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Personal Credit Report: Explanation of Contributing Factors

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

How does credit score affect interest rates?

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1. Which of the following is true about credit lenders and the maximization of credit?

2. What is the correct definition of interest?

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About This Quiz & Worksheet

You can use this printable worksheet and interactive quiz to refresh your understanding of determining factors related to the likelihood of acquiring credit. Topics you'll be tested on include FICO, interest and credit history.

Quiz & Worksheet Goals

You can use these assessments to gauge your knowledge of the following:

  • The explanation of why no credit is bad credit
  • The significance of FICO scores
  • The definition of credit history
  • Ideal credit maximization
  • The meaning of interest

Skills Practiced

This quiz and worksheet let you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related personal credit report lesson
  • Critical thinking - apply relevant concepts to examine information about obtaining credit in a different light
  • Interpreting information - verify that you can read information regarding the importance of a credit report and interpreting it correctly
  • Knowledge application - use your knowledge to answer questions about obtaining a personal report

Additional Learning

To learn more about factors related to a personal credit report, review the accompanying lesson entitled Personal Credit Report: Explanation of Contributing Factors. The lesson focuses on the following objectives:

  • Name the factors that are examined to determine your FICO score
  • Explain what FICO stands for
  • Discuss how FICO scores affect your loan interest rate
  • Define the relative importance of the various factors to determining your credit score
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