WorksheetsQuiz on Credit
Total questions: 20
Worksheet time: 10mins
Based on the Card Statement above, which of the following statements is TRUE?
The cardholder is carrying a balance over from the last period.
The cardholder was charged interest on her balances for the last period because she made her payment on time.
If the cardholder makes her minimum payment of $35.00 by the due date, she will NOT be charged interest on her balances.
If the cardholder pays $523.20 by the due date on the bill, she will pay NO interest to the credit card company.
Match the following scenarios with their impact on your credit score:
hurt your credit score
Missing multiple loan payments
improve your credit score
Having multiple kinds of credit, such as credit cards, personal loans, auto loans, mortgages and/or student loans
not impact your credit score in any way
Paying your utility bills on time
give you a headache
Managing multiple financial accounts without a budget
Match the following questions with their correct answers regarding credit card offers.
Can I get two or more cards with this offer?
Is it possible to have multiple cards under the same offer?
Can I pay my credit card bill online?
Is online payment available for the credit card bill?
What is the A.P.R. after the introductory period?
What will the interest rate be once the initial offer ends?
What kind of designs can I get on my card?
Are there customizable designs available for the card?
Your credit score could affect your auto insurance rates. True or False?
True
False
Derogatory information, such as bankruptcy, can stay on your credit report (a) years.
Generally, which of the following most influences a credit score?
The types of credit accounts you have
Your payment history
The amount of credit you're using compared to the total amount available to you
The length of your credit history
Creditors are NOT obligated by law to report your credit activity.
True
False
Which of the following statements is TRUE?
If you make the minimum payment on your card by the due date, the credit card company will not charge you interest.
If you pay your balance in full after the due date, the credit card company will not charge you interest.
If you pay your balance in full after the due date, you will be charged interest.
If you pay your balance in full by the due date, you will be charged interest.
Closing a credit card account could lower your credit score: (a)
Your credit score affects
Whether you can get a loan
Your interest rate
Both A and B
What statement about credit cards is TRUE?
(Hint: two choices)
They can help you establish a credit history
Since they are tied directly to your checking account, they prevent you from spending money you do not have
If you need to carry a balance, the interest rates are generally quite low (less than 5%)
As long as you make the minimum payments it's like getting a short-term interest free loan
Reading through a credit card disclosure, you see the A.P.R. for a specific card is set at 9.99% - 23.99%. Which of the following statements is probably TRUE?
When given a range of A.P.R.s like this, you can assume most cardholders pay the lowest rate listed
One of the primary factors determining your card's A.P.R. is your credit score
With credit card A.P.R.s, cardholders like higher A.P.R.s because they earn more
The A.P.R. on credit cards is usually fixed so they won't be adjusted as long as you are a cardholder
Match the following statements with the available credit amounts.
$0
Credit card is fully maxed out.
About $500
Credit card has a small amount of credit available.
About $1600
Credit card has a significant amount of credit available.
$2100
Credit card has full credit line available.
What are the names of the 3 credit bureaus?
Equifax
Experian
Innovation
JP Morgan
TransUnion
The most important factor in calculating your credit score is (a) paying your bills on time.
Your credit scores are calculated using information from (a)
Which of these credit card payback strategies would result in your paying the HIGHEST amount of interest?
Paying 20% of your credit card balance every month on time
Paying off your credit card bill in full every month
Making the minimum payment (3% of your credit card balance) every month on time
Making the minimum payment (3% of your credit card balance) every month with an occasional late payment
What financial product am I? I am a type of credit card that requires cardholders to make a security deposit equal to the credit limit on their account. Due to this deposit requirement, I am often a good choice for young people looking to establish their credit history.
Standard credit card
Secured credit card
Overdraft credit card
Rewards credit card
Each of the following financial products will help you build credit history EXCEPT (a) :
Credit scores and credit reports are NOT the same thing.
True
False
