Wise test review

Front

How can you improve your credit score? Options: Make payments on time, Reduce overall debt, Limit your applications, All of the above

Back

All of the above

Front

The 3 credit bureaus that determine your FICO score are: Equifax, Transunion, and Experian, Transamerican, Equality, Experience, Transparcel, Equin, Faxqui, Crederian, Equiunion, Experfax

Back

Equifax, Transunion, and Experian

Front

How can one avoid paying interest on money borrowed on a credit card? Options: Pay the amount used in full during the current billing cycle, Make the minimum payment on the account statement, Pay at least half of the balance showing on the statement, Not making a payment at all.

Back

Pay the amount used in full during the current billing cycle

Front

What are 2 of the top 5 factors that assist in calculating your credit score?

Back

Payment History and Amount of current debt

Front

What is credit?

Back

Borrowed money

Front

What is a credit score?

Back

A three-digit numerical rating that reflects how likely you are to repay your debt.

Front

How is credit used? Options: Employers may check job applicants' credit., Before renting an apartment, the landlord will check the prospective tenant's credit., If you apply for a cell phone or credit card, your credit will be checked.

Back

All of these are correct, these are only some of the ways credit can be used.

Front

What actions can decrease your credit score? Pay your bills on time, Only check your credit score once a year, Max out your credit cards, Pay off your full debt at one time

Back

Max out your credit cards

Front

The gradual decrease in the value of an asset is called

Back

deprication

Front

A type of debt that is backed by something of value is called

Back

secured debt