Unit 3 Intro

What is the name given to someone's credit score?

• Credit Number

• FICO Score

• FDIC Score

• CS Plus

What is the lowest credit score you can have?

• 0

• 100

• 300

• 1000

When you get your first credit card, what will your credit line/limit likely be?

• It will be the highest it can be

• It will be the lowest it can be

• There is only one credit line offered on all cards

Which of the following types of credit has the highest average interest rate?

• Credit Cards

• Mortgage

• Car Loan

• Student Loan

What is the most common length for a mortgage?

• 10 years

• 1 year

• 100 years

• 30 years

What happens to your monthly payment when your mortgage length increases?

• Monthly Payment stays the same

• Monthly Payment goes down but itotal nterest goes down

• Monthly Payment goes down and total interest goes up

On my 1st credit card I was told I could borrow $3,000/month. What does this amount refer to?

• Credit score

• Annual Percentage Rate

• Credit line (or credit limit)

• Extension line

In what places can a credit check be used in the decision making process?

• Hiring process

• Purchasing a home

• Renting an apartment

• All of the these

Which of the following counts the most in your credit score?

• Types of Credit you have open

• Payment History

• Amount of Debt

• How much new credit has been opened

When you are taking out a mortgage at a bank, what are you doing?

• Opening a new credit card

• Buying a house

• Buying a car

• Taking out student loans