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WorksheetsCredit Quiz
Total questions: 26
Worksheet time: 19mins
How can you improve your credit score?
Make payments on time
Reduce overall debt
Limit your applications
All of the above
The 3 credit bureaus that determine your FICO score are:
Equifax, Transunion, and Experian
Transamerican, Equality, Experience
Transparcel, Equin, Faxqui
Crederian, Equiunion, Experfax
What is a credit score?
A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
A five-digit numerical rating that reflects how likely you are to repay your debt.
A three-digit numerical rating that reflects how likely you are to repay your debt.
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
Your Credit Score could effect whether or not you can rent an apartment?
True
False
A good way to build credit is to open as many credit cards as you can?
True
False
What is the single best thing you can do to help build a good credit score and keept it once you have it?
Pay my bills on time
Keep balances on all accounts low
Take out only the credit I need when I need it.
Pay cash
A yearly fee that may be charged for having a credit card.
Annual Fee
Penalty Fee
Option Fee
Calendar Fee
Fee charged when a credit card holder does not make the minimum monthly payment by the due date.
Late Payment Fee
Penalty Fee
Transfer Fee
Date Fee
The maximum dollar amount that can be borrowed.
Balance Limit
Credit Limit
$50,000
$1,000,000
The act of transferring debt from one credit card account to another.
Annual Transfers
Balance Transfers
Switcheroo
Variable-Rate APR
The cost of credit expressed as a yearly interest rate.
Introductory Rate
APR
Penalty APR
Variable-Rate APR
How can you avoid paying interest fees on your credit card?
Only use it for groceries
pay off the full balance, on time, each month
you cannot avoid interest fees
pay the minimum balance each month
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you pay off first
Chase Sapphire
American Express
Interest rate does not affect your minimum payments
All of the above
When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which statement best describes what this is likely to mean for Bryce?
The interest rates on his loan will be lower, since his credit score is low.
The purchase price of the item he needs the loan for will be higher due to his low credit score
The monthly payments will be lower due to his lower credit score
The interest rates on his loan will be higher, since his credit score is low
The value of property you possess after deducting debt?
Collateral
Capital
Creditor
Credit
A responsible attitude toward honoring one's obligation?
Character
Credit Bureau
Creditworthy
Capacity
Financial ability to repay a loan with present income?
Character
Capacity
Conditions
Credit Freeze
The complete record of your borrowing and repayment performance.
Credit Bureau
Credit History
Credit Report
Credit Freeze
What is not a factor in one's credit score?
Payment History
How much you owe
Your Salary
Credit Mix
