Credit Review

If your credit is not good, you are viewed as a credit risk.

• True

• False

If you do not have a strong credit score, which could be a consequence? (select all that apply)

• You will eventually file bankruptcy due to debt

• Being denied for the line of credit you applied for

• larger down payment requirement

• high interest rates

Which is action is suggested to keep your credit score healthy? (select two)

• Make payments on time

• Keep your utilization low

• Apply for as many credit cards as possible to start building your credit

• Apply for several new account in a short amount of time

After how many days LATE will a company send the notice to the credit bureau?

• 5 days

• 7 days

• 15 days

• 30 days

Which is an example of " closed-end credit"?

• Auto loan

• Discover Credit Card

• Frontier WiFi

• Carnival Master Card

A credit score of 580 is considered...

• Poor

• Fair

• Good

• Excellent

Ms. N recommends to co-sign on loans for your friends and family.

• True

• False

Which is an example of "service credit"?

• Frontier WiFi

• Discover Master Card

• Auto Loan

• Capital One Credit Card

What is a risk of having a credit card?

• Collecting reward points

• Overspending and becoming in debt

• Building a strong credit score

• People may ask to borrow your card.

Which are advantages of having a healthy credit score? (select all that apply)

• Lower interest rates

• Better odds of getting approved for future lines of credit

• lower security deposits/down payments

• higher interest rates