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WorksheetsCredit Review
Total questions: 40
Worksheet time: 20mins
A loan repaid in a specific number of equal payments is:
revolving credit
open credit
closed credit
reducing credit
A credit score is _______.
the number used to evaluate consumer repayment risk
the interest rate charged on a loan
the amount of debt you owe
a fixed number
A FICO credit score ranges from:
1-100
100-1000
500-850
1-10
A borrower is someone who:
Provides a loan
Lends money
Obtains credit
Updates credit reports
Who are the main Credit Reporting Agencies (CRAs)?
TransUnion
Experian
Equifax
Credico
TransCredit
Which of the following is considered personal information?
Social Security number
Credit card balance
Auto loan lender
Home Foreclosure date
Which of the following is considered public record information?
Social Security number
Credit card balance
Auto loan lender
Home Foreclosure date
Accessing your credit report is referred to a:
Credit Inquiry
Credit Error
Dispute
Credit History
What is open-ended credit?
A loan with no credit limit
A loan with a fixed repayment schedule
A line of credit determined in advance
A loan with no specified due date
A high credit score will help to produce:
a high interest rate
a lower interest rate
a shorter loan term
With a low credit score, you can expect to:
be charged a higher interest rate on a loan
pay back more interest
pay back less interest
possibly be denied credit
Why would a hospital furnish data to a CRA?
You paid your hospital bill on time.
You owe the hospital money from last month.
You owe the hospital money from 4 months ago.
All of these.
Why would a credit card company report data to a CRA?
You paid your credit card bill on time.
You owe the credit card money from last month.
You owe the credit card money from 4 months ago.
All of these.
What are two examples of credit providing long-term benefits?
college education
amazing wardrobe
vacation
vehicle to travel to/from work
Someone who receives something with the promise to return is a:
Lender
Loan officer
Borrower
Landlord
What activities will build (help/increase) your credit score?
Paying bills on time
Having many credit cards with large balances
Having one credit card with no balance
All of these
Which is the only government site for checking credit?
annualcreditreport.com
creditforyou.com
gotgoodcredit.com
mycreditisbadbro.com
How often can you obtain a free credit report from any of the 3 CRAs?
Once a month
Once a year
It is never free
Once a year or if denied credit
Once a month or if denied credit
With closed-end credit, your:
due date will change month to month
payment will fluctuate each month
interest rate with fluctuate each month
payment will be the same every month
How is negative information removed from your credit report?
You must hire a lawyer
All information is permanent
Time
You must provide an explanation
When you borrow, you are spending:
your future income
your past income
A cash advance against your tax refund:
Payday loan
Rent-to-own contract
Title loan
Refund anticipation loan
A cash advance against your paycheck:
Payday loan
Rent-to-own contract
Title loan
Refund anticipation loan
A loan using your property as collateral (car):
Payday loan
Rent-to-own contract
Title loan
Refund anticipation loan
A loan holding onto your property for a short period of time:
Payday loan
Rent-to-own contract
Title loan
Pawn loan
If you are 18-21, you must be able to prove you have ________ to obtain a loan.
a steady income
a place to live
a co-signor
If you are under 18, you must have ________ to obtain a loan.
a steady income
a place to live
a co-signor
With a secured credit card, you must:
pay the balance in full each month
provide a deposit to the credit card company
have a co-signor
agree to sign over an automobile title
What information is NOT included on a credit report?
gender
nationality
address
buying habits
retirement accounts
Can an employer request to see your credit report?
yes
no
Can a landlord require access to your credit report?
yes
no
Does your credit score affect your insurance rates?
yes
no
Does your credit score affect your cell phone payment?
yes
no
How can you begin to establish credit history?
Become an authorized user on a credit card
Obtain an unsecured credit card
Become a co-signor
Request a credit report
Your credit report will list:
each credit card you currently hold
closed credit card accounts
your highest balance on a credit card
the last time you paid your credit card bill
late payments for the last 6 months
What are sources of credit for a mortgage?
Payday loan company
Depository institution (bank)
Private lending company
Auto dealership
A rent-to-own contract includes:
a low interest rate
an option to make no payments
a very high interest rate
If there is an error on your credit report, you should:
wait long enough for the error to expire
do nothing
contact the company providing the information
contact the CRA
What is the trade-off of obtaining credit with no credit check?
A lower interest rate
A larger line of credit
A higher interest rate
all of these
All of the following are credit reporting categories except:
Personal information
Education information
Credit Account information
Inquiry information
