WISE Credit Questions Munn

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

• A new television

• A dream wedding

• A house

• Airline tickets to your dream vacation

When are loans a good option to use?

• To pay for airline tickets to your dream vacation

• When paying for higher education

• To buy that new television

• For a dream wedding

What should you NOT use a loan to purchase?

• A house

• Tuition for higher education

• Airline tickets to your dream vacation

• A car

Which item is important to consider when selecting a credit card?

• Annual Percentage Rate (APR)

• The look of the credit card

• Fees

• Both APR and fees

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

• Annual Percentage Rate (APR)

• The look of the credit card

• Credit limit

• 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

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 score

• 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

Recommended methods to protect yourself from identity theft and fraud include __________.

• Placing a credit freeze with the credit bureaus.

• Monitoring your credit report every 2-3 years.

• Allowing inaccurate information to be removed from your report after 7 years.

• Utilizing a specialty locking or monitoring service.