NEW
Font size
WorksheetsCredit Quiz
Total questions: 20
Worksheet time: 10mins
Your credit score determines how successful you will be in obtaining a loan
True
False
Which one of these is NOT one of the 3 main Credit Bureaus?
Equifax
Experian
FICO
TransUnion
What is the most important factor of a credit score?
Types of credit
Payment History
Amount of debt
Inquires
The highest FICO score possible is:
1600
1000
850
700
A high credit score means you will have the highest interest rates when applying for a loan
True
False
Which of the following items can be found on a credit card statement?
Payments made and new charges
Fees and interest charged
Year to date totals and how long it will take you to pay it off w/minimum only
All of these
What type of FICO credit score is 570?
Average
Great
Poor
Excellent
The least amount that must be paid on a credit card each month is
Late Fee
Credit Limit
Payment Amount
Minimum Payment
How can a cardholder avoid paying interest on a credit card?
Do not pay anything
Pay the minimum payment after its due date
Pay the balance in full every month
Pay the minimum balance every month
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
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
None of the above
Neither
Chase Sapphire
American Express
What is an annual fee?
The act of transferring money
A fee charged by a card issuer for being a card holder.
The days between the last statement and the current statement.
A fee charged to a cardholder's account once a payment is late.
The cost of borrowing money is referred to as
Credit Line
Credit
Annual Percentage Rate
Interest
This card is tied to your checking account.
Credit Card
Debit Card
Social Security
Drivers License
Interest can be defined as:
a charge for lending money
the fee charged for borrowing money
the amount added into your savings account when opening a bank account
a charge for convenience of accessing money in your bank
