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Personal Finance Credit Score
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) Which of the following MOST influences your credit score?
A
Length of Credit History
B
Amounts Owed
C
Payment History
D
Types of Credit Used
2) Which best explains what a credit score represents?
A
A number expressing your yearly income.
B
A numerical rating that expresses how likely you are to repay your debts.
C
A number showing how likely you are to have more than one credit card.
D
A numerical rating that shows how much money you have in your bank account.
3) Which of the following actions would improve your credit score?
A
Closing out old credit cards
B
Paying off your credit card bill
C
Using a large portion of your credit limit
D
Opening a new savings account
4) Which of the following is true of a person with a high credit score?
A
They are less likely to pay off debts.
B
They probably have a high balance on multiple credit cards
C
They are more likely to pay bills on time.
D
Both B and C are correct
5) Which action is LEAST important to maintaining a healthy credit score?
A
Check your credit report annually
B
Fix inaccurate information on your credit report
C
Know your exact credit score
D
Make on-time payments
6) In which of the following situations is having a good credit score important?
A
Renting an apartment.
B
Applying for a loan at a bank.
C
All of the above.
D
Buying a car.
7) How many free credit reports are you legally entitled to each year?
A
Three credit reports from each credit bureau
B
One credit report each year
C
Three credit reports each year
D
One credit report from each credit bureau
8) If your credit reports show different scores, what should you do?
A
Visit your local bank and have them fix it for you.
B
Get in touch with credit bureaus to see if they have different or inaccurate information on your credit history.
C
Research online to see how you can get into the system and fix it yourself.
D
Nothing, the credit bureaus will recognize the mistake and fix it for you.
9) Which behaviors might lead someone to have a low credit score?
A
Missing a car payment.
B
Always paying the full balance of a credit card each month.
C
Having a debit card.
D
Having a long credit history.
10) What can a person do to help increase their credit score?
A
Charge all monthly expenses to the same credit card.
B
Research student loan terms online.
C
Use only a small percentage of your credit limit.
D
Open a savings account at a bank.
*select an answer for all questions
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