1. The way to build good credit is to: A. Secure a credit card, but never use it B. Pay off the credit card in full, each month C. Purchase unnecessary items D. All of these 2. Credit reports: A. Only report credit history under your current name B. Only report payments that were made on time C. Can only be secured without your permission D. Show any liens, foreclosures, or bankruptcies 3. Money coming in is called: A. Gross amount B. Expense C. Income D. All of these E. None of these

1. The way to build good credit is to: A. Secure a credit card, but never use it B. Pay off the credit card in full, each month C. Purchase unnecessary items D. All of these 2. Credit reports: A. Only report credit history under your current name B. Only report payments that were made on time C. Can only be secured without your permission D. Show any liens, foreclosures, or bankruptcies 3. Money coming in is called: A. Gross amount B. Expense C. Income D. All of these E. None of these

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter7: Credit Cards And Consumer Loans

Section: Chapter Questions

Problem 6LTAI

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1. A FICO score: A. Is a common credit rating system B. Is only issued through banks C. Is a type of credit report D. None of these\ 2. Flexible expenses may include: A. Clothing B. Utilities C. Food D. All of these E. None of these 3. If you have a credit card: A. Pay it off each month B. Spend wisely C. Use it as a tool to gain good credit D. All of these E. None of these
Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? DENIED 0000 SORRY! to you fra C cand hand Collateral Physical appearance Character Political affiliation Marital status Capacity e yo yhing ring you Bestar lates Onge y Bad news-your credit application was denied. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. Select reasons why you were probably turned down for credit. Check all that apply. Large amount of available credit relative to income False or misleading information on your application…
9. The best way to maintain your credit rating is to A. use credit sparingly. B. pay cash for your purchases. C. repay your debts on time. D. declare a Chapter 7 bankruptcy. E. use as many credit cards as you can.
Which statement about credit cards is true? a) A credit card company charges high interest rates on balances not paid off each month. b) A credit card company allows you to use money from your savings account. c) A credit card company allows you to payback money when you can d) A credit card takes money directly out of your checking account
Describe two advantages of using credit cards. ..... Choose the correct answer below. O A. Relatively low interest rates on unpaid balances and convenience of use. B. You get to use a product before actually paying for it and it provides a source of temporary emergency funds. C. May provide amenities and difficulty to overspend. D. Lack of caps on interest rates and fees.
When do you need to use a credit repair service? Question content area bottom Part 1 A. Never, as they have no special powers to correct information on your credit report B. When you find an error on your credit report which is negatively affecting your score C. Only contact as a last resort to get information and help in order to avoid bankruptcy D. At the point that you need to work with the trustee in bankruptcy to develop a consumer proposal
4.___________ allows the bank clients to borrow money against a line of credit with a credit limit. a. Credit card b. Debit card c. Line of credit d. None of the options
is a short term loan against your credit card. Instead of using the credit card to make purchases or pay for a service, you bring it to the bank or ATM and receive cash to be used for whatever purpose you need.
Question 1 How long you've had an account - like a credit card or a cell phone account - helps to determine your credit score. True. False. Question 2 Which statement is true? OA. It's really easy to mess up your credit score. OB. It's hard to mess up your credit score. Question 3 Good credit helps bring independence. Which statement best illustrates the fact that good credit helps bring independence? Good credit can help you build a savings account. Because you pay less in interest when you have good credit, you are able to save more. Money in OA. your pocket (or your savings account) always gives you more options than not having money in your pocket. Good credit means you can be entirely independent and don't have to pay OB. your bills on time. Good credit means you have to live at home with your parents after college Oc. because you cannot get an apartment. Good credit means you always have to pay more for risk based items like OD, car insurance.
23. What is the best way to manage the credit card? i. Always pay the minimum amount ii. Make payment on time iii. Withdraw cash from credit card iv. Keeping within the credit limit A. i and ii B. i and iv C. ii and iii D. ii and iv
Obtaining credit begins with you. After you complete a credit application, the lender decides if you are a good risk. Agencies that collect credit information about individuals are called credit bureaus. For a fee, they provide information about you that lenders need to decide if you are a good risk. The information you provide on your application is checked against the information the credit bureaus have collected about you. Why is your credit application approved or denied? ооооо Good news-your credit application was approved. What are the major factors about you that the lender used to evaluate your creditworthiness? Check all that apply. оооо APPROVED Physical appearance Character Political affiliation Capacity Religion 0000 MEGACREDIT Capital Extra 199 SIE TEL Your friend recently applied for credit and was turned down. Why was your friend probably denied credit? Check all that apply. History of personal bankruptcy FICO score greater than 850 Absence of checking, savings, or other…
answer choices in order for the blue dropdown boxes. ( tends to lose receipts/ keeps detailed records) (rarely/always) (remember/forget) (avoids/runs) (sometimes forgets to deposit her paycheck/ has arranged for her pay to be directly deposited) (collateral/self-discipline) (keep good records/provide collateral) (being to establish your credit history/avoid potential credit problems)