Imagine you're applying for a mortgage. What are the two most important factors the bank will look at in calculating your credit score?

Intro to Credit/Credit Scores - STUDY GUIDE

Quiz
•
Other
•
12th Grade
•
Medium
Jeanette Kleppinger
Used 78+ times
FREE Resource
37 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Payment history
Amounts owed
Length of credit history
New credit inquiries
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What information is typically included in a credit report?
The interest rates on your mortgage
Your employment history and salary
Records of your credit card payments
Your physical characteristics, such as height and weight
Details of your savings account balance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the official site to obtain a free annual credit report from the three major credit bureaus?
creditreportfreeannual.com
annualcreditreport.com
freecreditannualreport.com
mycreditreportannualfree.com
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a beneficial action for Bob to take if he wants to increase his credit score before applying for a home loan?
Open several new credit cards at once
Consistently pay bills on time
Max out his credit card limits
Ignore his credit report errors
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a good practice for a college student wanting to build a positive credit history?
Applying for a credit card and making small, manageable purchases that can be paid off each month
Withdrawing and spending your entire student loan amount as quickly as possible
Paying for all expenses in cash to avoid debt
Ignoring bills and fees since they are small and seemingly insignificant
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Identify all entities that might require access to your Credit Report:
Mortgage lenders
Credit card issuers
Insurance Companies
Utility companies
Scholarship committees
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Jamie has a credit score of 620 and Alex has a credit score of 750, who is likely to receive a lower interest rate on a car loan?
Jamie will receive a lower interest rate because of his lower score.
Alex will receive a lower interest rate due to his higher credit score.
Both will receive the same interest rate regardless of their credit scores.
Interest rates on car loans are determined by the type of car, not the credit score.
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