Credit Training
Complete the following quiz to complete your training.
Question 1 of 9) Which of the following is an advantage of credit use?
Credit reduces your financial flexibilityUsing credit can make it tempting to overspend
Using credit can help you build a good credit score
Answer: Using credit can help you build a good credit score
Question 2 of 9) Having a low credit score will affect which of the following:
The amount of interest you are charged on auto loans and mortgagesYour ability to get a job or apartment
Both A and B
Answer: Both A and B
Question 3 of 9) Which of the following is a characteristic of a GOOD credit user?
Pays only the minimum payment due each billing periodUses credit to purchase items they normally wouldn't be able to afford
Pays the entire balance each billing period in order to prevent wasting money on interest
Answer: Pays the entire balance each billing period in order to prevent wasting money on interest
Question 4 of 9) Which of the following is a GOOD way to build a good credit score?
Max out your credit cards - Charge as much as possibleOpen 1 or 2 credit accounts and leave them open to build an account history
Close most of your credit accounts
Answer: Open 1 or 2 credit accounts and leave them open to build an account history
Question 5 of 9) What items should you consider when looking for a credit card?
APR, Grace Period, Fees & RewardsFees & Rewards
Just APR
Answer: APR, Grace Period, Fees & Rewards
Question 6 of 9) Is there a difference between your credit report and your credit score?
No, they are the same thingA credit report includes only a list of your credit accounts and a credit score ia a measure of how you used your accounts
A credit report is a history of how you've paid your financial obligations - The information in your credit report is used to calculate your credit score
Answer: A credit report is a history of how you've paid your financial obligations - The information in your credit report is used to calculate your credit score
Question 7 of 9) If you have a low credit score, what is one thing you can do to increase your score?
Move your debt around - Put your debt on several credit cardsWork diligently to pay down your debts
Ignore mistakes on your credit report
Answer: Work diligently to pay down your debts
Question 8 of 9) What is the MOST important thing you can do to build a good credit score?
Open several credit accounts in a short period of timePay your bills on time
Use revolving credit accounts, including credit cardsbr />
Answer: Pay your bills on time
Question 9 of 9) Where should you go to check your credit report?
www.annualcreditreport.comwww.fico.com
Your credit card company's website
Answer: www.annualcreditreport.com
FINAL RESULTS
0-3 Correct
Please describe one thing you learned:
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FINAL RESULTS
3-6 Correct
Please describe one thing you learned:
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FINAL RESULTS
7-9 Correct
Please describe one thing you learned:
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