Quiz on Building Credit for Teens

What is a credit score?

• A record of your bank transactions

• A list of your monthly expenses

• A three-digit number estimating your likelihood to repay borrowed money

• A measure of your income level

Which of the following is NOT a major credit bureau in the US?

• CreditKarma

• Equifax

• Transunion

• Experian

What percentage of your credit score is determined by your payment history?

• 10%

• 35%

• 15%

• 30%

What is considered an 'Excellent' credit score range?

• 800-850

• 670-739

• 580-669

• 300-579

What is the recommended maximum percentage of your available credit you should use?

• 10%

• 30%

• 50%

• 70%

Which factor contributes 15% to your credit score?

• Types of credit in use

• Payment history

• Amounts owed

• Length of credit history

Why is it important to have a good credit score?

• It is used to calculate your taxes

• It shows your educational qualifications

• It affects your eligibility for loans and credit cards

• It determines your salary

Where can you check your credit report for free once a year?

• freecreditreport.com

• annualcreditreport.com

• mycreditreport.com

• creditkarma.com

What is a secured credit card?

• A card that has no interest rate

• A card that offers rewards for purchases

• A card that requires an initial deposit as a line of credit

• A card with no spending limit

What is a joint credit card account?

• An account shared by two people with equal responsibility for repayment

• An account that is linked to a savings account

• An account that requires two signatures for transactions

• An account that offers joint rewards