Understanding Credit Score
Authored by Esperanza Lara
Financial Education
9th - 12th Grade
Used 3+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of a credit score?
To show how much money you have saved
To measure your income and expenses
To help lenders decide whether to lend you money
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit score is a range of numbers that helps lenders decide whether to approve someone for a loan.
What is the lowest possible credit score a person can have?
0
100
300
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit score is a range of numbers that helps lenders decide whether to approve someone for a loan.
What is the highest possible credit score a person can have?
300
850
900
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each credit score number has a matching rating.
What credit rating does a score of 640 represent?
good
fair
poor
very good
excellent
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each credit score number has a matching rating.
What credit rating does a score of 780 represent?
Good
Very Good
Fair
Poor
Excellent
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Many factors go into the calculation of a credit score.
What is one factor that affects your credit score?
How often you use cash
How long you have had credit accounts
How much money you earn
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Having a low credit score has several drawbacks.
What is one potential drawback of having a poor or fair credit score?
You may have to pay higher interest rates
You may have to file for bankruptcy
You may lose your job
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