Fixing Your Credit Math With A Quiz

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| By Kriti Bisht
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Kriti Bisht
Community Contributor
Quizzes Created: 469 | Total Attempts: 137,146
| Attempts: 322
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  • 1/10 Questions

    If your credit score increases by 50 points after paying off a loan, and your original score was 650, what is your new credit score?

    • 700
    • 750
    • 650
    • 600
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About This Quiz

Welcome to the "Fixing Your Credit Math With A Quiz" challenge! Whether you're a financial whiz or just starting your credit journey, this quiz is designed to enhance your understanding of the crucial math behind fixing your credit. Embark on a journey through questions that delve into the intricacies of credit utilization, APR calculations, and the factors influencing your credit score. Each question is a step toward mastering the mathematical aspects of credit management.

So, are you ready to test your knowledge and boost your financial literacy? Let the "Fixing Your Credit Math With A Quiz" be your guide to unraveling the numbers behind a sound credit strategy. Sharpen your math skills, broaden your financial awareness, and take a step closer to mastering the art of credit management.

Fixing Your Credit Math With A Quiz - Quiz

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  • 2. 

    If you have three credit cards with limits of $1,000, $2,000, and $3,000, and balances of $500, $1,000, and $1,500, what is your total credit utilization ratio?

    • 33.33%

    • 50%

    • 75%

    • 100%

    Rate this question:

  • 3. 

    If you have a credit card with a $2,000 limit and a balance of $500, what is your credit utilization ratio?

    • 25%

    • 50%

    • 75%

    • 100%

    Rate this question:

  • 4. 

    What does "APR" stand for in the context of credit cards?

    • Annual Percentage Rate

    • Average Payment Requirement

    • Available Credit Period

    • Account Performance Rating

    Rate this question:

  • 5. 

    If you have a late payment fee of $25 and an interest charge of $30 on your credit card, what is the total additional cost to your balance?

    • $5

    • $25

    • $30

    • $55

    Rate this question:

  • 6. 

    What formula is commonly used to calculate your credit utilization ratio?

    • (Total Debt / Total Credit Limit) * 100

    • Total Debt / Total Credit Limit

    • Total Credit Limit * Total Debt

    • Total Debt * Total Debt

    Rate this question:

  • 7. 

    What factor has the least impact on your credit score?

    • Payment History

    • Credit Utilization Ratio

    • Types of Credit in Use

    • Length of Credit History

    Rate this question:

  • 8. 

    How does closing a credit card account affect your credit score?

    • Increases Credit Score

    • Decreases Credit Score

    • Has No Effect

    • Boosts Credit Utilization Ratio

    Rate this question:

  • 9. 

    What is the purpose of a grace period on a credit card?

    • Delaying Payment

    • Interest-Free Period

    • Increasing Credit Limit

    • Lowering Credit Score

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  • 10. 

    If you have a credit card with an APR of 18% and a balance of $1,000, what is the interest charged for one month?

    • $18

    • $15

    • $180

    • $150

    Rate this question:

Quiz Review Timeline (Updated): Mar 8, 2024 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 08, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 28, 2023
    Quiz Created by
    Kriti Bisht
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