Managing Credit

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Which of the following situations is an example of responsibly taking on debt?
Get a credit card but don't use it to avoid more debt,
Spend up to your credit limit each month,
Become an authorized user on an adult's card,
Make only the minimum payment each month

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Become an authorized user on an adult's card

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How can you build a positive credit history as a college student?

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Become an authorized user on an adult's card.

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T/F: A negative credit event (bankruptcy) can have a WORSE impact on a higher credit score.

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True

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Which of the following is TRUE about a credit report?
Options:
It is a complete history of one type of credit you have
Credit reports are maintained by the 5 main credit bureaus
You can get a copy of your credit report for free
You can get a credit report only when you're 21 years old

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You can get a copy of your credit report for free

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Which of the following does NOT contribute to your credit score?
Your payment history,
Your debt-to-credit ratio,
Length of credit history

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Which banks issued your credit cards

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Which of the following is TRUE about finding errors on your credit report? You may have to file a dispute with each credit bureau , You should wait until the end of the month before reporting , Finding errors is common & is not a big deal , Overlooked errors may result in you paying a fine

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You may have to file a dispute with each credit bureau

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How are a credit score and credit report related?

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A credit score is determined by the factors in your report.

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Where can you get a free copy of your credit report?

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annualcreditreport.com

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Using the debt snowball method, you make...

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minimum payments on large loans; pay extra on small loans

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How can having a thin file impact you?

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Lenders may decline your application for a loan.