4E: Understanding Credit and Scores Quiz

What is a credit report?

• A list of your favorite movies

• A summary of your credit history

• A report card from school

• A list of your friends

Which of the following can lower your credit score?

• Paying bills late

• Eating healthy

• Exercising regularly

• Watching TV

What do credit reporting agencies do?

• They sell groceries

• They collect credit information

• They make movies

• They build houses

How can you build a good credit history?

• By never using credit

• By using credit responsibly

• By spending all your money

• By ignoring bills

What happens if you pay your bills late?

• Your credit score goes up

• Your credit score goes down

• Nothing happens

• You get a reward

Why is it good to keep your credit card balance low?

• It makes you look rich

• It helps improve your credit score

• It has no effect

• It makes you popular

Why should you check your credit report?

• To see if you have any errors

• To find new friends

• To get free money

• To win a prize

What should you do if you find a mistake on your credit report?

• Ignore it

• Report it to the credit agency

• Celebrate

• Tell your friends

What is one way to improve a bad credit score?

• Pay off debts on time

• Spend more money

• Avoid paying bills

• Close all accounts

What is the benefit of having a good credit score?

• You can borrow money more easily

• You get free food

• You win a lottery

• You become famous