Credit Score Profile and Credit Plan
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Question 1 of 8
Which of the following is the correct definition of “interest”?
The time a lender allows between a purchase and payment due.
The fee charged by a lender for borrowing money.
The rate associated with stock investments.
The amount a person can purchase.
Question 2 of 8
Making a purchase now with money that could have been saved and built interest is an example of _____.
A credit card purchase.
A debit card purchase.
Opportunity cost.
Good credit.
Question 3 of 8
What is credit?
An arrangement for future payment of a loan or purchase.
Purchasing an item with cash.
Purchasing an item with an EFT from your bank account.
None of the above.
Question 4 of 8
A credit score is:
A detailed report about a person’s credit history.
A report that outlines payback history and debts owed.
A report to help lenders determine one’s creditworthiness for future lending.
All of the above.
Question 5 of 8
Which of the following actions will limit your possibility of getting and keeping an “A” credit rating?
Creating a debt reduction plan if you are in debt.
Having adequate medical and auto insurance.
Keeping debt load to a minimum.
Checking your credit each time you pay off an account.
Question 6 of 8
Your credit history …
Allows you to make purchases that you pay for at a future date with interest.
Is a debit card.
Is a profile that reflects your payback history.
Is debt that should be avoided.
Question 7 of 8
Which of the following represent(s) ways in which identity theft occurs?
Online.
Via old computer hard drives.
Stealing wallets.
Question 8 of 8
What do shredding and changing passwords have in common?
They both make it easier for identify thieves to steal information.
They have nothing in common.
They help prevent identity theft.
They eliminate “dumpster diving.”