Credit Card, Score, Report

What is a credit card?

• A form of secured credit with collateral

• A form of unsecured credit used for everyday purchases

• A type of debit card

• A savings account

What does using a credit card involve?

• Borrowing money from a friend

• Using your own money without interest

• Borrowing money from the credit card issuer and paying it back with interest

• Receiving a loan from a bank with collateral

Where might a debit card not be accepted?

• Grocery stores

• Car rentals and hotels

• Online shopping

• Restaurants

Where is a credit card generally accepted?

• Only in local stores

• Almost anywhere

• Only online

• Only in banks

Where can you find the card number on a credit card?

• On the magnetic strip

• Next to the chip

• On the back of the card

• Below the cardholder's name

What is the purpose of the magnetic strip on a credit card?

• To store the cardholder's signature

• To store data for transactions

• To display the card number

• To show the expiration date

What is typically found next to the signature on the back of a credit card?

• Card number

• Expiration date

• CVC code

• Hologram

What credit score range is labeled as "Fair"?

• 580-669

• 670-739

• 740-799

• 800-850

How much does new credit accumulation contribute to the credit score?

• 10%

• 15%

• 30%

• 35%

Which factor has the highest impact on the credit score?

• Payment History

• Amount Owed

• Length of Credit

• New Credit Accumulation