Credit Abuse Pop Quiz
Take a quiz about buying on credit and test your consumer knowledge.
1. TRUE or FALSE: The ability to obtain a job, car and/or home loan critically depends on your credit history and score.
2. What does FICO stand for?
a) Federal Insurance Credit Organization
b) Fair Isaac Corporation
c) Financial Income Credit Office
d) Fair Interest Consumer Organization
3. What is a FICO score?
a) It keeps a report card of your late payments and debt.
b) It punishes consumers for going over their credit limit.
c) It's a three-digit number that determines the interest rate you will pay on your credit
cards, car loans and home mortgages or whether you will be able to get a cell phone or
have your application for a rental apartment accepted.
d) It offers credit cards.
4. What is the biggest factor in determining your credit rating with lenders?
a) income level
b) home ownership
c) amount of debt
d) FICO score
5. The average amount of time it takes to "clean up" a negative credit history is:
a) 2-3 years
b) 12 years
c) 7 years
d) 10 years
6. TRUE or FALSE: A higher FICO score puts you in line for a lower interest rate on a loan or credit card.
7. TRUE or FALSE: High school students are considered to be one of the "easier" targets by credit card companies because the companies know that students are uninformed and ready to spend.
8. TRUE or FALSE: The only way to avoid credit card debt is to never use your credit card.
9. TRUE or FALSE: You will never have to pay interest on your credit card if you pay your balance each month.
10. Always use cash, not credit cards for:
a) emergencies, food, and movie tickets
b) food, movie tickets and anything less than $10.00
c) Internet shopping, emergencies and gas
d) gas, anything less than $50.00 and movie tickets
11. If you charge $5,000 on a credit card at 20 percent and make the minimum monthly payment of 5 percent of the balance, how long will it take you to pay off the balance?
a) 6 months
b) 1 year
c) 7 years
d) 120 months
12. By the end of a college student's freshman year, he/she will have accumulated an average of _________ in credit card debt alone.
a) $1,500.00
b) $500.00 - $800.00
c) $500.00
d) $50.00
13. What will you owe if you pay your credit card balance after the due date?
a) a late penalty
b) interest on your entire balance
c) both of the above
d) neither of the above
Source: Credit Abuse Resistance Education (CARE) Program
Back to RepairCreditAmerica.com opening
© Copyright 2006 All Rights Reserved
This site is maintained and hosted by Alliance Internet Marketing
This site is best viewed with Internet Explorer or Netscape versions 4.0 or higher
