Building Credit

What does credit measure? 

• How likely someone is to pay back a loan 
• How trustworthy someone is with money 
•  How well someone has made payments in the past
• All of the above

When do you need credit? 

• When you apply for a loan 
• When you apply for a credit card 
• When you apply for a house 
• All of the above 

What does bad credit say about you? 

• That you are hard to trust with a loan or credit card 
• That you do not make much money 
• That you are young 
• That you watch a lot of bad movies 

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What does good credit say about you? 

• That you make a lot of money 
• That you have many credit cards 
• That you are easy to trust with a loan or credit card 
• That you have a lot of Facebook friends

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What would a 622 credit score be considered? 

• Bad 
• Fair 
• Good 
• Excellent 

What would a 425 credit score be considered? 

• Bad
• Fair
• Good
• Excellent

What range of scores describes people with “good” credit? 

• 350 – 619 
• 620 – 659 
• 660 – 719 
• 720 – 850 

What is the national average credit score? 

• 455
• 561
• 691
• 720

Which of the following probably has the highest credit score? Assume that all of them have made regular monthly payments on time. 

• An 18 year old college freshman 
• A 20 year old waitress with two active credit cards 
• A 40 year old business owner with two cars, a house, and four active credit cards 
• A 50 year old with five credit cards who rents his house 

What makes a person a good cosigner? 

• A high credit score
• A steady income
• The ability to pay for your loan if you can't
• All of the above