Credit Reports, Score, and Cards

True or False: A cosigner's credit history can be affected by the loan they are cosigned on.

• True

• False

What information on a Schumer Box should you focus on when choosing a credit card?

• The term of the credit card

• Annual Percentage Rate (APR)

• Grace Period

• Fees

How do you avoid paying interest on your credit card (or any other loan for that matter)?

• Always make the minimum payment over time

• Pay interest 1st, then pay what you can on leftover balance

• Always make the full payment on time

• Pay the principal 1st, then pay what you can on interest

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CCSS.7.RP.A.3

Which is TRUE when you make only the minimum payment each month?

• You ar charged interest on the remaining balance

• Your credit line is restored to its maximum amount

• Credit card companies have permission to sell your information

• It is the fastest way to pay off your debt

True or False: Landlords are required to submit your payment history, which can boost your credit score.

• True

• False

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CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

How are credit cards and debit cards different?

• They're both linked to a checking account in different ways

• Some debit cards say VISA on them; credit cards don't

• With a credit card, you are borrowing from yourself

• A credit card can offer perks such as purchase protection

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

When financing a car, which credit score will warrant the best rate?

• 850
• 950
• 300
• 250

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CCSS.6.NS.C.5

True or False: Missing a payment on your credit card has no effect on your credit.  

• True 
• False