Managing Credit
2 years ago
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20 QuestionsShow answers
  • Question 1
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    Q.

    Which of the following situations is an example of responsibly taking on debt?

    answer choices

    Get a credit card but don't use it to avoid more debt

    Spend up to your credit limit each month

    Become an authorized user on an adult's card

    Make only the minimum payment each month

  • Question 2
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    Q.

    How can you build a positive credit history as a college student?

    answer choices

    Get a credit card but don't use it to avoid more debt

    Spend up to your credit limit each month

    Become an authorized user on an adult's card

    Make only the minimum payment each month

  • Question 3
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    Q.

    Your net worth...(hint: choose 2 correct answers)

    answer choices

    is what you owe minus what you own

    is your assets - your liabilities

    is your liabilities - your assets

    is what you own minus what you owe

  • Question 4
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    Q.

    T/F: A negative credit event (bankruptcy) can have a WORSE impact on a higher credit score.

    answer choices

    True

    False

  • Question 5
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    Q.

    Which of the following is TRUE about a credit report?

    answer choices

    It is a complete history of one type of credit you have

    Credit reports are maintained by the 5 main credit bureaus

    You can get a copy of your credit report for free

    You can get a credit report only when you're 21 years old

  • Question 6
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    Q.

    Which of the following does NOT contribute to your credit score?

    answer choices

    Your payment history

    Which banks issued your credit cards

    Your debt-to-credit ratio

    Length of credit history

  • Question 7
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    Q.

    All of the following are benefits of having a good credit score EXCEPT...(hint: choose 2 correct answers)

    answer choices

    You can get a higher return on your Retirement fund

    Higher interest rate on credit cards and loans

    Easier approval for rental apartments and houses

    Better car insurance rates Better car insurance rates

  • Question 8
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    Q.

    Which of the following is TRUE about finding errors on your credit report?

    answer choices

    You may have to file a dispute with each credit bureau

    You should wait until the end of the month before reporting

    Finding errors is common & is not a big deal

    Overlooked errors may result in you paying a fine

  • Question 9
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    Q.

    Aisha wants to improve her credit utilization rate. Which of the following can she do? (hint: choose 2 correct answers)

    answer choices

    Make several payments in the month instead of a large one

    Spread her spending among her 3 credit cards

    Keep her credit utilization rate to 55%

    Keep her spending all to 1 card; don't use the other 2

  • Question 10
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    Q.

    Why might someone have a thin file? (hint: choose 2 correct answers)

    answer choices

    They've had multiple lines of credit open for 15 years

    They only have 4 types of credit open

    The credit bureaus mistakenly think you have passed away

    You are relatively new to establishing credit

  • Question 11
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    Q.

    How are a credit score and credit report related?

    answer choices

    A credit report is determined by the factors in your score

    A credit score is determined by the factors in your report

    Credit reports are less important than your credit score

    They're not related at all

  • Question 12
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    Q.

    Where can you get a free copy of your credit report?

    answer choices

    annualcreditreport.com

    freecreditreport.com

    getmycreditreport.com

    creditreport.gov

  • Question 13
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    Q.

    Q13:Using the debt snowball method, you make...

    answer choices

    minimum payments on all of your loans

    one large payment on one loan

    minimum payments on small loans; pay extra on large loans

    minimum payments on large loans; pay extra on small loans

  • Question 14
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    Q.

    How can having a thin file impact you?

    answer choices

    You are likely to get lower interest rates on your loans

    You may be offered new lines of credit in the mail

    Lenders may decline your application for a loan

    Most landlords will approve you to rent an apartment or home

  • Question 15
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    Q.

    Using the High Rate Method, you...

    answer choices

    pay off all your loans in the least amount of time

    put extra money towards loans with the lowest interest rate

    put extra money towards loans with the highest interest rate

    make one large payment on the loan with the highest rate

  • Question 16
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    Q.

    Which types of debt usually CANNOT be erased or reduced?

    answer choices

    Federal student loans

    Credit card debt

    Medical bills

    None of these types of debt can be erased or reduced

  • Question 17
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    Q.

    What can debt collectors do if you don't make payments towards your loans?

    answer choices

    Have you arrested if you owe money

    They can try contacting you at work

    Call you between 8am-9pm to talk to you about your loans

    Reach out to your friends about the debt you owe

  • Question 18
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    Q.

    What information can you find on a credit report?

    answer choices

    Your medical insurance information

    Your parents' and siblings' contact information

    Your education level

    Inquiries you've made on new lines of credit

  • Question 19
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    Q.

    All of the following may access your credit report EXCEPT...

    answer choices

    A landlord

    A future employer

    Colleges and universities

    Insurance companies Insurance companies

  • Question 20
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    Q.

    Jim is 23 and has 1 credit card. What would be the best way to improve his credit score? (hint: choose 2 correct answers)

    answer choices

    Get 4 more credit cards in the next 3 months

    Diversify his credit - get an loan for the car he needs

    Make sure he makes his payments in full & on time

    Increase his credit utilization rate

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