Managing Credit

A key factor influencing credit scores is:

• Recent inquiries

• Monthly expenses

• Martial status

• Education level

All of the following are part of a credit report EXCEPT:

• Spending Habits

• Loan Repayment

• Credit Limit Utilization

• Current Credit Inquiries

Failing to pay federal student loans may result in:

• Reduced student loan interest

• Higher credit score

• Tax refund garnishments

• Revocation of your degree

A cosigner on a loan can help by:

• Reducing monthly payments

• False

• Boosting approval odds

• Offering collateral for the loan

Which of the following is TRUE about a credit report?

• It is a complete history of one type of credit you have

• Credit reports are maintained by the 5 main credit bureaus

• You can get a copy of your credit report for free

• You can get a credit report only when you're 21 years old

Which of the following does NOT contribute to your credit score?

• Your payment history

• Which banks issued your credit cards

• Your debt-to-credit ratio

• Length of credit history

Establishing credit early can help with:

• Quick loan approvals

• Higher credit card limits

• Avoiding yearly credit checks

• Getting better interest rates

Which of the following is TRUE about finding errors on your credit report?

• You may have to file a dispute with each credit bureau

• You should wait until the end of the month before reporting

• Finding errors is common & is not a big deal

• Overlooked errors may result in you paying a fine

The main advantage of a secured credit card is:

• Higher spending limits

• Reduced annual fees

• Improving credit score

• Earning cashback rewards

Why might older individuals typically have higher credit scores?

• They have had more time to accumulate wealth

• They have paid more taxes

• They always earn more than younger individuals

• They have longer credit histories