Financial Literacy

Which of the following can be damaging to a person's credit history?

• Having 15 accounts open with high balances
• Making minimum monthly payments on due date
• Having one hard inquiry on a credit report
• Having multiple addresses listed in personal information

How many free credit reports is a person allowed in one year?

• 1
• 2
• Unlimited
• None

Wendy wants to improve her credit score. Which of the following actions will help Wendy improve her score?

• Pay the minimum amount due on credit cards and loans.
• Close any accounts that have a zero balance. 
• Make all monthly payments on or before due date. 
• Take out additional loans to pay off current debt. 

What is one advantage of using a credit card over a debit card?

• Using a credit card never has an advantage over using a debit card. 
• Colleges may look at a person's credit history before accepting them into school.
• Apartment managers or landlords may look at a person's credit history before renting. 
• Using a credit card responsibly can build positive credit history. 

How long does negative information stay on your credit report?

• 5 years
• 7 years
• 15 years
• Forever

If you file for bankruptcy, how long will that stay on your credit report?

• 10 years
• 12 years
• 30 years
• Forever

A score at 750 on your credit report is pretty good. 

• True
• False

Credit cards take money directly out of your bank account. 

• True 
• False

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One of the main features of a debit card is

• You have to pay interest on purchases
• You get to make payments over time
• The money comes directly from your checking account
• You have to apply for one

All of the following can appear on your credit report, EXCEPT

• Salary
• If you've been arrested
• Money you borrowed from your aunt
• The number of credit accounts you have open