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credit scores

Total questions: 76

Worksheet time: 1hrs 19mins

Name
Class
Date
1.
Race and gender are factors in a credit score.
a)
Myth
b)
Fact
2.
Student loans impact your credit score.
a)
Myth
b)
Fact
3.
Capacity to pay will be taken into account when you apply for a credit card or loan.
a)
Myth
b)
Fact
4.
How can someone between ages 18-20 establish credit?
a)
Checking/savings account
b)
Debit card
c)
Paying with cash
d)
having a parent pay
5.
Which of the following is one of the 3 nationally recognized credit bureaus?
a)
Equifax
b)
Federal Reserve
c)
Postal Office
d)
Grocery Store
6.
What does your credit history NOT consist of?
a)
35% Payment History
b)
15% Credit History
c)
20% Credit Type
d)
30% Amount Owed
7.
Between what number wold you have an excellent credit score?
a)
760-850
b)
851-941
c)
620-659
d)
700-759
8.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
9.
Which of the following items can be found on a credit card statement?
a)
payments made and new charges
b)
fees and interest charged
c)
year to date totals and how long it will take you to pay it off w/minimum only
d)
all of these
10.
Bank of America issues you a credit card with a maximum balance of $1,000.  This is an example of:
a)
Finance Charge
b)
Co-Signer
c)
Minimum Payment
d)
Credit Limit
11.
What type of credit score is this 593?
a)
Average
b)
Great
c)
Poor
d)
Excellent
12.

Which is an execellent credit score

a)

912

b)

555

c)

713

d)

813

13.

Payment history accounts for around _______ of your credit score.

a)

1/2

b)

3/4

c)

35%

d)

90%

14.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

15.
A person that always pays bills on time doesn't need to check their credit score.
a)
Myth
b)
Fact
16.
A low credit score doesn't impact your interest rates on loans.
a)
Myth
b)
Fact
17.
Only banks and lenders use credit scores.
a)
Myth
b)
Fact
18.

A number assigned to a person as a general indication of their creditworthiness

a)

Credit report

b)

Credit score

c)

Loan

d)

Loan score

19.

An expensive, short-term, unsecured loan that is based on your previous payroll records.

a)

Student loan

b)

Bubble Loan

c)

Payday loan

20.

Gail has taken out various types of credit over the last 10 years. She currently has a mortgage and 3 credit cards. She still has the first credit card she signed up for and has paid off a student loan and car loan in the past. All of her payments have been made on time. She does not carry a balance on the credit cards. She owes $125,000 on her mortgage. What credit score does she likely have?

a)

under 500

b)

around 700

c)

above 750

21.

Tanya has taken out several different forms of credit over the last 20 years. She hasn’t always been on time with her payments. With the death of her husband 3 years ago, finances have not been easy. She filed bankruptcy a year ago and is slowly working to rebuild her credit. What credit score does she likely have?

a)

above 700

b)

500-599

c)

around 600

22.

Kasey is looking at possible options to pay for higher education. What type of credit is best suited for financing this program?

a)

Payday loan

b)

conventional loan

c)

student loan

23.
What is NOT a Credit Bureau?
a)
TransUnion
b)
Experian
c)
Equifax
d)
CrediFed
24.
Which is not a Credit Bureau.
a)
Visa 
b)
TransUnion 
c)
Experian
d)
Equifax
25.

What does credit measure?

a)

How likely someone is to pay back a loan

b)

How well someone has made payments in the past

c)

How trustworthy someone is with money

d)

All of the above

26.

What does bad credit say about you?

a)

That you are hard to trust with a loan or

credit card

b)

That you do not make much money

c)

That you are young

27.

What range of scores describes people with “good” credit?

a)

350 – 619

b)

620 – 659

c)

660 – 749

d)

750 – 850

28.

Your Credit Score could effect whether or not you can rent an apartment

a)

True

b)

False

29.

A good way to build credit is to open as many credit cards as you can

a)

True

b)

False

30.
How can you improve your credit score?
a)
Make payments on time
b)
Reduce overall debt
c)
Limit your applications
d)
All of the above
31.
When financing a car, which credit score will warrant the best rate?
a)
850
b)
950
c)
300
d)
250
32.
How can one avoid paying interest on money borrowed on a credit card?
a)
Pay the amount used in full during the current billing cycle
b)
Make the minimum payment on the account statement
c)
Pay at least have of the balance showing on the statement
d)
Not making a payment at all.  
33.
True or False: Missing a payment on your credit card has no effect on your credit.  
a)
True 
b)
False
34.
True or False:  If denied for a credit card, I should continue to apply for other credit cards until I'm approved.
a)
False
b)
True
35.
True or False: Your credit score can change quickly.
a)
True
b)
False
36.

Who collects the information on which credit scores are most frequently based?

a)

FICO and VantageScore Solutions

b)

Three main credit bureaus: Experian, Equifax, and TransUnion

c)

Individual lenders

d)

Federal government

e)

All of the above

37.

What would be considered the ideal debt-toavailable-credit ratio?

a)

50% or more

b)

33% or more

c)

50% or less

d)

33% or less

38.

What is the single best thing you can do to help build a good credit score and keept it once you have it?

a)

Pay my bills on time

b)

Keep balances on all accounts low

c)

Take out only the credit I need when I need it.

d)

Pay cash

39.
What if I have bad credit?
a)
High interest rates on loans
b)
You can easily be approved for a loan
c)
You have a high credit score
d)
You may have to live with Mr. Trump.  
40.
Can car insurance companies use your credit report to determine how much you will pay?
a)
yes
b)
no
41.
Telephone and utility companies may use information in your credit report to decide whether to provide services to you.
a)
True
b)
False
42.
Your credit score falls between what range?
a)
300 - 800
b)
300 - 850
c)
350 - 800
d)
350 - 850
43.
What is credit?
a)
Free money
b)
Borrowed money
c)
Standard of living
d)
A term that causes tears
44.
What is a credit score?
a)
A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
b)
A five-digit numerical rating that reflects how likely you are to repay your debt. 
c)
A three-digit numerical rating that reflects how likely you are to repay your debt. 
d)
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
45.
T or F: A limited credit history can create real barriers if you are looking to access the credit that is often the key to getting an education, starting a business, or buying a house or car, or just credit that comes with better terms, including at a lower interest rate.
a)
True
b)
False
46.
Which of the following is a TRUE statement?
a)
If your credit score is high, you won't have to repay the money you owe.
b)
You can access your credit score for free once every month.
c)
A landlord can access your credit report to help decide if you are financially responsible..
d)
Your credit score can never increase, only decrease.
47.
Sara wants to show lenders that she is financially responsible. She should_______
a)
charge things she knows she can afford and pay the balance quickly.
b)
max out her credit cards.
c)
pay less than the minimum payments on her credit card bills.
d)
never borrow money and never check her credit score.
48.
You can access your credit report_______
a)
for free whenever you want.
b)
only once a year.
c)
only if your credit score is low.
d)
for free once a year.
49.

Which of the following statements about credit scores is TRUE?

a)

a. Credit scores reflect how likely individuals are to repay their debts.

b)

b. Credit scores range from the low 300’s to the mid 800’s.

c)

c. Each person has three credit scores.

d)

d. All of the above.

50.

Having a good credit score is important because:

a)

a. It can impact your ability to get a driver’s license

b)

b. It can impact your ability to be approved for bank loans

c)

c. It can impact how much you will have to pay the government in taxes

d)

d. It can impact how much you will have to pay for college

51.

Which action can hurt your credit score?

I. Paying your phone bill late.

II. Taking the bus to work.

III. Maxing out several credit cards.

IV. Using the internet to pay your bills

a)

I

b)

I and II

c)

I and III

d)

III and IV

52.

All of the following make up the big three credit reporting agencies EXCEPT:

a)

Equifax

b)

TransUnion

c)

Experian

d)

Federal Reserve

53.

Jose wants to be sure he maintains a high credit score as he is planning to buy a new car soon. What should he do to ensure his score stays high, allowing him to buy his dream car?

a)

a. Open a savings account at the local bank.

b)

b. Pay off his credit card balance each month.

c)

c. Test drive several cars before deciding which to buy.

d)

d. All are things he should do to increase or maintain his credit score.

54.

Which of the following actions can NEGATIVELY impact your credit score?

a)

a. You disputed an item on your credit report.

b)

b. You forgot to pay the cable bill.

c)

c. You pay all your bills in cash.

d)

d. You use a small amount of your available credit.

55.

Which of the following actions has NO impact on your credit score?

a)

a. You inquire about a credit card charge.

b)

b. You use a large percentage of your credit limit.

c)

c. You opened several new credit cards last week.

d)

d. You send in your credit card payment a couple days late.

56.

10. What can you do it make sure you have a healthy credit report?

a)

a. Review your credit report each year.

b)

b. Make sure everything on your credit report is correct.

c)

c. Dispute any errors you find on your report with your credit agency.

d)

d. All of the above.

57.

11. Which of the following MOST influences your credit score?

a)

a. Types of Credit Used

b)

b. Payment History

c)

c. Length of Credit History

d)

d. Amounts Owed

58.

12. Which best explains what a credit score represents?

a)

a. A number showing how likely you are to have more than one credit card.

b)

b. A numerical rating that expresses how likely you are to repay your debts.

c)

c. A numerical rating that shows how much money you have in your bank account.

d)

d. A number expressing your yearly income.

59.

Which of the following actions would improve your credit score?

a)

a. Closing out old credit cards

b)

b. Paying off your credit card bill

c)

c. Using a large portion of your credit limit

d)

d. Opening a new savings account

60.

In which of the following situations is having a good credit score important?

a)

a. Buying a car.

b)

b. Applying for a loan at a bank.

c)

c. Renting an apartment.

d)

d. All of the above.

61.

How many free credit reports are you legally entitled to each year?

a)

a. One credit report each year

b)

b. Three credit reports each year

c)

c. One credit report from each credit bureau

d)

d. Three credit reports from each credit bureau

62.

Having a low credit score can make it more difficult to:

a)

a. Obtain a car loan

b)

b. Open a new credit card

c)

c. Secure an apartment lease

d)

d. All of the above

63.

Which behaviors might lead someone to have a low credit score?

a)

a. Missing a car payment.

b)

b. Having a long credit history.

c)

c. Always baying the full balance of a credit card each month.

d)

d. Having a debit card.

64.

An example of revolving credit is __________________.

a)

credit cards

b)

car loan

c)

home

d)

home loan

65.

An example of installment credit is

____________________.

a)

credit card

b)

home/car loan

c)

debt card

66.

FICO stays for _______________________.

a)

Fair Isaac Corporation

b)

Fair Isaac Company

c)

Free Investment Company

d)

Fairly Incompetent Career

67.
Why is credit so dangerous?
a)
Convenient
b)
Overspending
c)
^ standard of living
d)
Horses
68.
Which of the following statements about credit scores is TRUE? 
a)
Credit scores  reflect how likely individuals are to repay their debts. 
b)
Credit Scores range from the low 300's to the mid 800's. 
c)
Each person has three credit scores. 
d)
All of the above. 
69.
The most commonly used credit score in the United States. Fair Isaac Corporation
a)
FICO
b)
FICA
c)
BICS
70.
Money you pay up front toward the purchase to reduce the loan amount
a)
Down payment
b)
Up front payment
c)
Principal
d)
Interest
71.

The higher your FICO score, the lower interest rate you will be charged.

a)

True

b)

False

72.

What factors affect a credit score? Choose all correct answers.

a)

New debt

b)

Type of debt

c)

Duration of debt

d)

Your checking account balance

73.

Which of the following is not a factor in determining a FICO score?

a)

Using credit cards

b)

Taking out a mortgage on a house

c)

Getting a personal loan from a bank

d)

Paying cash for all purchases

74.

Two major credit scoring systems are

a)

FICO and Advantage Score

b)

FICO and Vantage Score

c)

FIDO and Vantage Score

d)

FICO and Darth Vantage

75.

FICO stands for Fair _________________________ Corporation.

a)

Industry

b)

Interest

c)

Isaac

d)

Insider

76.

A company that provides software for calculating a person's credit score

a)

Credit bureau

b)

FICO

c)

Microsoft

d)

Dell

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