E Credit: Question Preview (ID: 21439)

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Which of the following statements about credit scores is TRUE
a) Credit scores reflect how likely individuals are to repay their debts.
b) Credit scores range from the low 300’s to the mid 800’s.
c) Each person has three credit scores
d) all

Having a good credit score is important because:
a) It can impact your ability to get a driver’s license.
b) It can impact your ability to be approved for bank loans.
c) It can impact how much you will have to pay the government in taxes.
d) It can impact how much you will have to pay for college.

All of the following make up the big three credit reporting agencies EXCEPT
a) Equifax
b) TransUnion
c) Experian
d) Federal Reserve

Which of the following actions can NEGATIVELY impact your credit score?
a) You disputed an item on your credit report.
b) You forgot to pay the cable bill.
c) You pay all your bills in cash
d) You use a small amount of your available credit.

Which of the following actions has NO impact on your credit score?
a) You inquire about a credit card charge.
b) You use a large percentage of your credit limit.
c) You opened several new credit cards last week
d) You send in your credit card payment a couple days late.

Which of the following MOST influences your credit score?
a) Types of Credit Used
b) Payment History
c) Length of Credit History
d) Amounts Owed

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

Which action is LEAST important to maintaining a healthy credit score?
a) Make on-­‐time payments
b) Check your credit report annually
c) Know your exact credit score
d) Fix inaccurate information on your credit report

How many free credit reports are you legally entitled to each year?
a) One credit report each year
b) Three credit reports each year
c) One credit report from each credit bureau
d) Three credit reports from each credit bureau

Having a low credit score can make it more difficult to:
a) Obtain a car loan
b) Open a new credit card
c) Secure an apartment lease
d) All of the above

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