Building
When is it a good idea to borrow?
A. Never
B. When you want to buy a popcorn machine
C. Have the financial resources to make monthly payments
C. Have the financial resources to make monthly payments
How does one end up in dept?
A. Buying a zoo
B. Not paying your taxes
C. All of the above
C. All of the above
How does your payment history affect your credit score?
A. By raising your interest rate
B. Decreases credit score from late payments
C. Makes you bankrupt
B. Decreases credit score from late payments
10.16% is the interest rate that determines if you can take out a loan.
True
How often should you check your bank account?
A. Every 5 months
B. 1-2 times a week
C. Never
B. 1-2 times a week
What is the fastest way to build your credit score?
A. Avoiding payments
B. Pay bills on time
C. In deep debt
B. Pay bills on time
How do you rebuild your credit?
A. Ask for loans to help pay off your debt
B. Review credit score and pay bills on time
C. All of the above
B. Review credit score and pay bills on time
How often should you apply for credit cards?
A. Three times every 5 months
B. About once per year
C. Never
B. About once per year
Credit scores and monthly payments are taken care of for you. You don't have to do anything.
False
How often should you check in with your bank advisor?
A. Once a year
B. 20 years
C. Every three weeks
A. Once a year
When can you get credit card?
A. 18
B. 55
C. 12
A. 18
How can a person's credit score determine if they can take out loans or not?
A. Unpaid bills
B. Liability
C. Unemployed
B. Liability
What is the purpose of credit reports?
A. Help with your insurance and loans
B. Tell you when you need to go shopping
C. Irrelevant mail
A. Help with your insurance and loans
If your parents have good credit, you have good credit.
False
When should you worry about your credit score?
A. When you score is at 300
B. When your score is at 759
C. When your score is at 524
A. When your score is at 300
How long does it take to build credit score?
A. 1 1/2 years
B. 5 years
C. 3-6 months
How does credit impact interest?
A. Qualify for lower rates and payments
B. Lower your credit score is the more you can take out
C. Good interest, no payments
A. Qualify for lower rates and payments
How long do you have to have a credit card before you can take out loans?
A. When you establish enough credit history
B. Within the first few weeks
C. Immediately
A. When you establish enough credit history
Credit utilization is the amount of revolving credit you're currently using divided by the total amount of revolving credit you have available.
True
When should you start to build your credit score?
A. Gift Cards
B. When you get a credit card
C. 18 years old
B. When you get a credit card
How can student loans help build your credit score?
A. Show you are reliable when it comes to paying on time
B. By giving you money
C. By giving you a job
A. Show you are reliable when it comes to paying on time
How can you check your credit score?
A. Online
B. Bank
C. All of the above
C. All of the above
Do credit cards help build your score?
A. Yes
B. No
A. Yes
Having a thin file for your credit score will decrease your credit score.
True
When should you pay your bills?
A. End of the year
B. Every three months
C. End of the month
C. End of the month