Credit, Credit Cards, and Car Loans

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

What is a credit score?

• a number between 300 and 850 representing your creditworthiness

• a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

• Often referred to as a FICO score

• All of the above

What is a credit report?

• A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

• A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

• A report which shows which credit cards are better than others

• A report invented by Allan Greenspan and credited to Al Gore

When I apply to borrow money for a car, the loan company will most likely look at my credit history.

• True
• False

My landlord can report my failure to pay rent to a credit reporting agency.

• True
• False

I should review my credit report for errors.

• True
• False

A credit report contains my personal information such as my address and social security.

• True
• False

A bad credit report cannot affect my chances of getting a job.

• True
• False

Your credit score is not configured off of which of the following:

• Payment history

• Amount of money owed

• Grades in School

• Length of credit history

Paying my bills late could negatively affect my credit history.

• True

• False