Managing Credit

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A key factor influencing credit scores is: Recent inquiries, Monthly expenses, Martial status, Education level

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Recent inquiries

Front

All of the following are part of a credit report EXCEPT: Spending Habits, Loan Repayment, Credit Limit Utilization, Current Credit Inquiries

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Spending Habits

Front

Failing to pay federal student loans may result in: Reduced student loan interest, Higher credit score, Tax refund garnishments, Revocation of your degree

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Tax refund garnishments

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A cosigner on a loan can help by: Boosting approval odds

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Boosting approval odds

Front

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

Front

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

Front

Establishing credit early can help with: Quick loan approvals, Higher credit card limits, Avoiding yearly credit checks, Getting better interest rates

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Getting better interest rates

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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

Back

You may have to file a dispute with each credit bureau

Front

The main advantage of a secured credit card is:

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Improving credit score

Front

Why might older individuals typically have higher credit scores? Options: They have had more time to accumulate wealth, They have paid more taxes, They always earn more than younger individuals, They have longer credit histories

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They have longer credit histories