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Personal Finance 16

Credit Scores

QuestionChoicesAnswer
Which of the following is NOT true of credit scores? A. only the credit bureaus truly know credit scores are calculated. B. having a high score means you are more likely to repay debts. C. the more money you make, the higher your credit score. C the more money you make, the higher your credit score.
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 mush you will have to pay for college. B. It can impact your ability to approved for back loans.
Which actio can hurt your credit score? A. Paying you phone bill late. B. Taking the to work. C. Maxing out several credit cards. D. both A & C. D. Both A & C
All of the following make up the big three credit reporting agencies EXCEPT? A. Equifax. B. TransUnion. C. Experian. D. Federal Reserve. D. Federal Reserve.
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 serveral cars before deciding which to buy. D. all are things he should to to increase or maintain his credit score. B. Pay off his credit card balance each month
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. D. You forgot to pay your cable bill.
Which is true of someone with a low credit score? A. They probably make on time payments.B. They may not be able to rent the apartment they want. C. They are more likely to miss a payment than someone with a high credit score. D. Both B & C D. Both B & C
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 oopened several new credit card last week. D. You send in your credit card payment a couple of days late. A. You inquire about a credit card charge.
What can you do to make sure you have a healthy credit report? A. Review our credit report each year. B. Make sure everything on yor credit report is correct. C Dispute any errors your find on your credit report. D. All of the above. D. All of the above.
Which of the following MOST influences your credit score? A. Types of Credit Used. B. Payment History. C. Length of Credit History. D. Amount Owed. B. Payment History
Which best explains what a credit score represents? A. A number showing how likely you are to have more than one credit card. . A numerical rating that expresses how likely you are to repay your debt. C. A number expressing your yearly income. B. A numerical rating that expresses how likely you are to repay your debts.
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. B. Paying off your credit card bill
Which of the following is true of a person with a high credit score? A. They are more likely to pay bills on time. B. they are less likely to pay off debts. C. They probably have a high balance on multiple credit cards. A. they are more likely to pay bills on time.
Which action is LEAST important to maintaining a healthy credit score? A. Make on time payments. B. Check your credit report annually. C. Know your exact credit score. D. Fix inaccurate information on your credit report. C. Know your exact credit score.
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. D. All of the Above.
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. C. One credit report from each credit bureau .
If your credit reports show different scores, what should your do? A. Nothing, the credit bureaus will recognize he mistake and fix it. B. Get in touch with the credit bureaus to see if they have different or inaccurate information. D. Visit your local bank and have them fix it B. Get in touch with the credit bureaus to see if they have different or inaccurate information.
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 D. all of the above
Which behaviors might lead someone to have a low credit score? A. Missing a car payment. B. Having a long credit history. C. Always paying the full balance of a credit card each month. D. Having a debit card. A. Missing a car payment
What can a person do to help increase their credit score? A. Charge all monthly expenses to the same credit card. B. Use only a small percentage of your credit limit. C. Research student loan terms online. d. Open a savings account at the bank. B. Use only a small percentage of your credit limit.
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 D. all of the above
Created by: SusieQ60
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