Question
understanding your credit score
0:02
presented by Wall Street survivor a
0:05
credit score is a simple three-digit
0:07
number that tells lenders How likely you
0:09
are to repay a loan here are two friends
0:12
Leslie and Andy Leslie and Andy are both
0:15
30 years old living in the same city
0:17
working at the same place and earning
0:19
the same salary Leslie is fiscally
0:22
responsible she puts a portion of her
0:24
salary into a savings account every
0:26
month always pays her credit card bills
0:28
on time and has never missed a payment
0:30
on the mortgage of her home or her
0:32
student loans Andy on the other hand is
0:34
a fiscal mess Andy lives beyond his
0:37
means and is always pushing the limit on
0:39
his credit card and isn't afraid to miss
0:41
a payment or two to buy the things he
0:43
wants Andy rents an apartment and hasn't
0:46
even paid off his student loan yet now
0:48
if both Leslie and Andy came to a banker
0:50
looking for a loan which one do you
0:53
think will get the better rate obviously
0:55
given their histories Leslie is more
0:57
likely to pay back the money she borrows
0:59
on credit on time on the surface however
1:01
Leslie and Andy look pretty similar same
1:04
income same job same city it's only when
1:07
you dig a Little Deeper you can get to
1:09
the good stuff in order to save time
1:11
lenders invented the credit score that
1:13
takes into account all of your financial
1:15
history Banks use your credit score when
1:17
you apply for any loan such as a
1:20
mortgage a business loan a line of
1:22
credit or car and student loans scores
1:25
typically range from 200 to 850 the
1:28
higher your score the better your credit
1:30
is and the better rates you'll get the
1:33
average score in the United States is
1:35
around
1:35
711 a score of around 740 and above
1:39
usually gives you the best interest
1:41
rates and scores of 620 and Below
1:44
usually prohibit you from boring any
1:46
money at all a good credit score is
1:48
important to get to get good rates on
1:50
the money that you borrow for example
1:52
given their spending habits Lesley's
1:54
credit score would be closer to 850
1:56
while Andy's would be closer to 600 if
1:58
they both need to borrow $1,000 Leslie's
2:01
interest rate would be closer to 5%
2:03
while Andy's could be as high as 20% so
2:07
while Leslie's monthly interest payments
2:09
would be $50 Andy's would be
2:11
$200 you can build good credit by
2:14
getting a credit card as young as
2:16
possible paying off your credit card in
2:18
full every month sticking with the same
2:21
credit card for a long time and never
2:23
missing a payment on a loan to learn
2:25
more about credit reports and other
2:27
personal finance topics head over to
2:29
From the Video, who has the better Credit score, Leslie or Andy?
What is the range for credit scores?
What is the average credit score for Americans?
What are two ways you can build credit?
0:02
presented by Wall Street survivor a
0:05
credit score is a simple three-digit
0:07
number that tells lenders How likely you
0:09
are to repay a loan here are two friends
0:12
Leslie and Andy Leslie and Andy are both
0:15
30 years old living in the same city
0:17
working at the same place and earning
0:19
the same salary Leslie is fiscally
0:22
responsible she puts a portion of her
0:24
salary into a savings account every
0:26
month always pays her credit card bills
0:28
on time and has never missed a payment
0:30
on the mortgage of her home or her
0:32
student loans Andy on the other hand is
0:34
a fiscal mess Andy lives beyond his
0:37
means and is always pushing the limit on
0:39
his credit card and isn't afraid to miss
0:41
a payment or two to buy the things he
0:43
wants Andy rents an apartment and hasn't
0:46
even paid off his student loan yet now
0:48
if both Leslie and Andy came to a banker
0:50
looking for a loan which one do you
0:53
think will get the better rate obviously
0:55
given their histories Leslie is more
0:57
likely to pay back the money she borrows
0:59
on credit on time on the surface however
1:01
Leslie and Andy look pretty similar same
1:04
income same job same city it's only when
1:07
you dig a Little Deeper you can get to
1:09
the good stuff in order to save time
1:11
lenders invented the credit score that
1:13
takes into account all of your financial
1:15
history Banks use your credit score when
1:17
you apply for any loan such as a
1:20
mortgage a business loan a line of
1:22
credit or car and student loans scores
1:25
typically range from 200 to 850 the
1:28
higher your score the better your credit
1:30
is and the better rates you'll get the
1:33
average score in the United States is
1:35
around
1:35
711 a score of around 740 and above
1:39
usually gives you the best interest
1:41
rates and scores of 620 and Below
1:44
usually prohibit you from boring any
1:46
money at all a good credit score is
1:48
important to get to get good rates on
1:50
the money that you borrow for example
1:52
given their spending habits Lesley's
1:54
credit score would be closer to 850
1:56
while Andy's would be closer to 600 if
1:58
they both need to borrow $1,000 Leslie's
2:01
interest rate would be closer to 5%
2:03
while Andy's could be as high as 20% so
2:07
while Leslie's monthly interest payments
2:09
would be $50 Andy's would be
2:11
$200 you can build good credit by
2:14
getting a credit card as young as
2:16
possible paying off your credit card in
2:18
full every month sticking with the same
2:21
credit card for a long time and never
2:23
missing a payment on a loan to learn
2:25
more about credit reports and other
2:27
personal finance topics head over to
2:29
From the Video, who has the better Credit score, Leslie or Andy?
What is the range for credit scores?
What is the average credit score for Americans?
What are two ways you can build credit?
Answers
GPT-4o mini
From the video, **Leslie** has the better credit score compared to **Andy**.
The range for credit scores is typically from **200 to 850**.
The average credit score for Americans is around **711**.
Two ways you can build credit are:
1. Getting a credit card and paying it off in full every month.
2. Sticking with the same credit card for a long time and never missing a payment on a loan.
The range for credit scores is typically from **200 to 850**.
The average credit score for Americans is around **711**.
Two ways you can build credit are:
1. Getting a credit card and paying it off in full every month.
2. Sticking with the same credit card for a long time and never missing a payment on a loan.