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Cogito

Consumer Math · Chapter 4 · Lesson 3

Practice Worksheet

Credit Scores and Credit Reports

The number that sets your interest rate.

12 problems · about 20 minutes · TEKS M.M.4.C

NameDate

Figure — use these to answer the problems

The same loan at three rates. A few percentage points of rate changes the monthly payment sharply.
Good score320
Fair score380
Poor score450
Monthly payment, good score320
Monthly payment, fair score380
Monthly payment, poor score450
Figure 1

Warm Up

Straightforward practice. Get the method working first.

5 problems

  1. $600 balance on a $3000 limit. Utilisation in percent?

    Answer

  2. Which factor affects a credit score most?

    • Payment history.
    • Your income.

  3. $300 balance on a $1500 limit. Utilisation in percent?

    Answer

  4. $900 balance on a $1000 limit. Utilisation in percent?

    Answer

  5. $400 a month against $460 over 60 months. Total difference in dollars?

    Answer

Build It Up

The same ideas with more to keep track of.

3 problems

  1. Which factor matters most? 1 payment history, 2 account mix.

    Answer

  2. Does checking your own credit report cost money? 1 yes, 0 no.

    Answer

  3. Does a score recover as fast as it falls? 1 yes, 0 no.

    Answer

Stretch Yourself

Mixed problems. Work out what kind of question it is before you start.

4 problems

  1. Which actions help a credit score?

    • Paying every bill on time
    • Keeping balances low against limits
    • Running a card near its limit
    • Applying for many cards at once
    • Tick every box that applies.

  2. $250 balance on a $2500 limit. Utilisation in percent?

    Answer

  3. The Difference

    $380 a month against $450 a month over 60 months. Total difference in dollars?

    Answerdollars

  4. The Utilisation

    A $500 balance on a $2000 limit. What is the utilisation, in percent?

    Answer%