Everfi Review- Credit

Using a loan could help with the purchase of which of the following?

• New TV

• Dream Wedding

• House

• Airline tickets for your dream vacation

When are loans a good option to use?

• Pay for airline tickets for your dream vacation

• When paying for higher education (college, tech school, etc)

• Buy a new TV

• Dream Wedding

What should you NOT use a loan to purchase?

• House

• Tuition for higher education

• airline tickets to your dream vacation

• a car

Which of these is NOT important to consider when selecting a credit card?

• Annual Percentage Rate (APR)

• The look of the credit card

• Credit limit (How much you can charge)

• Penalties and Fees

Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when _______.

• Choosing a financial advisor

• Choosing a credit card

• Looking at your credit score

• Selecting a financial institution (Bank)

To maintain a good credit score you must

• Manage your debt wisely

• Check your credit score every week

• have credit monitoring

• have many open credit cards

What will happen to your credit score if you do not manage your debt wisely?

• You won't be able to track your credit

• Your credit score will go up

• Your credit score will go down

• It will not affect your credit score

Not managing your debt wisely can result in

• An increase in your credit score

• A decrease in your credit score

• Inaccessible credit score

• No change in your credit score

Which of the following will help you protect yourself from identity theft and fraud?

• Regularly monitoring your credit report

• Contact lenders and credit bureaus to address incorrect information

• Freeze your credit

• All of these will help protect yourself from identity theft and fraud

Paying only the minimum balance on your credit card can lead to...

• An increase in your credit score

• paying more interest

• late fees