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Credit Scores and Using Credit

Quiz by Jennifer Whiteaker

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8 questions
Show answers
  • Q1
    What is a credit score used for?
    To predict the weather for the upcoming week.
    To check your social media activity.
    To calculate how much money you have in your bank account.
    To determine a person's creditworthiness and likelihood of repaying debt.
    30s
  • Q2
    Why is it important to have a good credit score?
    A good credit score is not important in managing personal finances.
    A good credit score can help you qualify for loans, get better interest rates, and save money in the long run.
    A good credit score is only needed for buying a car.
    Having a good credit score may lead to higher taxes.
    30s
  • Q3
    What factors can impact your credit score?
    Favorite color, shoe size, and social media followers.
    Number of pets, favorite TV show, and music preferences.
    Amount of daily exercise, food preferences, and travel destinations.
    Payment history, credit utilization, length of credit history, new credit inquiries, and credit mix.
    30s
  • Q4
    What is considered a good credit score range in the United States?
    There is no specific range for a good credit score.
    Any credit score above 300 is sufficient.
    Generally, a FICO score above 670 is considered good, while a score above 800 is typically seen as excellent.
    A FICO score below 500 is considered good.
    30s
  • Q5
    What does a credit report contain?
    Details about the individual's favorite hobbies and interests.
    Only personal contact information such as name and address.
    A credit report includes information on a person's credit accounts, payment history, credit inquiries, and public records.
    Information about the person's preferred mode of transportation.
    30s
  • Q6
    What is the recommended credit utilization ratio to maintain a good credit score?
    Credit utilization ratio does not impact credit scores.
    There is no recommended credit utilization ratio to consider.
    It is generally advised to keep your credit utilization ratio below 30%, meaning you should only use 30% or less of your available credit.
    Maintaining a 100% credit utilization ratio is ideal for improving credit scores.
    30s
  • Q7
    What actions can negatively affect your credit score?
    exercising regularly, eating healthy, and getting enough sleep
    donating to charity, volunteering at a local shelter, and helping friends with homework
    reading books, attending classes, and learning new skills
    missing payments, maxing out credit cards, closing old accounts, and applying for multiple new credit accounts
    30s
  • Q8
    What is a credit limit?
    The minimum amount of money you can borrow
    The value of personal belongings such as clothing and furniture
    The total amount of money in a savings account
    The maximum amount of money a lender is willing to extend to a borrower on a line of credit or credit card.
    30s

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