Credit Knowledge Quiz

What’s an example of bad credit? Mark only one oval.

• Mortgage

• Car loan

• Vacation

• Student loans

How can you raise your interest rate with credit? Mark only one oval.

• Apply for a lot of credit cards

• Overspend of the amount you actually have

• Never pay on time for your credit cards

• All of the above

What is a credit report? Mark only one oval.

• A summary of how credit worthy you have been

• The amount of money in your bank account

• The money in your savings account

• A report that shows all of your gift cards purchased, as well as your past paychecks

What is the score of a perfect credit score? Mark only one oval.

• 1,000

• 720

• 850

• 950

How can you prevent credit card debt from becoming too much? Mark only one oval.

• Ask politely

• Pay the debt each month in full

• Pay the minimum

• Don't have any debt at all, stay away from debt

When should you get a credit card? Mark only one oval.

• When you are 25

• As soon as possible

• When you are about to retire

• NEVER, Credit Cards are bad

About how long does a Typical Mortgage Loan last? Mark only one oval.

• 10 Years

• 30-40 Years

• 5-7 Years

• 2 Years

About how long does a typical Auto Loan last? Mark only one oval.

• 3-5 Years

• 10 Years

• 1 Year

• 30-40 Years

Lil Rickie wants to buy a house. The house he likes is 200,000 dollars. What percent of the total costs does Rickie have to pay for a down payment? (This is his third time buying a house)

• 10%

• 5%

• 20%

• 25%

Melody's mortgage payments started out at $625. In year 19 of her 25-year mortgage, her payments have increased to $950 a month. What type of mortgage is this?

• Conventional Mortgage

• Blow Up Mortgage

• Balloon Mortgage

• Standard Mortgage