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PF 6.01 Credit Reports And Scores
Test Description: 6.01 Credit Reports and Scores
Instructions: Answer all questions to get your test result.
1) Becky no longer wants to use her Clothes‐R‐Us store credit card. What is the best thing she could do with the credit card?
A
Keep the credit card in her wallet in case she needs proof of identification.
B
Close the account by phone and in writing, then destroy the card.
C
File the credit card away for use at a later time.
D
Let a family member take over the credit account so her credit score will not be affected.
2) When may a person view his/her credit report for free?
A
At any time and an unlimited number of times
B
Once a year, from each of the three main credit reporting agencies
C
A person may not review his/her credit report
D
If a person has sufficient financial resources
3) When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which statement best describes what this is likely to mean for Bryce?
A
The interest rates on his loan will be lower, since his credit score is low.
B
The purchase price of the item he needs the loan for will be higher due to his low credit score.
C
The interest rates on his loan will be higher, since his credit score is low.
D
The monthly loan payments will be lower due to his lower credit score.
4) Which is NOT an example of a data furnisher?
A
Credit card company
B
Medical provider
C
Utility company
D
Landlord
5) Jenny is 18‐years‐old and has applied for credit for the first time. Her credit application was declined because she has no credit history. What would you recommend Jenny do to being to build a positive credit history?
A
Jenny should obtain a secured credit card.
B
Jenny should re‐apply for the same credit but include a letter of recommendation from someone who knows her well and can vou
C
Jenny should acquire several credit cards to establish that she can manage them responsibly.
D
Jenny should apply for a different type of credit. Since she was applying for a bank loan, she should apply for a credit car
6) Jake’s credit application has been declined because of his negative credit history. Which statement is most likely to be true?
A
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
B
Jake holds 2 store credit cards, a bank credit card, a car loan, and a mortgage
C
Jake has received 3 traffic tickets in the past 2 months.
D
Jake pays his bills consistently and on time.
7) Which of the following is NOT included in an individual’s credit report?
A
Medical information
B
Current and past addresses
C
Account balances
D
Bankruptcies and foreclosures
8) Edward wants to develop a positive credit history. How should he do this?
A
have one type of credit account
B
maintain reasonable amounts of available credit
C
open credit accounts in their parents’ names
D
pay cash for the majority of purchases
9) Open‐end credit is:
A
the record of your use of credit
B
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
C
a loan that you must repay in a specified number of equal monthly payments
D
a record of the borrower’s past loans and credit‐related transactions
10) When a borrower fails to keep up with mortgage payments and the lender takes possession of the property, ___ may result
A
credit report
B
credit history
C
foreclosure
D
tax liens
*select an answer for all questions
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