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How can your credit score impact your financial well-being?
 
Your credit score can determine whether you are approved
 
It generally has no impact on your financial situation
The amount you can charge to a secured credit card is limited by…
 
The amount of $ you deposit into an account as collateral
 
The total amount of money across all your bank accounts
Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ?
 
You will likely need a credit history to do many things
 
Accessing credit only becomes more expensive as you get olde
What benefits do you receive by taking out a loan with a cosigner?
 
a better chance of getting approved and getting a lower rate
 
You don’t get penalized for late payments
 
You get a discount on future loans after this one is paid of
Which best describes the Debt Snowball method for paying off debt?
 
Make the min pymts, then put extra toward lowest balance
 
Only make payments on your smallest debt first, then move on
Which of the following could have a NEGATIVE impact on your credit score if done in a short period of time?
 
Applying for multiple credit cards
 
Paying your bills on-time
 
Paying down balances on your credit card accounts
 
Decreasing your utilization of credit
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 fixed
 
call the police
What is the general timeline to establish your first credit score?
 
Six months after you first actively use your credit
 
Once you pay all of your credit balances in full
 
Once you turn 18
 
As soon as you apply for a credit card or loan
Who tracks all of your credit information?
 
Credit reporting agencies (Equifax, Experian and TransUnion)
 
Federal government
 
Consumer Financial Protection Board (CFPB)
 
Lenders
What strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of interest over time?
 
High rate method
 
Snowball method
 
Make minimum payments
 
Consolidate multiple debts into one new loan
You have a credit card that you use regularly for small purchases with the goal of improving your credit score. Which strategy would have the GREATEST positive impact?
 
Use less than 30% of the credit limit and pay it off in full
 
Always carry a balance from month to month
 
Regardless of how much your balance is, make the min payment
 
Put the credit card in a drawer instead and don't ever use i
If Frank has a credit score of 730 and Jason has a score of 600, Frank will likely qualify for a lower interest rate on a car loan
 
True
 
False
Which of the following individuals or groups would be the LEAST likely to look at your credit score?
 
A bank rep who is helping you open a savings account
 
Someone interviewing you for a job
 
Credit card companies
 
An insurance company reviewing your applicant for auto insur
Melvin is 19 years old and wants to begin establishing a credit history. Which action should he take to meet that goal?
 
Ask his parents to cosign a credit card or add him as a user
 
Always say "credit" when asked "credit or debit?" at a store
 
Any time he borrows money from a friend, ay it back promptly
 
Get a private student loan, even though he doesn't need it
Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?
 
Make on-time payments
 
Cancel his credit cards
 
Get a car loan
 
Check his credit score
Which of the following methods of getting your credit score would involve paying a fee?
 
Getting a score from myFICO.com
 
Checking your credit card or loan statement
 
Talking to a non-profit counselor
 
Checking creditkarma.com
All of the following would show up on a credit report EXCEPT...
 
Salary of your current job
 
Payment history of your car loan
 
Credit card payment history
 
Student loan activity
It may be more difficult for young people to borrow because they have less payment history for a lender to rely upon
 
True
 
False
Heather realized she has taken out too much debt and it has started to negatively impact her ability to budget. She has decided to pay off this debt in full as soon as possible. All of the following would be beneficial strategies EXCEPT…
 
Applying for another credit card to use in case she runs out
 
Taking extra shifts at work to increase her income
 
Making more than the minimum required payment on her debt
 
Reducing spending by canceling some of her streaming
What are the two most important factors in calculating your credit score?
 
Payment history and total debt
 
Payment history and types of accounts
 
Amounts owed and length of credit history
 
Length of credit history and new credit inquiries


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