NEW
Font size
WorksheetsNGPF Managing Credit QuizsAA -
Total questions: 20
Worksheet time: 11mins
A record of a person's use of credit over time; your credit history plays an important role in determining your credit score
Credit Score
Credit History
Collections
Credit Report
A credit history is ____
the first step in creating a budget.
a record of money you spend.
a record of how you pay back money you borrow.
the same thing as a bank statement.
A document containing an individual's financial information focusing on payment of their credit obligations over time
Net Worth
Thin File
Credit
Credit Report
Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
Bankruptcy
Collections
Default
Debt Snowball Method
A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report
Credit Score
High Rate Method
Bankruptcy
Credit History
The interest rate a credit card user will be charged on the unpaid portion of their balance
High Rate Method
Credit
Credit Bureau
Annual Percentage Rate (APR)
To build a good credit history, you should: open as much credit as possible quickly, use the maximum credit allowed on all your credit cards, pay on time and as much of your balance as possible, all of these
open as much credit as possible quickly
use the maximum credit allowed on all your credit cards
pay on time and as much of your balance as possible
all of these
A term used to describe someone with little to no credit history
High Rate Method
Annual Percentage Rate (APR)
Bankruptcy
Thin File
Why is it important to understand interest rates when taking out a loan?
Lower interest rates mean you pay back more money
Interest rates do not affect loans
Higher interest rates mean you pay back less money
Interest rates determine how much extra money you need to pay back
A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay
Credit Utilization Rate
Credit
High Rate Method
Bankruptcy
A company that collects and sells information about how individual people manage their credit (e.g. Equifax)
Annual Percentage Rate (APR)
Credit Bureau
Collections
Credit HIstory
A measurement of your outstanding debt divided by your total available credit
Bankruptcy
Credit History
High Rate Method
Credit Utilization Rate
A measurement of your assets (money you've saved or things of value you own) minus your liabilities (money you owe others); also called wealth
Credit History
Credit Score
FICO Score
Net Worth
The most commonly used credit score
Credit Utilization Rate
Credit Report
Fico Score
Credit Counselor
What is a 'Credit Score'?
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
What does it mean to have debt?
You have saved a lot of money
You owe money to someone or a company
You have a lot of money in your wallet
You found money on the street
