Test Your Credit Knowledge!
Test Your Credit Knowledge!
Are you confident in your understanding of credit and how it impacts your financial life? Take our engaging quiz to test your knowledge and learn more about managing your credit effectively!
- 12 Thought-Provoking Questions
- Instant Feedback on Your Answers
- Improve Your Financial Literacy
If I have cash, my credit score doesn't matter.
True
False
Which of the following service providers may use credit scores to decide whether a person can buy a service and/or what price he or she will pay?
Mortgage Lender
Credit Card Issuer
Home Insurer
Cell Phone Company
Landlord
All of the above
What is the recommended percentage of usage for credit cards?
0%-10%
10%-30%
30%-50%
Doesn't matter as long as I pay before the due date
Which of the following does a credit score mainly indicate?
Knowledge of consumer credit
Attitude toward consumer credit
Amount of consumer debt
Risk of not repaying the loan
Financial resources to pay back the loan
A married couple has a joint credit report.
True
False
Which of these groupings contains three factors that are all used to calculate a credit score?
A person’s age, missed loan payments, and marital status
Missed loan payments, high balances on credit cards, and ethnic origin
Marital status, high balances on credit cards, and personal bankruptcy
A person’s age, high balances on credit cards, and ethnic origin
Missed loan payments, high balances on credit cards, and personal bankruptcy
If you have a collection, charge off or anything negative, it will never come off.
True
False
Which of the following actions helps a consumer raise a low score or maintain a high one?
Make all loan payments on time
Keep credit card balances under 30% of the credit limit
Avoid opening several credit card accounts at the same time
All of these
None of these
How important is it to check the accuracy of your credit reports at the three main credit bureaus?
Very important
Somewhat important
Not very important
How often should you check your credit report?
Monthly
Quarterly
Annually
Never
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