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Financial Literacy: Credit Score (Continuing Education)

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Financial Literacy: Credit Score

1. 
Which of the following would look at your credit score to determine if you were a good risk? Check all that apply.
  1. Landlord
  2. Employer
  3. Mortgage Lenders
  4. Cell Phone Company
2. 
What is the key information that is provided by your credit score?
  1. How much you owe.
  2. Your attitude toward credit.
  3. How much you know about credit.
  4. If you will pay back a loan or pay your bills.
3. 
You already have several credit cards which you have so far paid on time. What effect will signing up for an additional credit card have on your credit score?
  1. It will have no effect.
  2. Your score will decrease.
  3. Your score will increase.
  4. It depends on the type of card.
4. 
You always keep your credit card debt at 25% of the maximum allowed. What effect will this have on your credit score?
  1. It will have no effect.
  2. Your score will decrease.
  3. Your score will increase.
  4. It depends on the type of card.
5. 
Which of the following is not a credit reporting agency?
  1. Equifax
  2. CreditUS
  3. Eperion
  4. TransUnion
6. 
You use your credit card to purchase a mobile phone and you set up automatic billing to pay the monthly expenses. At the end of each month, you pay the bill in full. What effect will this have on your credit score?
  1. It will have no effect.
  2. Your score will decrease.
  3. Your score will increase.
  4. It depends on the type of card.
7. 
Which of the following is not included in your credit score?
  1. Payment history
  2. How much you owe
  3. Length of your credit history
  4. Amount you have in the bank.
8. 
Which of the following will improve your credit score? Check all that apply.
  1. Paying loans on time.
  2. Applying for multiple loans.
  3. Keeping a low credit card balance.
  4. Checking your score and reporting errors.
9. 
Busy with school and other commitments, you have missed payments on your credit card. How long do you have to make on time payments in order to raise your credit score again?
  1. 6 months
  2. 1 year
  3. 1 month
  4. 2 years
10. 
Which of the following are benefits of having a high credit score? Check all that apply.
  1. Lower rent
  2. Lower interest rates
  3. Better credit card deals
  4. Reduction in deposits required by utilities
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