Credit Quiz

Your credit score determines how successful you will be in obtaining a loan

• True

• False

Which one of these is NOT one of the 3 main Credit Bureaus?

• Equifax

• Experian

• FICO

• TransUnion

What is the most important factor of a credit score?

• Types of credit

• Payment History

• Amount of debt

• Inquires

The highest FICO score possible is:

• 1600

• 1000

• 850

• 700

A high credit score means you will have the highest interest rates when applying for a loan

• True

• False

Which of the following items can be found on a credit card statement?

• Payments made and new charges

• Fees and interest charged

• Year to date totals and how long it will take you to pay it off w/minimum only

• All of these

Bank of America issues you a credit card with a maximum balance of $1,000.  This is an example of:

• Finance Charge
• Co-Signer
• Minimum Payment
• Credit Limit

What type of FICO credit score is 570?

• Average

• Great

• Poor

• Excellent

The least amount that must be paid on a credit card each month is

• Late Fee

• Credit Limit

• Payment Amount

• Minimum Payment

How can a cardholder avoid paying interest on a credit card?

• Do not pay anything

• Pay the minimum payment after its due date

• Pay the balance in full every month

• Pay the minimum balance every month