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WorksheetsUnit 3 Review #1
Total questions: 12
Worksheet time: 5mins
A credit bureau is a business that gathers, stores, and sells credit information to other businesses.
True
False
A credit score is calculated using a point system that takes into account a variety of factors listed on your credit report.
True
False
Your credit history is a written summary of your borrowing and repayment performance.
True
False
A higher credit score usually means a higher risk for the lender.
True
False
Which of the following is a reason to be careful with credit?
Helpful in emergencies
Convenience
Increased impulse buying
It lets you purchase items now and pay for them later
The Cs of credit worthiness include which of the following?
Character
Capital
Capacity
Conditions
What is range of credit scores one could have?
350 – 800
300 – 850
0 – 850
0 – 800
What is meant by payment history in relation to your FICO credit score?
What types of credit are you using?
Do you pay your bills and do you pay them on time?
How much of your available credit are you using?
How long have you been using each account?
It is recommended that you have at least one credit card & that you manage it responsibly.
True
Fase
All of the following make up the big three credit reporting agencies EXCEPT:
Equifax
Experian
Federal Reserve
TransUnion
Which of the following MOST influences your credit score?
Payment History
Length of Credit History
Amounts Owed
Types of Credit Used
Having a good credit score is important because it can impact __.
your ability to get a driver’s license
how much you will have to pay for college
how much you will have to pay the government in taxes
your ability to be approved for bank loans
