Unit 5 Quiz

What is your name? (first and last name)

When you start, you have a perfect credit score (since you’ve done nothing to damage it).

• True
• False

What is a "soft" credit inquiry? (#11)

• When you check your own credit score.
• When you apply for a credit card.

Which of the following IS a category that impacts your credit score? (#16)

• Credit Card Utilization
• Job History

Your credit score can range from? (#15)

• 300 - 850
• 250 - 750

How long does information stay on your credit report? (#9)

• 12 years on Chapter 10 bankruptcies
• 7 years for any late payments

Which of the following is a benefit to having good credit? (#2)

• Lower insurance rates
• Lower interest rates on loans
• Lower interest rates on credit cards
• All are benefits of having good credit

As a borrower, you have certain responsibilities to the companies issuing you credit. Which of the following is your responsibility? (#32)

• Understand the terms of the agreement.
• Make payments on time.
• All are a borrower's responsibility.

Which is not one of FICO's 5 credit score factors? (#16)

• Payment history
• Annual Income

Jona was trying to find ways to start building his credit. You mention getting a loan deposited into a secure savings account. Repayment of the loan is reported to credit agencies and Jona will get the principal back. You have described? (#28)

• A secured credit card.
• A credit builder loan