Which of the following would be an excellent credit score?
250
500
750***
100
Which of the following could have a negative impact on a credit score?
Having a car loan and a credit card
Paying the full balance on a credit card each month
Using 20% of the available credit
Using 50% of the available credit***
The best credit card reward programs typically come with cards that have ____.
no annual fees***
low-interest rates
high-interest rates
no late fees
____ would be a reasonable late fee for a late credit card payment?
5%***
15%
$95
$25
True or False: If a lender sees that a credit card applicant has a credit score of 790, the lender would see little risk in extending credit to the applicant.
True***
False
Unit 5 Lesson 11 "Credit Scores and Credit Cards"
1) 750
2) Using 50% of the available credit
3) High interest rates
4) $25
5) True
Hope this helps :)
No idea what the actual answers are but those answers give you 3/5 just so you know
Which of the following would be an excellent credit score?
The answer is 750.
Which of the following could have a negative impact on a credit score?
The answer is using 50% of the available credit.
The best credit card reward programs typically come with cards that have ____.
The answer is no annual fees.
____ would be a reasonable late fee for a late credit card payment?
The answer is 5%.
True or False: If a lender sees that a credit card applicant has a credit score of 790, the lender would see little risk in extending credit to the applicant.
The answer is True.
To determine which of the following would be an excellent credit score, we can look at the given options:
- 250: This would not be considered an excellent credit score.
- 500: Similarly, a credit score of 500 would not be excellent.
- 750: This is the only option that would be considered an excellent credit score.
Therefore, the correct answer is 750.
Moving on to the next question, which of the following could have a negative impact on a credit score:
- Having a car loan and a credit card: This generally does not have a negative impact on a credit score, as long as payments are made on time.
- Paying the full balance on a credit card each month: This is actually a positive behavior that can have a positive impact on a credit score.
- Using 20% of the available credit: Using a low percentage of available credit is generally recommended as it shows responsible credit usage.
- Using 50% of the available credit: Using a higher percentage of available credit can have a negative impact on a credit score.
Therefore, the correct answer is using 50% of the available credit.
Moving on to the next question, the best credit card reward programs typically come with cards that have:
- No annual fees: Many credit card reward programs offer cards with no annual fees as it can be more attractive to customers.
- Low-interest rates: Interest rates are not directly tied to credit card reward programs.
- High-interest rates: High-interest rates are not usually associated with the best credit card reward programs.
- No late fees: Late fees are not directly related to credit card reward programs.
Therefore, the correct answer is no annual fees.
Moving on to the next question, a reasonable late fee for a late credit card payment:
- 5%: This might be a potential late fee that a credit card company could charge for late payment.
- 15%: This is a higher percentage and may be less reasonable as a late fee.
- $95: A flat fee of $95 seems high for a late fee.
- $25: This is a common amount for a late fee and would be reasonable.
Therefore, the correct answer is $25.
Lastly, the statement "If a lender sees that a credit card applicant has a credit score of 790, the lender would see little risk in extending credit to the applicant" is:
- True: A credit score of 790 is generally considered very good and presents low risk to lenders.
- False: If the credit score were low or had negative indicators, lenders might see more risk in extending credit.
Therefore, the correct answer is True.