contain a range of information including the types and amount of credit people have, their payment histories, and their employment histories.
 
Borrowing
6
Will keeping your credit card balances below 50% of your available credit limit help your credit rating?
Yes
A credit card balance greater than 50% of your available credit limit can hurt your credit score. Using too much of your available credit can raise concerns about your ability to repay debt.
 
Borrowing
7
People who pay their bills on time each month have lower credit scores than those who do not pay bills on time.
No
Paying bills on time is one of the best ways to increase your credit score. Thus, people who pay their bills on time each month have higher credit scores than people who do not.