Which of the following will help you begin developing a credit history before you graduate from college.

Make small payments on your student loans while in college, even though they are not required to be paid back until you leave

Always say "credit" when asked "credit or debit?" at a store

Any time you borrow money from your parents, friends, or family, be sure to pay it back promptly

Be sure to keep a bit of your paycheck in a savings account instead of a checking account

Mike and Sia are both shopping for a new car. They are looking for a $20,000 loan to pay for the new car that they will pay back over a five year period. Mike has a credit score of 730 and Sia has a score of 600. Which of the following statements is TRUE?

Sia's monthly payment on the loan will be about $100 more than Mike's payment

Over the five year period, Sia and Mike will pay the same amount for the car loan

Mike's monthly payment on the auto loan will be about $100 more than Sia's payment

Lenders are not allowed to charge people different interest rates based on their credit scores

How can your credit score impact your financial situation?

Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be

Consumers with high scores can borrow and those with low scores cannot

Consumers with low scores get lower interest rates on loans than those with high scores

It generally has no impact on your financial situation

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

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

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

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

Who tracks all of your credit information?

Companies named Equifax, Experian and TransUnion

Consumer Financial Protection Board (CFPB)

What is the relationship between a credit score and credit report?

The information in your credit report is used to calculate your credit score

Credit scores are updated annually while your credit report is updated weekly

Credit scores are less important than your credit report

You find an error on your credit report. Your credit card account indicates that you are 60 days late on your payment but you have bank records indicating that you have always made on-time payments. What should you do FIRST?

Contact the credit card company to have them fix it

Contact the credit reporting agency

Wait a few weeks to see if it gets resolved

Contact the bank to let them know that the credit card company is disputing payment

A lender checking Dylan's credit score for an auto loan would likely notice that...

He paid off a car loan after making every payment for 4 years

His savings account has more than $3000 in it

When he stopped paying his credit card for 3 months 9 years ago

The credit scores of his family, including his parents and his wife if he is married

Which of the following could have a NEGATIVE impact on your credit score?

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

Paying down balances on your credit card accounts

Decreasing your utilization of credit

Which statement accurately describes a strategy for paying down debts?

The DEBT SNOWBALL method is to pay off the smallest loans first, which can be motivating because you will have fewer sources of debt.

The DEBT SNOWBALL method is to pay the highest interest loans off first while making minimum payments on the others.

The HIGH RATE method is to only make payments on the loans with the highest interest rates.

The HIGH RATE method is to pay off the biggest loans first, because they will have the highest interest payments overall.

Which is the LEAST DESIRABLE option to choose if you are struggling with debt and need help learning to manage your finances?

Federal Trade Commission consumer information

Consumer Financial Protection Bureau

Based on this snapshot of a credit report shown below, which of the following statements is TRUE?

The borrower was 30 days late with his credit card payment during the month of February in 2007

The borrower has never missed a payment

The borrower has never used their credit card

The borrower used his credit card for the first time during the month of February in 2007

According to the Equal Credit Opportunity Act, which of the following factors CAN a lender legally use to charge you a higher interest rate.

The percentage of your income that comes from Social Security payments

Your marital status, if you are single

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Authored by Neha S

Financial Education

Professional Development

Used 9+ times

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OPEN ENDED QUESTION

45 sec • Ungraded

First and Last name

Evaluate responses using AI:

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OPEN ENDED QUESTION

45 sec • Ungraded

Class Period

Evaluate responses using AI:

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MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Joy is carrying a balance on his credit card of $500. The credit limit on the card is $1,500. What is his utilization rate?

33%

50%

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

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Review

First and Last name

Class Period

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

Joy is carrying a balance on his credit card of $500. The credit limit on the card is $1,500. What is his utilization rate?

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

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?

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

Which of the following will help you begin developing a credit history before you graduate from college.

Each of the following is likely to check your credit score EXCEPT?

Mike and Sia are both shopping for a new car. They are looking for a $20,000 loan to pay for the new car that they will pay back over a five year period. Mike has a credit score of 730 and Sia has a score of 600. Which of the following statements is TRUE?

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