Credit Quiz 2 (25 MCQs)

Quiz Instructions:

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1. Advantages of keeping a spending plan.

2. What is the numerical range for credit scores from the three major reporting agencies?

3. The best time to start saving for your retirement is

4. The act of taking an asset used as collateral and selling it to pay the debt

5. What is term for the person who will sign a loan document with you to help you obtain credit?

6. What makes up the largest part of your credit score?

7. What is the term for money you can use now, but must pay back later?

8. Institution that collects credit information about you and sells it to lenders for use in establishing your credit rating

9. How can one avoid paying interest on money borrowed on a credit card?

10. Which loan type is more common?

11. What can you usually buy or get easier with a good credit score?

12. Having a low credit score can make it more difficult to:

13. What is the correlation between collateral and credit score?

14. Amount owed on a credit card or loan

15. Benefits of credit cards include:

16. Which is NOT a financial consequence of debt?

17. Offers loans, debit cards, and financial services

18. A number based on your borrowing history. The higher it is the easier it is for you to receive credit.

19. The protections put in place by law to help people obtain and maintain credit

20. Which of the following can impact your credit score?

21. A creditor determines your creditworthiness based on:

22. A Co-signer is responsible for:

23. Your credit score, as used in applications for loans and credit, relates to

24. The amount of the loan per year as a percentage of the amount borrowed.

25. Which of the following is NOT a positive spending practice?