Credit and Credit Scores 19-24

What is a credit score used for?

• a) Determining your income level
  

• b) Deciding your loan repayment schedule
  

• c) Evaluating your creditworthiness
  

• d) Calculating your tax deductions
  

Which of the following actions can lower your credit score?

• a) Paying bills on time
  

• b) Applying for too many credit cards in a short period
  

• c) Keeping credit card balances low
  

• d) Maintaining a variety of credit types
  

What is considered a healthy credit score?

• a) Below 400
  

• 
  b) Between 300 and 500
  

• c) Between 600 and 700
  

• d) Above 750
  

What is the primary factor that affects your credit score the most?

• a) The number of loans you have
  

• b) How much credit you use relative to your limit
  

• c) Your age
  

• d) Your education level
  

How can you improve your credit score?

• a) Pay off credit card debt in full and on time
  

• b) Take out multiple loans at once
  

• c) Close your oldest credit accounts
  

• d) Only pay the minimum balance