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WorksheetsManaging Credit
Total questions: 13
Worksheet time: 8mins
The two most important factors in calculating your credit score.
Payment History
Total Debt
The balance in your checking account.
All of the following would show up on a credit report EXCEPT...
Student loan activity
Credit card payment history
Payment history of your car loan
Salary of your current job
You will pay a fee for your credit score from FICO.com
You can get it free by
Checking your credit card or loan statement
Talking to a non-profit counselor
Checking creditkarma.com
Go to Fico.com
The single best way to improve your credit score is?
Make on-time payments.
Avoid paying your credit card bill if the balance is too high.
Which of the following individuals or groups would be the LEAST likely to look at your credit score?
Someone interviewing you for a job
Credit card companies
An insurance company reviewing your applicant for auto insurance
A bank representative who is helping you open a savings account
Credit reporting agencies (Equifax, Experian and TransUnion)
Track all your credit information.
Sell Bitcoin
You find an error on your credit report: Your credit card account indicates that you are 60
days late on your payment but you have bank records indicating that you have always
made on-time payments. What should you do FIRST?
Call your bank
Contact the credit card company to have them fix it
Cut up your credit card
The amount you can charge to a secured credit card is limited by...
The amount of money you deposit into the account as collateral.
The number of items you can fit in the shopping bag.
What is the high rate method for paying off debt?
A strategy to pay off multiple sources of debt if you want to pay the
lowest amount of interest over time.
The strategy is to pay off multiple sources of debt if you want to pay the lowest balance item first.
What is the general timeline to establish your first credit score?
6 months after you first actively use credit.
The first day you get a credit card.
1 year after your first loan.
A free credit report service is authorized by federal law but only accessible once per year. What is the name of this service?
Annual Credit Report.com
TransUnion
Experian
Wells Fargo Bank
What are the most important things to look for on your credit report?
Select all that are correct.
Outstanding or missing payments
Accounts that you don’t recognize
Incorrect personal information
Your pets name
Explain the relationship between your credit report and your credit score.
Select all that are correct.
Your credit report shows your credit history - your relationship with credit in the past -
Your credit reports show items such as loan payments over time, late payments, and bankruptcies.
Using the data in this
report, your credit score is determined to gauge how likely you are to pay back a future
loan.
A credit report shows your credit score on the front cover.
