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Using Credit Review

Total questions: 44

Worksheet time: 21mins

Name
Class
Date
1.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
2.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
3.
I should review my credit report for errors.
a)
True
b)
False
4.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
5.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
6.
A bad credit report cannot affect my chances of getting a job.
a)
True
b)
False
7.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

8.

Which of the following is one of the 3 nationally recognized credit bureaus?

a)

Equifax

b)

Federal Reserve

c)

Postal Credit

d)

TripleUnion

9.

Your credit score is not configured off of which of the following:

a)

Payment history

b)

Amount of money owed

c)

Grades in School

d)

Length of credit history

10.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

11.

What type of credit score is this 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

12.

My credit history does not affect my chances for renting my first apartment.

a)

True

b)

False

13.

To build a positive credit history, I should pay cash for all purchases.

a)

True

b)

False

14.

Paying my bills late could negatively affect my credit history.

a)

True

b)

False

15.

a number assigned to a person that indicates to lenders their capacity to repay a loan.

a)

Credit score

b)

Credit report

c)

Credit history

d)

Credit bureau

16.
Numerous credit applications in a short period of time.
a)
Positive Impact
b)
Negative Impact
17.
The most common credit scoring system is called the
a)
FCO
b)
FECO
c)
FISO
d)
FICO
18.
The higher your credit score, the higher your interest rate will be.
a)
True
b)
False
19.
The credit score ranges form 
a)
300-800
b)
250-950
c)
350-900
d)
300-850
20.
Which is not included in an individual’s credit report?
a)
Current and past addresses
b)
Account balances
c)
Bankruptcies and foreclosures
d)
Medical information
21.
What type of credit is a credit card?
a)
Single-Payment
b)
Installment Credit
c)
Revolving Credit
22.
Which of the following is an ADVANTAGE of credit?
a)
No need for carrying cash
b)
Annual Fees
c)
Interest Rates
23.
What is credit?
a)
When one party provides money/resources to another party with the intention money gets paid back
b)
What you get when you finish a test and Mr. Beltz puts it in the gradebook
24.
What is your job as a borrower?
a)
To pay back your loans promptly
b)
To borrow as much as humanly possible
c)
Spend your loans and not pay them back
25.
What is a credit score?
a)
What lenders use to see if you are able to pay back credit
b)
3 numbers
c)
What your score on a test is that was worth credit
26.
What does APR mean?
a)
Average Person Ratio
b)
Annual Percentage Rate
c)
Always Poke Robots
d)
Apples Peas & Rice
27.
What is a good way to build credit?
a)
Get a co-signer for a loan
b)
Only use cash
c)
Use checks everywhere
28.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
29.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
30.
The credit company can charge interest if the credit card bill is not paid in full by the due date
a)
True
b)
False
31.
It is best to pay more than the minimum due on your credit card.
a)
True
b)
False
32.
It would be best to have a high credit score
a)
True
b)
False
33.
A credit report is a report showing a borrower's history of how well they paid their bills.
a)
True
b)
False
34.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
35.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
36.
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
a)
Chase Sapphire
b)
American Express
c)
Interest rate does not affect your minimum payments
d)
All of the above
37.
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 have paid more interest for?
a)
Chase Sapphire
b)
American Express
c)
You pay the same amount of interest for both
d)
All of the above
38.

Which of the following situations is an example of responsibly taking on debt?

a)

Get a credit card but don't use it to avoid more debt

b)

Spend up to your credit limit each month

c)

Become an authorized user on an adult's card

d)

Make only the minimum payment each month

39.

T/F: A negative credit event (bankruptcy) can have a WORSE impact on a higher credit score.

a)

True

b)

False

40.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

41.

Which of the following does NOT contribute to your credit score?

a)

Your payment history

b)

Which banks issued your credit cards

c)

Your debt-to-credit ratio

d)

Length of credit history

42.

Which of the following is TRUE about finding errors on your credit report?

a)

You may have to file a dispute with each credit bureau

b)

You should wait until the end of the month before reporting

c)

Finding errors is common & is not a big deal

d)

Overlooked errors may result in you paying a fine

43.

How are a credit score and credit report related?

a)

A credit report is determined by the factors in your score

b)

A credit score is determined by the factors in your report

c)

Credit reports are less important than your credit score

d)

They're not related at all

44.

Where can you get a free copy of your credit report?

a)

annualcreditreport.com

b)

freecreditreport.com

c)

getmycreditreport.com

d)

creditreport.gov

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