Credit, Credit Cards, Credit Reports Scores: Question Preview (ID: 27623)

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Jake has been declined for credit because of his negative credit history. Which statement is most likely to be true?
a) He pays his bills consistently and on time b) he has applied for 4 credit cards and a car loan in the past 6-weeks c) Jake has received 3 traffic tickets in the past month, but has paid them all on time d) Jake is has paid his car loan on time, everytime
Jenny is 18 years old and has no credit history, what should she do to build a positive credit history?
a) get several credit cards to show she can manage them responsibly b) get a letter of reference from someone with good credit c) open a checking account d) none of the above
Which is NOT an example of a data furnisher?
a) landlord b) credit card company c) utility company d) medical provider
When may a person view his/her credit report for free?
a) at any time and an unlimited number of times b) once a year, from each of the 3 main credit reporting agencies c) a person may not review his/her credit report d) if you have good credit, you can get one for free at any time
Which of the following is NOT included in an individual's credit report?
a) current and past addresses b) account balances c) bankruptcies foreclosures d) medical information
Edward want to develop a positive credit history. How should he do this?
a) maintain reasonable amounts of available credit (don't use everything on his limit) b) have only one type of credit account (loan, credit card, etc.) c) pay cash for all his purchases d) open credit accounts in his parent's name
Ty is trying to explain the difference between open-ended closed-end credit to her sister. Which describes closed-end credit?
a) It is a continuous loan the borrower must pay. The amount of the payment can change every month. b) equal payments are required on a regular basis until the loan is repaid c) credit limits vary depending on the loan balance d) interest rates can change depending on the loan balance
Jack is trying to be responsible using his new credit card and does not want to pay interest when using the card. How can he LEGALLY avoid paying interest paying interest?
a) make sure he pays the minimum balance every month by the due date b) pay the credit card balance in full every month by the due date c) needs to limit the use of credit cards to small purchases d) there is not a legal way for him to avoid paying interest if he uses his card
Paying the minimum payment on a credit card every month will:
a) pay a large percentage of the total balance owed every month b) make the final amount paid substantially higher than the amount originally charged to the credit card c) help the card holder create a plan for paying off a credit card in a decent amount of time d) allow the cardholder to avoid paying any interest charges
Meghan is how paying Penalty APR. What best describes what happened?
a) when she was out of town for the summer, she asked a friend to send in her June July payments. Her friend forgot. b) her credit card has been paid in full each of the last 6 months c) her card had a low introductory rate for the 1st year and now the interest rate has increased, as stated on her contract d) all of the above
Which is a general rule to minimize identity theft when dealing with credit reports?
a) check each credit report at least once per year b) what 60 days before letting the credit reporting agency know there is a problem on your credit report c) keep credit reports in an easily accessible location, so information can be gotten to quickly d) report any mistakes to only credit reporting agency and they will inform the others
There are how many credit reporting agencies?
a) 1 b) 2 c) 3 d) 4
What is the range that a credit score covers?
a) 300-850 b) 300-700 c) 500-800 d) 500-850
Open end credit:
a) is also called installment credit b) car payments are a type of open-end credit c) is also called revolving credit d) is an alternative type of credit
Rent to own loan
a) short-term cash advance secured by a taxpayer's expected tax refund b) a loan based on the value of personal property c) items leased with the condition that the item will be owned by the renter if the contract is completed d) have a low interest rate
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