Financial Literacy

Which of the following factor does not affect your credit score?

• Total debt
• How many new credit accounts you’ve recently opened
• Checking your credit report at least once a year
• Payment history for loans and credit cards, including the number and severity of late payments

2) _____________________ is the ability to use knowledge to make effective and informed decisions about managing money.

• Credit report
• Financial literacy
• Credit score
• None of these

3) Credit scores are like report cards you might get at the end of a school term, but instead your activity ends up with a scoring range.

• True
• False

4) A good credit score is between a 580-669.

• True
• False

5) Good credit history can get you lower fees and interest rates when borrowing money. The better your credit, the lower the interest rate and fees.

• True
• False

6) As long as you pay your payments on time it doesn’t matter how much you still owe on your credit card. It only hurts your credit if you pay late.

• True
• False

7) A credit score reflects payment patterns over time, with an emphasis on recent information.

• True
• False