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Fin. Alg. - CREDIT Scores & Credit.#2 (use this as 2nd Quiz for credit scores) Flashcards | StudBud
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Fin. Alg. - CREDIT Scores & Credit.#2 (use this as 2nd Quiz for credit scores)
Fin. Alg. - CREDIT Scores & Credit.#2 (use this as 2nd Quiz for credit scores)
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StudBud Administration
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high school financial literacy review #creditscores
Flashcards
9 cards
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Questions
9
Answers
1
Which of these would
DECREASE your credit score
?
Taking out too many loans
Making your payments before they are due
Paying your bills with a credit card
Paying bills after the due date.
2
If you have
BAD CREDIT
, you will also....
Pay LOWER interest rates
Have difficulty getting a loan.
Pay HIGHER interest rates
Consolidate all your loans
3
How can you
INCREASE your CREDIT SCORE
?
Don't borrow more $ than you can pay back
Pay all your bills on time
Only make a few late payments
Ask the bank to raise your score
4
This is A PLAN for managing your income & expenses. It makes you
spend money "smarter"
A budget
A loan rejuvenator
A credit agency
An installment credit application
5
How much $
should be put in to savings from your net income? (According to financial planners)
10-15% of your net income
2-4% of your net income
5-6% of your net income
40-50% of your net income
6
What is the
LOWEST credit score
you can have? (Note: Avoid this like race cars)
A 300 CREDIT SCORE
A Zero CREDIT SCORE
A 100 CREDIT SCORE
A 500 CREDIT SCORE
7
What is the
HIGHEST credit score
you can have?
A 700 CREDIT SCORE is the highest.
A 500 CREDIT SCORE is the highest.
A 1,000 CREDIT SCORE is the highest.
An 850 CREDIT SCORE is the highest.
8
Your CREDIT SCORE affects:
How much you pay IN TAXES
Your ANNUAL Salary
your AUTO INSURANCE rates
Your interest rates for ANY LOAN you have.
9
The dollar amount you pay when
you don't pay off the entire bill
each month:
debit card redundancy
interest
finance charge
revolving credit
