Finance Your Future: Knowledge Check

What percentage of your credit score is based on paying your bills on time?

20%

35%

40%

50%

True or False: Once I make a budget I should not change it.

True

False

Canceling a credit card will do what to your credit score?

My score will go up right away because I got rid of debt

My score will drop and not recover

My score will drop at first and then begin to recover

My score will stay the same

True or False: Small spending like a trip to a vending machine doesn't need to be taken account for because it is just change.

True

False

Which of the below are taken into consideration when calculating your credit score. Check all that apply

True or False: When on a budget I should not have any money allocated toward entertainment.

True

False

True or False: You apply for a home mortgage before you start looking for a home.

True

False

When applying for a mortgage it is best to apply to how many lenders within a two week time frame?

Just 1

At least 2

At least 3

At least 10

What is net income?

Income before taxes and all other deductions are taken out

Income after taxes and all other deductions are taken out

Income after just taxes are taken

Income just after insurance is taken out

What are the three most highly used credit reporting agencies? Check All That Apply

Credit Karma

Equifax

Transunion

Experian

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