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Credit Scores/Cards
| Question | Answer |
|---|---|
| What are the two most important factors in calculating your credit score? | Payment history and amounts owed |
| Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score? | Make payments on time every month |
| You want to begin establishing a credit history. Which action should he take to meet that goal? | Ask your parents to authorize you as a user on their credit card |
| You have a credit card and want to know the best way to use it to boost your credit score. Which step will have the GREATEST impact? | Using less than 30% of the credit limit on your card and paying it off in full every month by the due date |
| I forgot to pay my credit card bill one month. For how long will that payment information show up on my credit report? | 7 years |
| Who tracks all of your credit information? | Companies named Equifax, Experian and TransUnion |
| You find an error on your credit report. Your credit card account indicates that you are 60 days late on your payment but you have bank records indicating that you have always made on-time payments. What should you do FIRST? | Contact the credit card company to have them fix it |
| What is the best advice to prevent identity theft? | Be careful with your credit and bank account numbers, create strong passwords, and beware of phishing emails |
| Which of the following could have a NEGATIVE impact on your credit score? | Applying for multiple credit cards in a short period of time (e.g., a week) |
| Which of these represents a potential consequence of neglecting to pay your credit card or loan debts? | Wages or tax refunds can be garnished |
| You're paying your credit card bill and your student loan payment each month, but you're falling behind on your auto loan payment. Which friend's advice could have a NEGATIVE impact on your credit score? | Debbie says, "Stop making the credit card payment for a few months until you're caught up on the auto loan." |
| Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ? | You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card |
| According to the Equal Credit Opportunity Act, which of the following factors CAN a lender legally use to charge you a higher interest rate? | Your credit score |
| How can your credit score impact your financial situation? | Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be |
Created by:
gcowing
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