Worksheetscredit and credit scores review
Total questions: 10
Worksheet time: 13mins
True or false: the more you spend on your CC the faster your credit score will rise.
True
False
Jack Black has his first credit card, and his credit limit is $150. What is the maximum utilization he should use to keep his score from dropping?
(a)
James T. Kirk has a FICO credit score of 738. How is his credit? (use chart in notes)
Exceptional/excellent
Very good/good
Good/fair
Fair/poor
Poor/awful
Leonard McCoy has a Vantage score of 782. How is his score grade-wise? (Use the chart in your notes)
Exceptional/excellent
Very good/good
Good/fair
Fair/poor
Poor/awful
One of the drawbacks to being made an authorized user on someone else's CC has this drawback (click on all that could apply)
they may remove you if you have a fight
if one of you overutilizes credit or pays late it hurts the other person
Russia vs. Ukraine: enough said!
You both have to keep each other informed about charges you make to avoid over-utilizing
James T. Kirk's CC has a $3,300 limit. Calculate what amount he must spend less than so he doesn't overutilize.
(a)
McCoy has a CC limit of $6,700. Calculate his maximum utilization.
(a)
Yes or no: it's ok to close a CC account because you aren't using it.
(a)
Yes or no: your debit card will help build your credit score.
(a)
True or false: you can withdraw money from a regular IRA at any time and not pay a penalty.
True
False
