Credit - Financial Literacy Flashcard

Front

Which of the following is an advantage of using credit?
Options: interest and fees, purchasing power, finance charges, overspending

Back

purchasing power

Front

What term means how trusted you are to repay borrowed money?

Back

creditworthiness

Front

Which of these is NOT part of your credit score?
length of credit history,
payment history,
total amount you owe,
high school grades

Back

high school grades

Front

If you have a good credit score, you are more likely to: be offered a job, be offered loans with better terms, be offered low rates on car insurance, All of these things

Back

All of these things

Front

An agreement to receive a service now and pay for it later is

Back

service credit

Front

After paying off the balance, which type of credit is able to be used again?

Back

open-end credit

Front

Having good credit means you are a low-risk borrower.

Back

True

Front

A credit score is also known as a FICO score.

Back

True

Front

Creating many new credit accounts will improve your credit score.

Back

False

Front

Your credit score is a point value of how well you have handled credit in the past.

Back

True