Credit Knowledge Check-IN

Why is it important to regularly check your credit report?

• To ensure there are no errors that could affect your credit score

• To find out your credit card balance

• To see how much money you have in your bank

• To check your employment history

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DOK Level 2: Skill/Concept

What type of credit card is typically recommended for someone who is building their credit history?

• A rewards credit card

• A secured credit card

• A business credit card

• A student credit card

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DOK Level 2: Skill/Concept

Which fee is commonly associated with credit cards when a payment is made after the due date?

• Over-limit fee

• Annual fee

• Late payment fee

• Balance transfer fee

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DOK Level 2: Skill/Concept

What factor has the highest impact on calculating your credit score?

• Types of credit used

• New credit accounts

• Payment history

• Credit card balances

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DOK Level 2: Skill/Concept

What is a common security feature found on credit cards to help prevent fraud?

• Signature panel

• Cashback rewards

• Magnetic stripe

• Photo of the cardholder

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DOK Level 2: Skill/Concept

How does a credit report help lenders?

• It allows them to see your shopping habits

• It provides a detailed list of your assets

• It helps them assess your creditworthiness

• It shows them your academic records

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DOK Level 2: Skill/Concept

What type of credit card offers rewards such as airline miles or hotel points?

• Balance transfer credit card

• Business credit card

• Travel rewards credit card

• Prepaid credit card

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DOK Level 2: Skill/Concept

What is typically not a fee charged by credit card companies?

• Conversion fee

• Subscription fee

• Annual fee

• Over-limit fee

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DOK Level 2: Skill/Concept

Which of the following is not directly used in calculating your credit score?

• Your age

• Your payment history

• Amounts owed

• Length of credit history

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DOK Level 2: Skill/Concept

What is the purpose of a CVV number on a credit card?

• To verify the cardholder's identity

• To track reward points

• To display the credit limit

• To indicate the card type

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DOK Level 2: Skill/Concept