Have an account?
Skip to Content
Build your own quiz
74 questions
Show Answers
See Preview
- 1. Multiple Choice
Race and gender are factors in a credit score.MythFact - 2. Multiple ChoiceStudent loans impact your credit score.MythFact
- 3. Multiple ChoiceCapacity to pay will be taken into account when you apply for a credit card or loan.MythFact
- 4. Multiple ChoiceHow can someone between ages 18-20 establish credit?Checking/savings accountDebit cardPaying with cashhaving a parent pay
- 5. Multiple ChoiceWhich of the following is one of the 3 nationally recognized credit bureaus?EquifaxFederal ReservePostal OfficeGrocery Store
- 6. Multiple ChoiceWhat does your credit history NOT consist of?35% Payment History15% Credit History20% Credit Type30% Amount Owed
- 7. Multiple ChoiceBetween what number wold you have an excellent credit score?760-850851-941620-659700-759
- 8. Multiple ChoiceYour credit score is not configured off of which of the following:Payment historyAmount owedGPALength of credit history
- 9. Multiple ChoiceWhich of the following items can be found on a credit card statement?payments made and new chargesfees and interest chargedyear to date totals and how long it will take you to pay it off w/minimum onlyall of these
- 10. Multiple ChoiceBank of America issues you a credit card with a maximum balance of $1,000. This is an example of:Finance ChargeCo-SignerMinimum PaymentCredit Limit
- 11. Multiple ChoiceWhat type of credit score is this 593?AverageGreatPoorExcellent
- 12. Multiple Choice
Which is an execellent credit score
912
555
713
813
- 13. Multiple Choice
Payment history accounts for around _______ of your credit score.
1/2
3/4
35%
90%
- 14. Multiple Choice
Which of these show your credit history?
Credit score
Credit report
Both
- 15. Multiple ChoiceA person that always pays bills on time doesn't need to check their credit score.MythFact
- 16. Multiple ChoiceA low credit score doesn't impact your interest rates on loans.MythFact
- 17. Multiple ChoiceOnly banks and lenders use credit scores.MythFact
- 18. Multiple Choice
A number assigned to a person as a general indication of their creditworthiness
Credit report
Credit score
Loan
Loan score
- 19. Multiple Choice
Gail has taken out various types of credit over the last 10 years. She currently has a mortgage and 3 credit cards. She still has the first credit card she signed up for and has paid off a student loan and car loan in the past. All of her payments have been made on time. She does not carry a balance on the credit cards. She owes $125,000 on her mortgage. What credit score does she likely have?
under 500
around 700
above 750
- 20. Multiple Choice
Tanya has taken out several different forms of credit over the last 20 years. She hasn’t always been on time with her payments. With the death of her husband 3 years ago, finances have not been easy. She filed bankruptcy a year ago and is slowly working to rebuild her credit. What credit score does she likely have?
above 700
500-599
around 600
- 21. Multiple Choice
Kasey is looking at possible options to pay for higher education. What type of credit is best suited for financing this program?
Payday loan
conventional loan
student loan
- 22. Multiple ChoiceWhat is NOT a Credit Bureau?TransUnionExperianEquifaxCrediFed
- 23. Multiple ChoiceWhich is not a Credit Bureau.VisaTransUnionExperianEquifax
- 24. Multiple Choice
What does credit measure?
How likely someone is to pay back a loan
How well someone has made payments in the past
How trustworthy someone is with money
All of the above
- 25. Multiple Choice
What does bad credit say about you?
That you are hard to trust with a loan or
credit card
That you do not make much money
That you are young
- 26. Multiple Choice
What range of scores describes people with “good” credit?
350 – 619
620 – 659
660 – 749
750 – 850
- 27. Multiple Choice
Your Credit Score could effect whether or not you can rent an apartment
True
False
- 28. Multiple Choice
A good way to build credit is to open as many credit cards as you can
True
False
- 29. Multiple ChoiceHow can you improve your credit score?Make payments on timeReduce overall debtLimit your applicationsAll of the above
- 30. Multiple ChoiceWhen financing a car, which credit score will warrant the best rate?850950300250
- 31. Multiple ChoiceHow can one avoid paying interest on money borrowed on a credit card?Pay the amount used in full during the current billing cycleMake the minimum payment on the account statementPay at least have of the balance showing on the statementNot making a payment at all.
- 32. Multiple ChoiceTrue or False: Missing a payment on your credit card has no effect on your credit.TrueFalse
- 33. Multiple ChoiceTrue or False: If denied for a credit card, I should continue to apply for other credit cards until I'm approved.FalseTrue
- 34. Multiple ChoiceTrue or False: Your credit score can change quickly.TrueFalse
- 35. Multiple Choice
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
- 36. Multiple Choice
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
- 37. Multiple ChoiceWhat if I have bad credit?High interest rates on loansYou can easily be approved for a loanYou have a high credit scoreYou may have to live with Mr. Trump.
- 38. Multiple ChoiceCan car insurance companies use your credit report to determine how much you will pay?yesno
- 39. Multiple ChoiceTelephone and utility companies may use information in your credit report to decide whether to provide services to you.TrueFalse
- 40. Multiple ChoiceYour credit score falls between what range?300 - 800300 - 850350 - 800350 - 850
- 41. Multiple ChoiceWhat is credit?Free moneyBorrowed moneyStandard of livingA term that causes tears
- 42. Multiple ChoiceWhat is a credit score?A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debtsA five-digit numerical rating that reflects how likely you are to repay your debt.A three-digit numerical rating that reflects how likely you are to repay your debt.A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
- 43. Multiple ChoiceT or F: A limited credit history can create real barriers if you are looking to access the credit that is often the key to getting an education, starting a business, or buying a house or car, or just credit that comes with better terms, including at a lower interest rate.TrueFalse
- 44. Multiple ChoiceWhich of the following is a TRUE statement?If your credit score is high, you won't have to repay the money you owe.You can access your credit score for free once every month.A landlord can access your credit report to help decide if you are financially responsible..Your credit score can never increase, only decrease.
- 45. Multiple ChoiceSara wants to show lenders that she is financially responsible. She should_______charge things she knows she can afford and pay the balance quickly.max out her credit cards.pay less than the minimum payments on her credit card bills.never borrow money and never check her credit score.
- 46. Multiple ChoiceYou can access your credit report_______for free whenever you want.only once a year.only if your credit score is low.for free once a year.
- 47. Multiple Choice
Which of the following statements about credit scores is TRUE?
a. Credit scores reflect how likely individuals are to repay their debts.
b. Credit scores range from the low 300’s to the mid 800’s.
c. Each person has three credit scores.
d. All of the above.
- 48. Multiple Choice
Having a good credit score is important because:
a. It can impact your ability to get a driver’s license
b. It can impact your ability to be approved for bank loans
c. It can impact how much you will have to pay the government in taxes
d. It can impact how much you will have to pay for college
- 49. Multiple Choice
Which action can hurt your credit score?
I. Paying your phone bill late.
II. Taking the bus to work.
III. Maxing out several credit cards.
IV. Using the internet to pay your bills
I
I and II
I and III
III and IV
- 50. Multiple Choice
All of the following make up the big three credit reporting agencies EXCEPT:
Equifax
TransUnion
Experian
Federal Reserve
- 51. Multiple Choice
Jose wants to be sure he maintains a high credit score as he is planning to buy a new car soon. What should he do to ensure his score stays high, allowing him to buy his dream car?
a. Open a savings account at the local bank.
b. Pay off his credit card balance each month.
c. Test drive several cars before deciding which to buy.
d. All are things he should do to increase or maintain his credit score.
- 52. Multiple Choice
Which of the following actions can NEGATIVELY impact your credit score?
a. You disputed an item on your credit report.
b. You forgot to pay the cable bill.
c. You pay all your bills in cash.
d. You use a small amount of your available credit.
- 53. Multiple Choice
Which of the following actions has NO impact on your credit score?
a. You inquire about a credit card charge.
b. You use a large percentage of your credit limit.
c. You opened several new credit cards last week.
d. You send in your credit card payment a couple days late.
- 54. Multiple Choice
10. What can you do it make sure you have a healthy credit report?
a. Review your credit report each year.
b. Make sure everything on your credit report is correct.
c. Dispute any errors you find on your report with your credit agency.
d. All of the above.
- 55. Multiple Choice
11. Which of the following MOST influences your credit score?
a. Types of Credit Used
b. Payment History
c. Length of Credit History
d. Amounts Owed
- 56. Multiple Choice
12. Which best explains what a credit score represents?
a. A number showing how likely you are to have more than one credit card.
b. A numerical rating that expresses how likely you are to repay your debts.
c. A numerical rating that shows how much money you have in your bank account.
d. A number expressing your yearly income.
- 57. Multiple Choice
Which of the following actions would improve your credit score?
a. Closing out old credit cards
b. Paying off your credit card bill
c. Using a large portion of your credit limit
d. Opening a new savings account
- 58. Multiple Choice
In which of the following situations is having a good credit score important?
a. Buying a car.
b. Applying for a loan at a bank.
c. Renting an apartment.
d. All of the above.
- 59. Multiple Choice
How many free credit reports are you legally entitled to each year?
a. One credit report each year
b. Three credit reports each year
c. One credit report from each credit bureau
d. Three credit reports from each credit bureau
- 60. Multiple Choice
Having a low credit score can make it more difficult to:
a. Obtain a car loan
b. Open a new credit card
c. Secure an apartment lease
d. All of the above
- 61. Multiple Choice
Which behaviors might lead someone to have a low credit score?
a. Missing a car payment.
b. Having a long credit history.
c. Always baying the full balance of a credit card each month.
d. Having a debit card.
- 62. Multiple Choice
An example of revolving credit is __________________.
credit cards
car loan
home
home loan
- 63. Multiple Choice
An example of installment credit is
____________________.
credit card
home/car loan
debt card
- 64. Multiple Choice
FICO stays for _______________________.
Fair Isaac Corporation
Fair Isaac Company
Free Investment Company
Fairly Incompetent Career
- 65. Multiple ChoiceWhy is credit so dangerous?ConvenientOverspending^ standard of livingHorses
- 66. Multiple ChoiceWhich of the following statements about credit scores is TRUE?Credit scores reflect how likely individuals are to repay their debts.Credit Scores range from the low 300's to the mid 800's.Each person has three credit scores.All of the above.
- 67. Multiple ChoiceThe most commonly used credit score in the United States. Fair Isaac CorporationFICOFICABICS
- 68. Multiple ChoiceMoney you pay up front toward the purchase to reduce the loan amountDown paymentUp front paymentPrincipalInterest
- 69. Multiple Choice
The higher your FICO score, the lower interest rate you will be charged.
True
False
- 70. Multiple Choice
What factors affect a credit score? Choose all correct answers.
New debt
Type of debt
Duration of debt
Your checking account balance
- 71. Multiple Choice
Which of the following is not a factor in determining a FICO score?
Using credit cards
Taking out a mortgage on a house
Getting a personal loan from a bank
Paying cash for all purchases
- 72. Multiple Choice
Two major credit scoring systems are
FICO and Advantage Score
FICO and Vantage Score
FIDO and Vantage Score
FICO and Darth Vantage
- 73. Multiple Choice
FICO stands for Fair _________________________ Corporation.
Industry
Interest
Isaac
Insider
- 74. Multiple Choice
A company that provides software for calculating a person's credit score
Credit bureau
FICO
Microsoft
Dell
- Answer choicesTagsAnswer choicesTags