Wise test review

How can you improve your credit score?

• Make payments on time
• Reduce overall debt
• Limit your applications
• All of the above

The 3 credit bureaus that determine your FICO score are:

• Equifax, Transunion, and Experian
• Transamerican, Equality, Experience
• Transparcel, Equin, Faxqui
• Crederian, Equiunion, Experfax

How can one avoid paying interest on money borrowed on a credit card?

• Pay the amount used in full during the current billing cycle
• Make the minimum payment on the account statement
• Pay at least have of the balance showing on the statement
• Not making a payment at all.  

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

• Payment History and Amount of current debt
• Length of credit history and types of credit
• Payment History and Job History
• Payment History and Credit inquiries

What is credit?

• Free money
• Borrowed money
• Standard of living
• A term that causes tears

What is a credit score?

• A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
• A five-digit numerical rating that reflects how likely you are to repay your debt. 
• A three-digit numerical rating that reflects how likely you are to repay your debt. 
• A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts

How is credit used?

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

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

The gradual decrease in the value of an asset is called 

• repossession 
• foreclosure
• appreciation 
• deprication

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

• unsecured debt 
• secured debt 
• underwater debt 
• PMI debt