WorksheetsPre and Post - Credit Score Quiz
Total questions: 20
Worksheet time: 10mins
Which of the following service providers may use credit scores to decide whether a person can buy a service and/or what price he or she will pay?
Cell phone company
All of the above
Home insurer
Mortgage lender
Credit card issuer
On a $20,000, 60-month auto loan, about how much more would a borrower with a bad credit score pay than a borrower with a good report?
Under $1,000
$1,000-$3,000
$3,000-$5,000
Which of the following does a credit score mainly indicate?
Knowledge of consumer credit
Attitude toward consumer credit
Amount of consumer debt
Risk of not repaying the loan
Financial resources to pay back the loan
Which of these groupings contains three factors that are all used to calculate a credit score?
A person's age, missed loan payments, and marital status
Missed loan payments, high balances on credit cards, and ethnic origin
Marital status, high balances on credit cards, and personal bankruptcy
A person's age, high balances on credit cards, ethnic origin
Missed loan payments, high balances on credit cards, and length of credit history
Who collects the information that are used for credit scores?
FICO and VantageScore Solutions
Three main credit bureaus: Experian, Equifax, and TransUnion
Individual lenders
Federal government
All of the above
Does each consumer have just one credit score?
Yes
No
Which of the following actions helps a consumer raise a low score or maintain a high one?
Make all loan payments on time
Keep credit card balances under 30% of the credit limit
Avoid opening several credit card accounts at the same time
All of these
None of these
When will multiple inquiries (pulls) about getting a mortgage or auto loan lower your FICO score?
Each time one makes an inquiry
Only when one makes at least five inquiries
Never during a one- to two-week window
Never
How often should you ask for a free credit report, so you can check for accuracy?
Every four months
Every quarter
Every year
When you cannot resolve a complaint to a credit bureau or lender about your credit report or credit score, which of these federal agencies is best suited to help you resolve the problem?
Federal Reserve Board
Consumer Financial Protection Bureau
Department of Justice
True or False. Mortgage lenders and credit card issuers often use credit scores to help decide whether they will extend credit, and if so, at what interest rate.
TRUE
FALSE
True or False. Businesses often use credit scores to help decide who they should hire.
TRUE
FALSE
True or False. Many auto and home insurers use credit scores to help determine insurance premiums.
TRUE
FALSE
True or False. Cell phone companies, electric utilities, and landlords may use credit scores to decide whether they will require a security deposit and, if so, how large it should be.
TRUE
FALSE
Which of these are used to calculate credit scores?
None of these
Age, ethnic origin, and marital status
Employment history, savings, and income
Number of dependents, education level, and job title
Each of the three main credit bureaus – Equifax, Experian, and TransUnion – is required by federal law to provide a free copy of your credit report ____ time(s) a year upon request.
one
three
twelve
True or False. Lenders may not discriminate against you based on your credit scores.
TRUE
FALSE
True or False. Lenders can charge you a higher interest rate if you have a low credit score, but they cannot refuse to loan you money.
TRUE
FALSE
True or False. If you miss a payment on a loan, that will hurt your credit score until you make the payment.
TRUE
FALSE
If you are maxed out on your credit card, your debt-equity ratio is ____ %.
0
10
20
30
100
