Credit Ready Quiz!

What affects your credit score the most?

• Your age

• How much money you spend

• Paying your bills on time

• How much money you make

How can you check your credit report?

• Call your bank

• Ask your friend

• Check online using your credit card or bank app/website

• Wait for your credit card bill

What are some benefits of having a good credit score?

• Getting approved for loans

• Renting an apartment more easily

• Lower interest rates on loans and other credit cards

• All of the above!

What does “carrying a balance” mean?

• Paying your credit card bill in full

• Missing a monthly payment

• Owing money on your credit card

• Your interest rate going up

How do people get into credit card debt?

• They spend more money than they can pay back

• They have multiple credit cards

• They never use their credit card

• They co-sign on a loan for a friend

How can you avoid high-interest debt?

• Pay ONLY the minimum bill each month

• Pay the full balance each month

• Only open 1 credit card

• Never miss a monthly payment

What is a safe way to start building credit?

• Get multiple credit cards

• Avoid all credit cards

• Spend as little money as possible on your credit card

• Use 1 credit card and pay it off each month

When should you open your first credit card?

• As soon as possible

• Only when you’re rich

• When your friends start getting credit cards

• When you can pay it off reliably

What is a secured credit card?

• A card secured by money that you pay upfront

• A card with a PIN

• A card with extra security features

• A card with low interest

Should you co-sign a loan for a friend?

• Yes, always

• No, never

• Only if they are family

• Only if you trust them AND you can afford to pay if they don’t