Which of the following will help you begin developing a credit history before you graduate from college.

Make small payments on your student loans while in college, even though they are not required to be paid back until you leave

Always say "credit" when asked "credit or debit?" at a store

Any time you borrow money from your parents, friends, or family, be sure to pay it back promptly

Be sure to keep a bit of your paycheck in a savings account instead of a checking account

Frank and Jasmere are both shopping for a new car. They are looking for a $20,000 loan to pay for the new car that they will pay back over a five year period. Frank has a credit score of 730 and Jasmere has a score of 600. Which of the following statements is TRUE?

Jasmere's monthly payment on the loan will be about $100 more than Frank's payment

Over the five year period, Jasmere and Frank will pay the same amount for the car loan

Frank's monthly payment on the auto loan will be about $100 more than Jasmere's payment

Lenders are not allowed to charge people different interest rates based on their credit scores

How can your credit score impact your financial situation?

Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be

Consumers with high scores can borrow and those with low scores cannot

Consumers with low scores get lower interest rates on loans than those with high scores

It generally has no impact on your financial situation

I forget to pay my credit card bill one month. How long will that payment information show up on my credit report?

Once I make the payment, it will disappear

The most common credit bureaus that track credit information are?

Companies named Equifax, Experian and TransUnion

Consumer Financial Protection Board (CFPB)

What is the relationship between a credit score and credit report?

The information in your credit report is used to calculate your credit score

Credit scores are updated annually while your credit report is updated weekly

Credit scores are less important than your credit report

You find an error on your credit report. Your credit card account indicates that you are 60 days late on your payment but you have bank records indicating that you have always made on-time payments. What should you do FIRST?

Contact the credit card company and the credit bureaus

Contact just the credit bureaus

Wait a few weeks to see if it gets resolved

Contact just the credit card company

A lender checking Jason’s credit report for an auto loan would likely notice that...

He paid off a car loan after making every payment for 4 years

His savings account has more than $3000 in it

When he stopped paying his credit card for 3 months 9 years ago

The credit scores of his family, including his parents and his wife if he is married

Which of the following could have a NEGATIVE impact on your credit score?

Applying for multiple credit cards in a short period of time (e.g., a week)

Paying down balances on your credit card accounts

Decreasing your utilization of credit

Which of the following is a potential consequences of not paying your debts?

You are turned down for new loans

Lender can file bankruptcy on your behalf

Collection agencies begin visiting your friends and relatives to collect your debt

You’re paying your credit card bill and your student loan payment each month, but you’re falling behind on your auto loan payment. Which friend’s advice could have a NEGATIVE impact on your credit score?

Debbie says, “Stop making the credit card payment for a few months until you’re caught up on the auto loan.”

Joanie says, “Call the auto lender and see if you can negotiate a lower monthly payment or some other deal.”

Angie says, “Pick up a second job for as long as it takes to accumulate enough money to make all your payments, even if it means losing time with friends and family.”

Betty says, “Cut down to a bare bones budget, where your necessities and your debt repayments take first priority. Cut everything non-essential.”

Managing Credit Fall 23 Review

Authored by Shannon Gilkerson

Life Skills

9th - 12th Grade

Used 4+ times

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26 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of interest over time?

Avalanche/High Interest

Snowball

Minimum Payment

Double Down Method

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance

Avalanche/High Interest

Snowball

Minimum Payment Method

Double Down Method

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Do you want a high credit score or a low credit score?

High

Low

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the lowest credit score you can have?

300

350

400

450

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the highest credit score you can have?

800

850

900

1000

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two most important factors in calculating your credit score?

Payment history and type of account

Amounts owed and length of credit history

Payment history and amounts owed

Length of credit history and new credit inquiries

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would NOT appear on a credit report?

Salary of your current job

Payment history of your car loan

Credit card payment history

Student loan activity

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Managing Credit Fall 23 Review

What strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of interest over time?

Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance

Do you want a high credit score or a low credit score?

What is the lowest credit score you can have?

What is the highest credit score you can have?

What are the two most important factors in calculating your credit score?

Which of the following would NOT appear on a credit report?

You can find your credit score on your credit report?

Your teacher tells you about the importance of checking your credit report. Which government-run website allows you to download your credit report for free on an annual basis?

Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

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