Credit

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

Paying my bills late could negatively affect my credit history.

• True

• False

All of the following are dangers of credit, EXCEPT:

• Overspending
• Can be dangerous in tough economic times
• Can increase your financial options
• Can be expensive

True or False: Credit can lead to overspending.

• True
• False

Which of the following is NOT a factor to consider when taking out a loan?

• Length of the loan
• Total Cost of the loan
• Impact of the monthly payment on your budget
• How much time it takes to receive the loan

How do you ruin your credit?

• Have someone Co-Sign your loan
• Not pay your bills
• Get a gas/Apartment card
• Cats

Which of the following would IMPROVE your credit score. 

• Closing out old credit cards. 
• Paying off your credit card bill. 
• Using a large portion of your credit limit. 
• Opening a new savings account. 

Interest is: 

• A charge for lending money to a bank
• The amount owed for borrowing money
• the amount added into your savings when opening a bank account
• a charge for the convenience of accessing money stored in your bank account