CREDIT DEBIT CARD MANAGEMENT

Which of the following situations is an example of responsibly taking on debt?

• Get a credit card but don't use it to avoid more debt

• Spend up to your credit limit each month

• Become an authorized user on an adult's card

• Make only the minimum payment each month

Your net worth...

• is what you owe minus what you own

• is your assets - your liabilities

• is your liabilities - your assets

• is what you own minus what you owe

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

All of the following are benefits of having a good credit score EXCEPT

• You can get a higher return on your Retirement fund

• Higher interest rate on credit cards and loans

• Easier approval for rental apartments and houses

• Better car insurance rates Better car insurance rates

How are a credit score and credit report related?

• A credit report is determined by the factors in your score

• A credit score is determined by the factors in your report

• Credit reports are less important than your credit score

• They're not related at all

Where can you get a free copy of your credit report?

• annualcreditreport.com

• freecreditreport.com

• getmycreditreport.com

• creditreport.gov

What can debt collectors do if you don't make payments towards your loans?

• Have you arrested if you owe money

• They can try contacting you at work

• Call you between 8am-9pm to talk to you about your loans

• Reach out to your friends about the debt you owe

What information can you find on a credit report?

• Your medical insurance information

• Your parents' and siblings' contact information

• Your education level

• Inquiries you've made on new lines of credit

Jim is 23 and has 1 credit card. What would be the best way to improve his credit score?

• Get 4 more credit cards in the next 3 months

• Diversify his credit - get an loan for the car he needs

• Make sure he makes his payments in full & on time

• Increase his credit utilization rate

Where do banks get the money to lend out to consumers?

• From their clients' credit card accounts

• From their clients' savings accounts

• From the Federal government

• From their own money vaults