13.3 Improve Your Credit Score QUICKLY! (Utilization

What percentage of your credit score is determined by making payments on time?

• 30%

• 35%

• 15%

• 10%

Which of the following best describes credit utilization?

• The total amount of credit you have available

• The percentage of your total credit limit that you are using

• The number of credit cards you own

• The interest rate on your credit card

If you have a credit card with a $500 limit, what is the maximum amount you should spend to keep your utilization excellent?

• $500

• $45

What is the impact on your credit score if your utilization is between 50% and 69%?

• Excellent

• Good

• Fair

• Poor

• $500

• $200

• $700

• $1000

What percentage of your credit score is based on the mix of credit you have?

• 35%

• 30%

• 15%

• 10%

What is the first step Janell suggests to manage credit utilization effectively?

• Spend as much as possible

• Divide your credit limit by 10

• Pay only the minimum balance

• Close unused credit cards

What should you do if you find your utilization is too high?

• Ignore it

• Open more credit cards

• Make aggressive payments to reduce it

• Increase your spending