Money
Ed
Unit 1
Unit 2
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Unit 4
Quiz
Credit Smart
Section Quiz
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What type of credit is backed by collateral?
a. secured
b. unsecured
c. revolving
d. none of the above
Which of the following factors are included in a credit score?
a. marital status
b. employment
c. income
d. none of the above
Following the FICO scoring method, which factor is the largest percentage of a credit score?
a. payment history
b. outstanding debts
c. inquiries
d. types of credit
What federal law requires credit bureaus to provide a free credit report?
a. Credit Report Rights Act of 2003
b. Fair Credit Reporting Act (and amendments)
c. Free Credit Report Act (and amendments)
d. none of the above
To improve your credit score, you should never carry more than what percentage of your available credit?
a. 10 percent
b. 15 percent
c. 25 percent
d. 35 percent
Which credit scoring factor has the least points for your score?
a. payment history
b. outstanding debts
c. length of credit
d. types of credit
To dispute incorrect information on your credit report you should:
a. contact the FTC
b. contact the credit union
c. contact the state attorney general
d. contact the credit bureaus
Which of the following examples is considered revolving credit?
a. major credit card
b. retail card
c. gas card
d. all of the above
Which of the following examples is considered installment credit?
a. major credit card
b. retail card
c. gas card
d. mortgage
Which of the following credit inquiries does not lower your credit score?
a. employment inquiry
b. mortgage inquiry
c. auto loan inquiry
d. home equity inquiry