Quiz on Credit

Based on the Card Statement above, which of the following statements is TRUE?

• The cardholder is carrying a balance over from the last period.

• The cardholder was charged interest on her balances for the last period because she made her payment on time.

• If the cardholder makes her minimum payment of $35.00 by the due date, she will NOT be charged interest on her balances.

• If the cardholder pays $523.20 by the due date on the bill, she will pay NO interest to the credit card company.

Match the following scenarios with their impact on your credit score:

• Paying your utility bills on time

• improve your credit score

• Having multiple kinds of credit, such as credit cards, personal loans, auto loans, mortgages and/or student loans

• give you a headache

• Managing multiple financial accounts without a budget

• not impact your credit score in any way

• Missing multiple loan payments

• hurt your credit score

Match the following questions with their correct answers regarding credit card offers.

• What will the interest rate be once the initial offer ends?

• Can I get two or more cards with this offer?

• Are there customizable designs available for the card?

• What is the A.P.R. after the introductory period?

• Is online payment available for the credit card bill?

• Can I pay my credit card bill online?

• Is it possible to have multiple cards under the same offer?

• What kind of designs can I get on my card?

Your credit score could affect your auto insurance rates. True or False?

• True

• False

Derogatory information, such as bankruptcy, can stay on your credit report (a)   years.

• True
• False

Generally, which of the following most influences a credit score?

• The types of credit accounts you have

• Your payment history

• The amount of credit you're using compared to the total amount available to you

• The length of your credit history

Creditors are NOT obligated by law to report your credit activity.

• True

• False

Which of the following statements is TRUE?

• If you make the minimum payment on your card by the due date, the credit card company will not charge you interest.

• If you pay your balance in full after the due date, the credit card company will not charge you interest.

• If you pay your balance in full after the due date, you will be charged interest.

• If you pay your balance in full by the due date, you will be charged interest.

Closing a credit card account could lower your credit score: (a)  

• True
• False

Your credit score affects

• Whether you can get a loan

• Your interest rate

• Both A and B