What are the two most important factors in calculating your credit score?

Payment history and amounts owed

Length of credit history and new credit inquiries

Payment history and type of account

Amounts owed and length of credit history

Which of the following would appear on a credit report?

Balance of Checking/Savings Account

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?

Not using more than 30% of the credit limit on your card and paying it off in full every month by the due date

Put the credit card in a drawer and don't ever use it

Spend up to the full credit limit on your card and pay off the bill in full every month on time

Make the minimum payment required on your credit card every month by the due date

I forget to pay my credit card bill one month. How long will that payment information show up on my credit report?

Once I make the payment, it will disappear

All of the following have a positive impact on your credit score EXCEPT....

Applying for multiple credit cards in a short period of time (e.g., a week)

Decreasing your utilization of credit

Paying down balances on your credit card accounts

Why do potential lenders frequently request to see your credit report before allowing you to borrow money?

It allows them to assess how much current debt you have and how responsible you've been in making payments on existing debt

It's the only way they can legally see how much you have in your bank accounts

It allows them to see exactly what you purchase on a regular basis, so they can assess your character

It allows them to assess your creditworthiness by reviewing where you went to college, where you work, and how much you've paid, so far, in taxes

Unit 6 Review

Authored by Reagan Johnson

Mathematics

9th - 12th Grade

CCSS covered

Used 7+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much you owe each creditor individually and in total; 30% of your credit score is based on this.

Amounts Owed

New Credit

Payment History

Amounts Owed

Credit History

Payment History

New Credit

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Unit 6 Review

How much you owe each creditor individually and in total; 30% of your credit score is based on this.

A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill.

A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment.

An attempted recovery of a past-due credit obligation or debt by a collection department or agency.

An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest.

A consumer-reporting company that collects and sells information about how individual people manage their credit (e.g. Equifax).

A record of a person's use of credit over time; 15% of your credit score is based on the length.

A document with information about a person's credit activity and history.

What is the name given to the numerical rating that you receive based on your credit habits?

A measurement of your outstanding debt divided by your total available credit; a general rule of thumb is to keep this under 30%

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