Credit Report - 7th

When someone goes into debt, that means they:

• have a lot of money in their savings

• all of these

• spent more money than they have earned

• opened a credit card

What two things does a budget compare?

• income and expenses

• food and drinks

• credit and debit

• wants and wishes

When you don't pay in time, owing too much or all negative information can affect your credit report for how long?

• forever

• 1 to 2 years

• 3 to 6 years

• 7 to 10 years

Why is it important to establish positive credit history?

• Higher credit scores result in lower interest rates on loans.
• Positive credit history results in higher credit scores.
• You are more likely to be offered a loan by a bank.
• All of the above.

Routinely paying my bills late could negatively affect my credit history.

• True

• False

Making a budget will help me achieve my long term financial goals by following a spending plan.

• True

• False

A bad credit report CANNOT affect my chances for getting a job.

• True
• False

The expenses section of a balanced budget is...

• more than the income

• the amount of money that is spent

• the amount of credit

• more than the savings

Which action will raise your credit score?

• Pay bills late.

• Pay cash for everything.

• Borrow more money than you can repay.

• Pay bills on time.

What is the most important factor that lenders look at in a credit report?

• Payment history

• Employment history

• Medical history

• Contact information