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

one credit report from each credit bureau

Which of the following actions can NEGATIVELY impact your credit score?

You forgot to pay the cable bill.

Which of the following actions would improve your credit score?

paying off your credit card bill

Which of the following actions has NO impact on your credit score?

You inquire about a credit card charge.

Having a good credit score is important because:

it can impact your ability to be approved for bank loans

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FINANCIAL LITERACY: Credit Scores

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Questions 10

Answers

1
How many free credit reports are you legally entitled to each year?
three credit reports each year
one credit report each year
one credit report from each credit bureau
three credit reports from each credit bureau
2
All of the following make up the big three credit reporting agencies EXCEPT:
Federal Reserve
Experian
TransUnion
Equifax
3
Which of the following actions can NEGATIVELY impact your credit score?
You use a small amount of your available credit.
You forgot to pay the cable bill.
You disputed an item on your credit report.
You pay all your bills in cash.
4
Which of the following statements about credit scores is TRUE?
Credit scores range from the low 300’s to the mid 800’s
All of these.
Each person has three credit scores.
Credit scores reflect how likely one is to pay off debts.
5
Which of the following MOST influences your credit score?
length of credit history
payment history
types of credit used
amounts owed
6
Having a low credit score can make it more difficult to:
all of these
obtain a car loan
open a new credit card
secure an apartment lease
7
Which action is LEAST important to maintaining a healthy credit score?
making on-time payments
fix inaccurate information on your credit report
know your exact credit score
check your credit report annually
8
Which of the following actions would improve your credit score?
paying off your credit card bill
using a large portion of your credit limit
opening a new savings account
closing out old credit cards
9
Which of the following actions has NO impact on your credit score?
You inquire about a credit card charge.
You opened several new credit cards last week.
You send in your credit card payment a couple days late.
You use a large percentage of your credit limit.
10
Having a good credit score is important because:
it can impact your ability to be approved for bank loans
it can impact your ability to get a driver’s license
it can impact how much you will have to pay for college
it can impact how much you will have to pay in taxes

FINANCIAL LITERACY: Credit Scores Flashcards | StudBud