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21: Factors That Affect Your Credit Rating
Test Description: 21: Factors That Affect Your Credit Rating
Instructions: Answer all questions to get your test result.
1) Remember, maintaining accounts for a long time demonstrates _______to lenders.
A
Capacity
B
stability
C
Capital
D
cosigner
2) The Five C's of Credit are factors that determine your creditworthiness
A
Experian TransUnion Equifax
B
a good credit risk.
C
credit rating
D
character, capacity, capital, conditions, and collateral.
3) If the person that gets the loan doesn't pay the person that cosigned the loan will have to
A
cosigner
B
Capital
C
Loan officers
D
pay off the loan
4) many different people will use your credit history , they include
A
Capital
B
a good credit risk.
C
employers, loan officers, insurance agents, and landlords
D
character, capacity, capital, conditions, and collateral.
5) work for banks and other financial lending institutions. They assist consumers and businesses in applying for and receiving loans and mortgages
A
cosigner
B
Loan officers
C
Capital
D
pay off the loan
6) that lenders lend money only to those individuals or businesses that are most likely to pay them back. This type of borrower is known as a
A
a Bad credit risk.
B
credit rating
C
a good credit risk.
D
credit score
7) Another tool a lender uses to determine your creditworthiness is your ________. This three-digit number is calculated by looking at the data in the credit report.
A
cosigner
B
credit rating
C
credit score
D
Capital
8) You can see why a bank would want to know about a person's credit history. They want to know if you are _________.
A
cosigner
B
character, capacity, capital, conditions, and collateral.
C
trustworthy
D
pay off the loan
9) A _________is someone who signs a lease or loan with you. This person agrees to pay the bill if you do not
A
Capacity
B
Experian TransUnion Equifax
C
It is important to have a good credit rating because it will be easier for you to
D
cosigner
10) _______ refers to savings and other assets you own
A
stability
B
cosigner
C
Capital
D
Capacity
11) many different people will use your credit history to make decisions about you. This includes
A
pay off the loan
B
character, capacity, capital, conditions, and collateral.
C
ratings
D
employers, loan officers, insurance agents, and landlords. As a result, your credit history is very important.
*select an answer for all questions
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