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Module 4- Credit Scores

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Module 4- Credit Scores1.Which of the following statements are TRUE about credit scores?a.Credit scores indicate the likelihood an individual will repay his/her debt. We have an idea of how the scores are calculated, but only the credit bureaus know the exact calculation.2.What financial behaviors will typically lead to a low credit score?a.Maxing out your credit cards 3.Which of the following factors will have the greatest impact on your credit score? I. Length of Credit History II. Payment History III. Amounts Owed IV. Types of Credit Useda.II & III4.Which is LEAST important to maintaining a healthy credit score?a.Knowing your exact credit score5.Which of the following is NOT true of credit scores?a.The more money you make, the higher your credit score.6.Which behaviors might lead someone to have a low credit score?a.Missing a car payment.7.Which of the following actions has NO impact on your credit score?a.You inquire about a credit card charge.8.Which of the following MOST influences your credit score?a.Payment History.9.Which action can hurt your credit score? I. Paying your phone bill late. II. Taking the bus to work. III. Maxing out several credit cards. IV. Using the internet to pay your billsa.I & III10.All of the following make up the big three credit reporting agencies EXCEPT:a.Federal Reserve11.Which of the following actions can NEGATIVELY impact your credit score?a.You forget to pay the cable bill12.How many free credit reports are you legally entitled to each year?a.One every year13.Which of the following actions would improve your credit score?a.Paying off your credit card billModule 5- Higher Education1.When making college visits, you may be able to…a.All of the above2.When looking to finance higher education, what is the best order to look for funding sources?a.Grants/Scholarships – Federal Student Loans – Private Loans

3.Which of the following statements about the FAFSA process are TRUE?a.You must use the FAFSA to apply for the federal work-study program.4.Which of the following correctly pairs a financing option with its description?a.529 Plan – Money you Save5.The return on investment (ROI) from education is typically the highest for:a.Someone with a 4-year (Bachelor’s) degree6.Your sister is starting 9th grade next year and is thinking about going to college. What step would you recommend she take first

 
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