Unit 4 Credit Review: Question Preview (ID: 3829)

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Which type of credit inquiry usually does NOT impact your credit score?
a) hard checks
b) soft checks

The lowest FICO score is
a) 100
b) 200
c) 300
d) 400

The highest FICO score is
a) 750
b) 850
c) 950
d) 1000

This gives consumers the right to review and correct their credit report.
a) Equal Credit Opportunity Act
b) Review and Correction Act
c) Credit Review Act
d) Fair Credit Reporting Act

The higher the interest rate and the longer the loan term, the _________________ the cost of credit.
a) higher
b) lower
c) The interest rate and loan term do not matter.

When items are bought on credit and paid for over a long period of time, the cost to the buyer
a) is the same as if the items were bought with cash
b) is less than if the items were bought with cash
c) is more than if the items were bought with cash

Excluding mortgage payments, what is the maximum percentage of take-home pay that should go towards paying off debts (loans, credit cards, etc.)?
a) 10%
b) 20%
c) 25%
d) 33%

Which is NOT type of credit?
a) Car loan
b) Car registration
c) Gas company credit card
d) House mortgage

Joe wants to move into an apartment when he graduates, but is worried that he won't be able to rent due to a lack of credit history. What can Joe do to start building credit?
a) Rent an apartment with a friend who will sign the lease.
b) Apply for a store credit card.
c) Apply for several major credit cards.
d) Close his checking account to avoid bouncing a check.

Which of the following is NOT one of the three credit reporting agencies?
a) Experian
b) TransUnion
c) Equifax
d) Credit Reports Association

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