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Managing Credit Quiz Review

Quiz by Sarah Waller

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30 questions
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  • Q1

    What are the two most important factors in calculating your credit score?

    Types of accounts and Payment history 

    Payment history and amounts owed

    Length of credit history and new credit inquiries

    Amounts owed and length of credit history

  • Q2

    Heather receives a phone call, in which an automated voice states that her credit card has been used fraudulently and that she must enter her 16-digit credit card number, using the keypad of her phone, to clear up the error. What should Heather do next?

    Hang up and wait for the end of her credit card billing cycle to see if there really was a fraudulent charge.

    Enter the 16-digit card number, but don't enter her PIN or the 3-digit code from the back of the card.

    Push 0 or say "operator" to speak with a representative from the credit card company instead.

    Hang up and call her credit card company using the 1-800 number on the back of her card to inquire about the issue or report the attempted phone fraud.

  • Q3

    All of the following would show up on a credit report EXCEPT...

    Payment history of your car loan

    Credit card payment history

    Salary of your current job

    Student loan activity

  • Q4

    Your teacher tells you about the importance of checking your credit report. Which government-run website allows you to download your credit report for free on an annual basis?

  • Q5

    Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

    Get a car loan

    Check his credit score

    Cancel his credit cards

    Make on-time payments

  • Q6

    Melvin is 19 years old and wants to begin establishing a credit history. Which action should he take to meet that goal?

    Take out some private student loans, even though he doesn't need them because he has grants and scholarships.

    Any time he borrows money from a friend or family member, be sure to pay it back promptly.

    Always say "credit" when asked "credit or debit?" at a store.

    Ask his parents to cosign a credit card or add him as an authorized user on their credit card.

  • Q7

    Which of the following individuals or groups would be the LEAST likely to look at your credit score?

    Auto insurers

    Credit card companies


    A bank representative who is helping you open a savings account

  • Q8

    I forgot to pay my credit card bill for one month. For how long will that payment information show up on my credit report?

    Seven Years

    One year

    Ten Years

    Once I make the payment, it will disappear

  • Q9

    You have a credit card and want to know the best way to use it to boost your credit score. Which step will have the GREATEST impact?

    Put the credit card in a drawer and don't ever use it

    Always carry a balance from month to month

    Make the minimum payment required on your credit card every month by the due date

    Using less than 30% of the credit limit on your card and paying it off in full every month by the due date

  • Q10

    Who tracks all of your credit information?

    Federal government


    Consumer Financial Protection Board (CFPB)

    Companies named Equifax, Experian and TransUnion

  • Q11

    Which of these represents a potential consequence of neglecting to pay your credit card or loan debts?

    Collection agencies begin visiting your friends and family to collect your debt

    Lender can file bankruptcy on your behalf

    Wages or tax refunds can be garnished

    Lose your job

  • Q12

     Frank and Rose are both shopping for a new car. They are looking for a $20,000 loan to pay for the new car that they will pay back over a five year period. Frank has a credit score of 730 and Rose has a score of 600. Which of the following statements is TRUE?

    Question Image

    Frank's monthly payment on the auto loan will be about $100 more than Rose's payment.

    Lenders are not allowed to charge people different interest rates based on their credit scores.

    Over the five year period, Rose and Frank will pay the same amount for the car loan.

    Rose's monthly payment on the loan will be about $100 more than Frank's payment.

  • Q13

    You find an error on your credit report: your credit card account indicates that you are 60 days late on your payment but you have bank records indicating that you have always made on-time payments. What should you do FIRST?

    Contact the credit card company to have them fix it

    Contact the credit reporting agency

    Call the police to report the possible identity theft

    Wait a few weeks to see if it gets resolved

  • Q14

    What is the best advice to prevent identity theft? 

    Use a debit card instead of a credit card whenever possible.

    Be careful with your credit and bank account numbers, create strong passwords, and beware of phishing emails.

    Avoid buying anything online, as that's how 90% of identity theft occurs.

    If you check your three credit reports every year, it's almost impossible to become a victim of identity theft.

  • Q15

    Which of the following could have a NEGATIVE impact on your credit score?

    Paying down balances on your credit card accounts

    Applying for multiple credit cards in a short period of time (e.g., a week)

    Paying your bills on-time

    Decreasing your utilization of credit


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