Budget/Credit Test Review

What two factors influence FICO scores the most?

• payment history and total debt

• payment history and new credit

• total debt and types of debt

• total debt and new credit

Who has a higher credit score? Young people or those who are older?

• younger

• older

Older adults typically have higher credit because of what factor:

• types of credit

• total debt

• payment history

• new credit

Credit utilization should be less than 30% If a person has a credit limit of $2,000 what should be the maximum they should charge on the card to avoid going over their utilization limit?

• $200

• $400

• $600

• $800

Which is not a section on a credit report?

• Employment History

• Credit History

• Public Records

• Credit Inquiries

If you make small payments on your college loan while you are in college, which factor of your FICO score are you helping the most?

• payment history

• new credit

• types of credit

• total debt

Which of the following will not check your credit score?

• bank

• insurance company

• college

• cell phone provider

Who pays a higher interest rate for a loan, someone with a high credit score or someone with a low credit score?

• high credit score

• low credit score

How long does a missed payment stay on your credit report?

• 2 years

• 5 years

• 7 years

• 9 years

Which is not one of the three credit reporting agencies?

• Experian

• Equifax

• Federal Reserve

• TransUnion