Managing Credit Fall 23 Review

What strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of interest over time?

• Avalanche/High Interest

• Snowball

• Minimum Payment

• Double Down Method

Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance

• Avalanche/High Interest

• Snowball

• Minimum Payment Method

• Double Down Method

Do you want a high credit score or a low credit score?

• High
• Low

What is the lowest credit score you can have?

• 300
• 350
• 400
• 450

What is the highest credit score you can have?

• 800
• 850
• 900
• 1000

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

• Payment history and type of account
• Amounts owed and length of credit history
• Payment history and amounts owed
• Length of credit history and new credit inquiries

Which of the following would NOT appear on a credit report?

• Salary of your current job
• Payment history of your car loan
• Credit card payment history
• Student loan activity

You can find your credit score on your credit report?

• True

• False

Your teacher tells you about the importance of checking your credit report. Which government-run website allows you to download your credit report for free on an annual basis?

• Freecreditreports.com
• Freecreditreport.com
• getcreditreportshere.com
• annualcreditreport.com

Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

• Cancel his credit cards
• Make on-time payments
• Get a car loan
• Check his credit score