Credit Exam Practice

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the ability to understand and make use of a variety of financial skills, including personal money management, budgeting and investing is known as...

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Financial Literacy

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What is debt?

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Money that is owed

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How long does negative information, like a bankruptcy, typically last on your credit report?

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7-10 Years

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There are ____ major credit reporting bureaus that lenders will use to check your credit report and credit score.

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3

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When you are 18, you can join CreditKarma for which of the following reasons? To check your credit score, To see suggestions for improving your credit, To view negative information on your credit report, To view reported balances on your accounts

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All of the above

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Your credit report can be viewed before you turn 18 by going to which of the following? www.annualcreditreport.com, www.mycreditscore.com, www.debtconsolidation.com

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www.annualcreditreport.com

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Banks and other businesses check to see how you handle your money and manage your debt to determine if you are a good___________.

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Risk

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Why is it important to have good credit?

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You will get lower interest rates, You will save money, You prove you are a good risk, You prove you are reliable, All of the above are true

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If Jen is paying a 4% interest rate and Bill is paying a 15% interest rate on a $10,000 loan, who will end up paying a lot LESS by the time the loan is paid off?

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Jen

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If your credit is poor, what can you do in order to still make a larger purchase like a car?

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Have someone co-sign for you