Credit Protection
True or False
There are over 9 variations of credit scores
True
There are hundreds of variations
What age is SSNRA or FRA now
67
True or False:
In colonial times you would not be imprisoned if you did not pay your debt
False - You could be imprisoned in colonial times
True or False
SS Benefits can be paid to a disabled insured worker under the age of 25
True
True or False:
Kevin received a 15% raise this month. He will see the increase in his credit score within 1-3 months
False
Increases in income do not affect your credit score
True or False:
Lenders prefer unsecured loans compared to secured loans
False:
Lenders prefer secured loans
True or False
For a healthy individual not meeting any of the special circumstances, SS Benefits can be started at age 60, however at a discounted amount
False
Benefits can start at 62
True or False
Credit reports include the following:
info from collection agencies, judgments, garnishments, salary, bankruptcies, collection agency debts, late payments, liens, and foreclosures
False
Salary is not disclosed on a credit report
True or False
SS contributions are split between OASI, DI, and SMI Trust Funds
False
Only OAS and DI Trust funds
True or False:
Life insurance companies are not allowed to use a credit score to impact rates an applicant will pay
False
The can use your credit score
Name the three major credit reporting agencies
Equifax
Transunion
Experian
True or False
Social Security will not be paid out to the spouse of a retired worker who is age 41 who is caring for a disabled child
False
It will pay a benefit to that person
Caring for a child under 16 or disabled
True or False:
Hard and Soft credit pulls affect your score the same amount
False:
Soft pulls do not affect your score
True or False
Social Security benefits will be paid to the parents of a deceased insured worker age 61
False
The deceased has to be age 62 or older
True or False:
FICO and Vantage scores are calculated using different methods
True:
While similar, they use different methods to calculate the score they present
True or False:
FICO scores range from 250 to 900
False:
FICO scores range from 300 to 850
What does OAS and DI stand for in OASDI
Old Age and Survivors and Disability Insurance
Which of the following can have a negative impact on your credit rating:
a- Opening a new credit account
b- Closing a credit account
c- Both a & b
d- Neither a nor b
C
Both can have a negative impact
How many Quarters does a person have to complete to be fully insured in Social Security
40 Quarters
What is the optimal percentage range of utilization for your credit score
1% to 30%
List 3 reasons canceling a credit card can affect a person's credit score
It can affect the average time of open credit
It can decrease total credit capacity(available credit)
It can increase credit utilization
$2,270.38
34 days due (21 through and including day 34 = 14 days - 14x$162.17 = $2,270.38)
What has the biggest impact on your credit score
Payment History
Ava (88) has received 100 days of skilled nursing care after being hospitalized. The Dr. says this will continue for the foreseeable future. What will Medicare pay:
a- nothing
b- Medicare will pay for custodial care since it is prescribed by the DR.
c- Medicare will continue to pay for Skilled Nursing care since it has been prescribed
A
Medicare only pays up to 100 days of skilled nursing after a hospitalization, Medicare does not pay for Custodial care at al, and it doesn't matter that the Doctor prescribed it, they will not pay
Hard inquiries occur when checking your credit history, for background checks, and when employers are checking your credit
Soft inquiries occur when applying for auto, mortgage, personal loans, and credit cards
A - Both are correct / B - Neither is correct
B
They are reversed