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Credit Reports and Scores

Total questions: 37

Worksheet time: 2hrs 51mins

Name
Class
Date
1.

A Credit Score is a:

a)

A method of tracking money

b)

A measure of someone's credit risk

c)

a number that gives you rewards if you stay under

d)

report of credit history

2.

What are the 3 Credit Reporting Agencies in the U.S.?

a)

Equifax, Expedia and Trans America

b)

Equilibrium, Experience, and Trans Continental

c)

Equifax, Experian, and Trans Union

d)

Equality, Expatriot, and Transformation

3.

FICO is the largest Credit Bureau in the U.S.

a)

True

b)

False

4.

FICO stands for:

a)

Freeway Incident Car Overturned

b)

Fair Intrinsic Corporation

c)

Fair Isaac Corporation

d)

Fred Isaac Company

5.

An "Exceptional" Credit Score is in the range of:

a)

300-579

b)

800-850

c)

580-669

d)

740-799

6.

FICO Scores range from:

a)

0-1000

b)

0-850

c)

300-800

d)

300-850

7.

The most critical factor in a FICO score (35%) is:

a)

Credit Mix

b)

Credit Ratio

c)

New Credit

d)

Payment History

8.

Opening many credit accounts in a short period of time is actually good for your Credit Score

a)

True

b)

False

9.

Strategies to improve your Credit Score include:

a)

Paying down your debt

b)

Keeping your cards open after you pay them off

c)

Increasing your Credit Card limit

d)

All of the above

10.

If you want to improve your Credit Utilization Rate, use no more than what amount of your available credit?

a)

50%

b)

30%

c)

20%

d)

40%

11.

Late Payments stay on your Credit Report for how long?

a)

10 years

b)

3.5 years

c)

7.5 years

d)

Forever

12.

Bankruptcies stay on your credit report for how long?

a)

7.5 years

b)

always

c)

10 years

d)

20 years

13.

Advantages of a good Credit Score include:

a)

lower interest rates

b)

lower down payments

c)

faster loan approval

d)

all of the above

14.

Applying for a credit card only affects your credit score if you use the card.

a)

False

b)

True

15.

Payment history accounts for around _______ of your credit score.

a)

1/2

b)

3/4

c)

35%

d)

90%

16.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

17.
Student loans impact your credit score.
a)
Myth
b)
Fact
18.
Which of the following is one of the 3 nationally recognized credit bureaus?
a)
Equifax
b)
Federal Reserve
c)
Postal Office
d)
Grocery Store
19.
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
20.
Which of the following may request your credit report?
a)
insurance companies
b)
your employer
c)
your landlord
d)
all of the above
21.

What type of credit score is this 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

22.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

23.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
24.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
25.
I should review my credit report for errors.
a)
True
b)
False
26.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
27.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
28.
A bad credit report cannot affect my chances of getting a job.
a)
True
b)
False
29.

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

a)

True

b)

False

30.

Paying my bills late could negatively affect my credit history.

a)

True

b)

False

31.

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

32.
Numerous credit applications in a short period of time.
a)
Positive Impact
b)
Negative Impact
33.
The most common credit scoring system is called the
a)
FCO
b)
FECO
c)
FISO
d)
FICO
34.
The higher your credit score, the higher your interest rate will be.
a)
True
b)
False
35.

Your credit score determines how successful you will be in obtaining a loan

a)

True

b)

False

36.

What is the most important factor of a credit score?

a)

Types of credit

b)

Payment History

c)

Amount of debt

d)

Inquires

37.

I need to pay my bills on time to maintain a good credit score.

a)

True

b)

False

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