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Lesson 7: How To Handle Bad Credit

1 Quiz
- Lesson 7: Quiz

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Essentials Quiz
Lesson 1: Quiz
Lesson 2: Quiz
Lesson 3: Quiz
Lesson 4: Quiz
Lesson 5: Quiz
Lesson 6: Quiz
Lesson 8: Quiz
Lesson 9: Quiz
Lesson 10: Quiz
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Wise Credit Management Final Exam

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Question 1 of 7

1. Question
What is something most people can do to increase their credit score within 30 days?
- Pay down revolving debt!
- Spend more money.
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Question 2 of 7

2. Question
Does bad credit cost you?
- We demonstrated that you could be paying $500 per month more than you would if you built and maintained a good credit score
- No
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Question 3 of 7

3. Question
Can you have credit monitoring for free?
- Yes, get the Experian and CreditKarma Apps, or simply start a free account with the credit bureaus
- No, you have to pay for credit monitoring
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Question 4 of 7

4. Question
What is one basic thing you need to know about credit scores?
- Your score goes up if you have a long history of making your debt payments on time and if you maintain a low balance on your revolving accounts
- You can not do anything about your credit scores
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Question 5 of 7

5. Question
How many credit accounts do you need to start building a good credit file?
- 3 credit cards and 2 term loans
- No credit is good credit
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Question 6 of 7

6. Question
What is the ideal Utilization Rate?
- About 1% to show activity
- More than 30% to show you can afford the payments
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Question 7 of 7

7. Question
When preparing to qualify for a mortgage, why should you drive a vehicle that is paid in full or within 10 months of being paid off?
- A vehicle payment is likely your largest consumer payment and counts against your Debt To Income Ratio unless you have 10 payments or fewer left on your loan (also, when your term loan is close to being paid off your credit score will be higher)
- Cars are like houses, they usually increase in value
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