WorksheetsCredit Score and Credit Card Knowledge
Total questions: 17
Worksheet time: 9mins
What is a credit score?
A) A measure of your income
B) A measure of your creditworthiness
C) A measure of your spending habits
D) A measure of your savings
Which of the following is NOT a major credit bureau?
Equifax
TransUnion
Experian
FICO
What is the typical range for a FICO credit score?
300-850
100-900
200-800
400-900
Which factor has the largest impact on your credit score?
Length of credit history
Payment history
Types of credit used
New credit inquiries
What is a secured credit card?
A card that requires a security deposit
A card with no annual fee
A card with a low interest rate
A card that offers rewards
Which of the following actions can help improve your credit score?
Closing old credit accounts
Making timely payments
Increasing your credit card balances
Applying for multiple new credit cards
What is the term for the maximum amount you can borrow on a credit card?
Credit limit
Credit balance
Credit utilization
Credit score
What is an APR in terms of credit cards?
Annual Payment Rate
Annual Percentage Rate
Annual Penalty Rate
Annual Premium Rate
Which of the following is a consequence of having a low credit score?
Lower interest rates on loans
Higher credit limits
Difficulty getting approved for credit
More favorable loan terms
How often can you get a free credit report from each of the major credit bureaus?
Once a month
Once a year
Twice a year
Every two years
What is a credit inquiry?
A request to increase your credit limit
A request to check your credit report
A request to close a credit account
A request to transfer a balance
Which of the following is considered a good credit score?
300-499
500-649
650-799
800-850
What is a balance transfer?
Moving debt from one credit card to another
Transferring money from your savings to your checking account
Paying off your credit card balance in full
Increasing your credit card limit
Which of the following is a benefit of having a high credit score?
Higher interest rates on loans
Lower insurance premiums
More credit inquiries
Higher minimum payments
Simone is dreaming of cruising down the highway in a shiny new car. But first, she needs to impress the bank with her 'Credit Score'. What exactly is this magical number that the bank will consider?
The maximum amount of credit a borrower can use
A yearly charge for credit card usage
A measurement of someone's creditworthiness
An initial cash payment for a large purchase
is a three-digit number that rates your creditworthiness. The higher the score the more likely you are to
get approved for loans and for better rates.
Federal Reserve
CCC
Credit Score
Credit Card
An arrangement to receive cash, goods, or services now and pay for them in the future.
Credit
Asset
Interest
APR
