Credit 101

Credit 101

Familiarize yourself with credit basics, credit cards and building credit with this 15-minute tutorial.

Pretest

The following short lessons will help familiarize you with credit basics, what your credit score is, and how to improve it. THIS IS NOT PART OF THE FICO SCORE PROCESS.

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Quick Quiz

     

1
What do you call an outstanding amount of money?
A
Capital
B
Cash
C
Balance
D
Overdraft
Correct!

Not quite.

2
Which of the following agencies checks credit information and keeps files on people who apply for and use credit?
A
Credit union
B
Commercial bank
C
Savings and loan association
D
Credit bureau
Correct!

Not quite.

3
It will not affect your credit if you pay your debts past the due date.
A
TRUE
B
FALSE
Correct!

Not quite.

4
Your credit history is improved if you apply for a local store credit card and make regular monthly payments.
A
TRUE
B
FALSE
Correct!

Not quite.

5
You should not be concerned if you are over your credit limit.
A
TRUE
B
FALSE
Correct!

Not quite.

Your Score

Nice job!

You're a credit whiz — check out Lesson 1 to stay successful.

Nice job!

You're on the path to becoming a credit whiz — check out Lesson1 to become even more knowledgeable about credit.

Too bad!

You're a newbie with lots of credibility potential — check out Lesson1 to improve your credit knowledge.

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Credit 101 Pretest

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