WorksheetsCredit & Credit report
Total questions: 20
Worksheet time: 30mins
Does each person have just one credit score?
Yes
No
Which of the following is a good generic credit score?
400
500
600
700
Who collects the information on which credit scores are most frequently based?
FICO and VantageScore Solutions
Three main credit bureaus: Experian, Equifax, and TransUnion
Individual lenders
Federal government
All of the above
Name one way a good credit score can benefit you:
Better loan rates
Better car insurance rates
Better job opportunities
All of the above
What is the single best thing you can do to help build a good credit score and keept it once you have it?
Pay my bills on time
Keep balances on all accounts low
Take out only the credit I need when I need it.
Pay cash
Read the following situation:
Gloria has a credit card with a limit of $5000. Every month she uses up at least 90% of her credit and pays interest rates because she cannot cover the full amount monthly. Are Gloria's credit habits going to help her get a high score?
Yes
No
The more credit cards you have, the better.
True
False
A low credit score indicates that the person is financially responsible.
True
False
A high credit score heightens the persons chances of getting a loan.
True
False
What is the most important factor of a credit score?
Types of credit
Payment History
Amount of debt
Inquires
Who would NOT want to know about your credit history?
Banks
Employers
Landlords
College Professor
What is one factor that lenders consider when determining creditworthiness?
Length of credit history
Types of credit
Payment history
All of the above.
How often can individuals get a free credit report?
Once every 5 years
Once every 2 years
Once every 3 years
Once every year
Richard, Jaden, and Kalei are discussing about credit scores. They are trying to identify the three main credit bureaus. Can you help them?
Experian, TransUnion, Equifax
FICO, VantageScore, Credit Karma
Visa, Mastercard, American Express
Bank of America, Wells Fargo, Chase
Brianna is trying to understand what information is included in her credit report. Can you help her out?
Personal information, types of debt, payment history
Credit scores, outstanding debt, credit utilization
Income, employment history, credit inquiries
Bank account details, investment portfolio, tax returns
Taylor is applying for a loan and the bank manager, Kayla, mentioned something about a credit score range. What is the range of credit scores that Kayla might be referring to?
0-100
200-500
300-850
900-1000
VISA, Discover, American Express and Mastercard are _______.
some major credit card companies
all of the credit card companies
some minor credit card companies
great places to eat
Credit cards are good for emergencies.
True
False
A late fee is _______________________.
how much you pay every year for having the card
the penalty you pay for making the payment after the deadline
your credit limit
always $50
