Credit Score Review

Which of the following service providers may use credit scores to decide whether a person can buy a service and/or what price they will pay?

• Utility company

• Car loan lender

• Credit card issuer

• All of the above

Which of the following does a credit score mainly indicate?

• Amount of consumer debt

• Financial resources to pay back a loan

• Risk of not repaying a loan

• Knowledge of consumer debt

Who collects the information that makes the basis for credit scores?

• Experian, Equifax, and TransUnion

• FICO

• Credit card companies

• Banks

What is the range for credit scores?

• 500-800

• 350-800

• 300-850

• 400-800

What debt-to-credit ratio is recommended to maintain a good credit score?

• 30%

• 25%

• 50%

• 10%

Tags

CCSS.6.RP.A.3B

Credit information can stay on a credit report for up to ______ years.

• 5

• 7

• 10

• 2

A person can receive a free credit report ______ per year.

• Once

• Twice

• Five times

• Whenever they request

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

If an individual has a lower credit score, what affect can this have on the person?

• Lose their job

• Unable to buy groceries

• Given higher interest rates on credit cards and loans

• Can’t afford a car

What are factors that affect a credit score? (Select all that apply)

• Payment History

• New Credit

• Amount Owed

• Types of Credit

• Length of history

Cost of credit expressed as a yearly percentage 

• Mortgage
• Principal
• APR
• Finance company