WorksheetsCredit Cards
Total questions: 20
Worksheet time: 8mins
Why should you worry about having "good credit?" (Select all that apply)
better credit terms
something you can brag about
It can help you achieve big purchase goals like a house or car
bad credit is very expensive to live with
What is important in establishing good credit?
Making payments on time
Being late on payments
Spending 100% of your credit limit
Missing a payment
What is debt?
Another word for death
Something, typically money, that is owed or due
A loan on which you do not have to pay interest
That which is incurred during childhood and consummated in college
What is a credit report?
A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness
A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness
A report which shows which credit cards are better than others
A report invented by Allan Greenspan and credited to Al Gore
What type of credit score is this 570?
Average
Great
Poor
Excellent
My credit history does not affect my chances for renting my first apartment.
True
False
To build a positive credit history, I should pay cash for all purchases.
True
False
T/F: A negative credit event (bankruptcy) can have a WORSE impact on a higher credit score.
True
False
Aisha wants to improve her credit utilization rate. Which of the following can she do? (hint: choose 2 correct answers)
Make several payments in the month instead of a large one
Spread her spending among her 3 credit cards
Keep her credit utilization rate to 55%
Keep her spending all to 1 card; don't use the other 2
A person would most likely need to use a lender in order to...
buy milk at the grocery store.
buy the newest iPhone.
apply for a credit card.
buy a house.
The rule of thumb for credit card users is not to carry a balance over 30% of your credit limit.
True
False
Parents may add a child who is under 21 as an authorized user to an existing credit card.
False
True
