Credit Score and Credit Card Knowledge

What is a credit score?

• A) A measure of your income

• B) A measure of your creditworthiness

• C) A measure of your spending habits

• D) A measure of your savings

Which of the following is NOT a major credit bureau?

• Equifax

• TransUnion

• Experian

• FICO

What is the typical range for a FICO credit score?

• 300-850

• 100-900

• 200-800

• 400-900

Which factor has the largest impact on your credit score?

• Length of credit history

• Payment history

• Types of credit used

• New credit inquiries

What is a secured credit card?

• A card that requires a security deposit

• A card with no annual fee

• A card with a low interest rate

• A card that offers rewards

Which of the following actions can help improve your credit score?

• Closing old credit accounts

• Making timely payments

• Increasing your credit card balances

• Applying for multiple new credit cards

What is the term for the maximum amount you can borrow on a credit card?

• Credit limit

• Credit balance

• Credit utilization

• Credit score

What is an APR in terms of credit cards?

• Annual Payment Rate

• Annual Percentage Rate

• Annual Penalty Rate

• Annual Premium Rate

Which of the following is a consequence of having a low credit score?

• Lower interest rates on loans

• Higher credit limits

• Difficulty getting approved for credit

• More favorable loan terms

How often can you get a free credit report from each of the major credit bureaus?

• Once a month

• Once a year

• Twice a year

• Every two years