Credit Cards
Credit Reports
Credit
FICO vs. VantageScore
100

What is a credit card?

A credit card is a card issued by a financial institution that enables the card holder to borrow the funds to make purchases with the promise and intent to pay the funds back later.

100

What is a credit report?

A credit report is an official record of a borrower’s credit history.

100

What is credit?

Credit is an agreement to provide goods, services, or money in exchange for future payments with interest by a specific date or according to a specific schedule. The use of someone else’s money for a fee.

100

FICO was created in 2006. True or False?

False. It was created in 1956.

200

Credit cards damage your credit if not paid on time. 

True

200

How can you access your credit report?

Credit monitoring sites such as Equifax.com, MyFICO.com, or AnnualCreditReport.com.

200

What is a credit score?

A credit score is a numerical value based on the analysis of your credit file.

200

VantageScore was created by the 3 credit bureaus - Equifax, Experian, and Transunion. True or False?

True
300

You should take advantage of cash advances when you have a credit card. It's free money. True or False?

False

300

You are entitled to one free copy of your credit report every year. True or False?

True. You can access all three through AnnualCreditReport.com.

300

What is identity theft?

Identity Theft is when someone steals your personal information.

300

FICO is calculated using 5 categories - payment history, age and length of credit history, types of credit/credit mix, amount owed/debt, and inquiries. True or False? 

True

400

Credit cards can be used to establish good credit history. True or False?

True

400

What are the names of the 3 major credit bureaus?

Equifax, Experian, and Transunion

400

Monitoring your credit and using strong passwords can help you avoid identity theft. True or False?

True

400

VantageScore is calculated using eight categories - payment history, age and type of credit, percent of credit used, total balances/debt, inquiries, and available credit, race, and gender.

False. VantageScore is calculated by six categories-payment history, age and type of credit, percent of credit used, total balances/debt, inquiries, and available credit. It is illegal to base credit acceptance on race or gender.

500

What is something to consider when applying for credit cards?

  • Are You a Student? 

  • Are You Transferring a balance from another credit card?

  • Do You intend to Make New and Large Purchases?

  • Is there a grace period?

  • Do You Need to consider Other fees?

  • Need Good Customer Service Support by the Issuing Bank?

  • Which Reward Program is suitable?

500

Name something found on a credit report.

Credit reports include such information as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens.

500

VantageScores range from 300 to 900. True or False?

False. Scores range from 300 to 850.

500

FICO scores range from Scores range from 501 to 990.

True. Scores range from 501 to 990.

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