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- 1. Multiple Choice
A key factor influencing credit scores is:
Recent inquiries
Monthly expenses
Martial status
Education level
- 2. Multiple Choice
All of the following are part of a credit report EXCEPT:
Spending Habits
Loan Repayment
Credit Limit Utilization
Current Credit Inquiries
- 3. Multiple Choice
Failing to pay federal student loans may result in:
Reduced student loan interest
Higher credit score
Tax refund garnishments
Revocation of your degree
- 4. Multiple Choice
A cosigner on a loan can help by:
Reducing monthly payments
False
Boosting approval odds
Offering collateral for the loan
- 5. Multiple Choice
Which of the following is TRUE about a credit report?
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
- 6. Multiple Choice
Which of the following does NOT contribute to your credit score?
Your payment history
Which banks issued your credit cards
Your debt-to-credit ratio
Length of credit history
- 7. Multiple Choice
Establishing credit early can help with:
Quick loan approvals
Higher credit card limits
Avoiding yearly credit checks
Getting better interest rates
- 8. Multiple Choice
Which of the following is TRUE about finding errors on your credit report?
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
- 9. Multiple Choice
The main advantage of a secured credit card is:
Higher spending limits
Reduced annual fees
Improving credit score
Earning cashback rewards
- 10. Multiple Choice
Why might older individuals typically have higher credit scores?
They have had more time to accumulate wealth
They have paid more taxes
They always earn more than younger individuals
They have longer credit histories
- 11. Multiple Choice
How often should you check your credit report for errors?
Only when applying for a major loan
Once a decade
At least once a year
Every month
- 12. Multiple Choice
Where can you get a free copy of your credit report?
annualcreditreport.com
freecreditreport.com
getmycreditreport.com
creditreport.gov
- 13. Multiple Choice
Using the debt snowball method, you make...
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
- 14. Multiple Choice
When applying for a loan, why might a lender be interested in your credit score?
To determine if you actually need a loan
To set the loan's interest rate and terms based on risk
To know how much money you have in your bank account
To sell your personal information to third parties
- 15. Multiple Choice
Using the Avalanche Method, you...
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
- 16. Multiple Choice
Which types of debt usually CANNOT be erased or reduced?
Federal student loans
Credit card debt
Medical bills
None of these types of debt can be erased or reduced
- 17. Multiple Choice
What can debt collectors do if you don't make payments towards your loans?
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
- 18. Multiple Choice
What information can you find on a credit report?
Your medical insurance information
Your parents' and siblings' contact information
Your education level
Inquiries you've made on new lines of credit
- 19. Multiple Choice
How long does a bankruptcy typically remain on a credit report?
3-5 years
7-10 years
12-15 years
Indefinitely
- 20. Multiple Choice
All of the following may access your credit report EXCEPT...
A landlord
A future employer
Colleges and universities
Insurance companies Insurance companies
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