CSB Financial Education

Credit

Welcome to Cambridge Savings Bank's Financial Education Program! We'd like to learn what you

know - and what you may be unsure of when it comes to managing your money. Let's get started!

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1. Please select your group number and survey you are taking today.

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2. You should use your debit card before your credit card because...

It is easier to keep track of your debit card purchases online

You are not charged a purchasing fee with a debit card

On a debit card you will not have to pay interest

Not sure

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3. What does having many credit cards tend to do to your credit score?

Lowers it

Raises it

It does not have an effect

Not sure

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4. What is the most important way in which your credit report is similar to your resume?

Work experiences and borrowing experiences are listed

References and borrowing experiences reflect upon your character

Both a long work history and a long borrowing history indicate reliability

Not sure

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5. Who typically checks your credit history?

Employers

Landlords

Employers and Landlords

Not sure

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6. When setting interest rates for borrowers with good or poor credit histories...

Lenders may charge borrowers with poor credit a higher rate

According to the Fair Lending Act, lenders must charge the same rate to borrowers with poor or good credit

According to the Fair Lending Act, lenders may vary their interest rates for borrowers with poor or good credit by a maximum of 1.00%

Not sure

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7. If you use almost all of your available credit limit, what does this do to your credit score?

Raises it

Lowers it

Does not change it

Not sure

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8. What are "Rewards Points" on a credit card?

Discounts on the interest rate for borrowers who pay on time

Discounts on the interest rate for borrowers who pay more than the minimum due

Credit toward merchandise or services based upon how much you spend

Not sure

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9. To buy your first home, you would apply for what type of loan?

A home equity loan

A mortgage

A home equity line of credit

Not sure

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10. Can late payments affect your credit history?

No, but they may cost you a late payment penalty

No, but they can cause your interest rate to increase

Yes

Not sure

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11. What is the legal age to borrow individually by means of a credit card?

16.5

Not sure