3A- Managing Credit Assessment

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

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

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 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

Which of the following is NOT a typical type of credit?

• Mortgage

• Overdraft

• Credit Card

• Pre-Paid Debit Card

What is debt?

• Another word for death

• Something, typically money, that is owed or due

• A loan on which you do not have to pay interest

• That which is incurred during childhood and consummated in college

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.8.4

CCSS.RL.9-10.4

What is an interest rate?

• it is your level of interest about a certain topic expressed as a percentage of your total interest

• The amount in terms of dollars that you have to pay back on a purchase

• it is the rate at which your interest in something expires. The higher the number, the quicker your interest expires

• The amount in terms of a rate or percentage that you have to pay back on an amount borrowed

Tags

CCSS.7.RP.A.3

What are the qualities of a charge-off account

• the declaration by a creditor (usually a credit card) that an amount of debt is unlikely to be collected

• the point at which a financial institution reports poor credit performance to a credit bureau

• the point at which an account that has not been paid has a negative impact on your credit score

• all of the above