Worksheets13.3 Improve Your Credit Score QUICKLY! (Utilization
Total questions: 8
Worksheet time: 4mins
What percentage of your credit score is determined by making payments on time?
30%
35%
15%
10%
Which of the following best describes credit utilization?
The total amount of credit you have available
The percentage of your total credit limit that you are using
The number of credit cards you own
The interest rate on your credit card
If you have a credit card with a $500 limit, what is the maximum amount you should spend to keep your utilization excellent?
$500
$45
What is the impact on your credit score if your utilization is between 50% and 69%?
Excellent
Good
Fair
Poor
What is the total credit limit if you have two credit cards with limits of 500 and 200?
$500
$200
$700
$1000
What percentage of your credit score is based on the mix of credit you have?
35%
30%
15%
10%
What is the first step Janell suggests to manage credit utilization effectively?
Spend as much as possible
Divide your credit limit by 10
Pay only the minimum balance
Close unused credit cards
What should you do if you find your utilization is too high?
Ignore it
Open more credit cards
Make aggressive payments to reduce it
Increase your spending
