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Credit Quiz 1 (25 MCQs)

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1. The only thing measured in a FICO score is:

2. When a bank takes possession of a home because the borrower has failed to make loan payments, it is called

3. Which of the following is not a factor in determining a FICO score?

4. Which of these is LEAST LIKELY to determine credit worthiness?

5. What is a deadbeat in the credit card world?

6. How many free credit reports are you legally entitled to each year?

7. What does a debit card do?

8. You should use credit to buy _____

9. Certain charges that can be incurred when using a credit card.

10. On average, how much of a person's take-home pay is sent back out for debt payments?

11. The cost for Dan's college next year is $ 20, 000. He took out a loan for $ 6, 000 and received a scholarship for $ 2, 500. How much will still be left to pay?

12. A record of your past borrowing and repayments

13. The fee incurred when you exceed our credit limit on your credit card is the _____

14. What does FICO score not measure?

15. A stipulation in the loan (credit) agreement that requires the entire remaining balance due if you miss a single payment is a(n) _____ clause.

16. When a person brings an item to a pawnshop to obtain cash, the transaction is considered a(n):

17. Which of the following is NOT a positive spending habit?

18. All are good signs of credit; except

19. The most commonly used credit score in the United States. Fair Isaac Corporation

20. The principle of a loan is:

21. A number assigned to a person that indicates to lenders their capacity to repay a loan.

22. What percent of your credit score is based upon payment history or an individual?

23. When do you need to show your credit score?

24. When do you need credit?

25. An example of a good credit score is _____

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Credit Quiz 1 (25 MCQs)

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