what can a person do to help increase their credit score?

use only a small percentage of your credit limit

charge all expenses to the same credit card

which of the following actions can NEGATIVELY impact your credit score?

you make late payments on all your credit card bills

you use a small amount of available credit

Having a credit score is important because:

can impact your elibility for bank loans

can impact how much you'll pay for college

can impact how much you'll pay the government in taxes

can impact your ability to get a driver's license

A credit score is intended to measure:

the risk of your not repaying debt

the amount of money you have to bank

What Act prohibits credit grantors from discriminating against consumers on basis of sex, race, age, etc.?

Fair Debt Collection Practices Act

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

Always make the full payment on time

Always make the minimum payment over time

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

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

How are credit cards and debit cards different?

A credit card can offer perks such as purchase protection

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

With a credit card, you are borrowing from yourself

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

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

How are a credit score and credit report related?

a credit score is determined by the factors in your report

a credit report is determined by the factors in your score

credit reports are less important than your credit score

using the debt snowball method, you make...

minimum payments on large loans; pay extra on small loans

minimum payments on all your loans

minimum payments on small loans; pay extra on large loans

Using the Avalanche Method, you...

put extra money towards loans with the highest interest rate

pay off all your loans in the least amount of time

put extra money towards loans with the lowest interest rate

make one large payment on the loan with the highest rate

all of these are red flags that someone is likely a scammer EXCEPT...

they respond to an inquiry you made regarding your bank account

they have an urgent need for money

they threaten to report you to law enforcement authorities

they ask you for personal or financial information

All of these are common ways credit card information is stolen EXCEPT…

Scammers calling your bank pretending to be you

Phishing emails requesting personal information

A data leak revealing your personal information

Accessing your bank account on a public wi-fi network

What should you do FIRST if you suspect your personal information has been compromised?

File an identity theft report with the FTC

Close all of your bank accounts

Go back to the last store you visited and look for clues

All of these are potential outcomes of identity theft EXCEPT…

Someone pretending to be you could go to your workplace and replace you

A new loan could be taken out in your name

You might find it more difficult to obtain insurance

Someone could access your bank account and withdraw your funds

Credit

Authored by Ms. Hubbard

Life Skills

11th - 12th Grade

Used 22+ times

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36 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a person's regular income is referred to as:

character

capital

collateral

capacity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a credit card issued by a credit union would be an example of a___ card

bank

travel

store

proprietary

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

comparing the APR among several credit cards allows you to obtain the:

lowest grace period

lowest annual fee

lowest interest rate

prettiest card

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Paying your bills on time shows which of the three Cs?

character

capital

capacity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Having a steady job is an example of:

character

capital

capacity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Having a savings account is an example of:

character

capital

capacity

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one way to not build a good credit history?

pay bills on time

make regular desposits in your savings account

have a steady work record

pay all of your bills late

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Credit

a person's regular income is referred to as:

a credit card issued by a credit union would be an example of a___ card

comparing the APR among several credit cards allows you to obtain the:

Paying your bills on time shows which of the three Cs?

Having a steady job is an example of:

Having a savings account is an example of:

What is one way to not build a good credit history?

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paying for a jacket with a credit card is considered what type of credit?

a monthly telephone bill is considered what type of credit?

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