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Open‐end credit is:
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which statement best describes what this is likely to mean for Bryce?
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
Which is NOT an example of a data furnisher?
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
Jake’s credit application has been declined because of his negative credit history. Which statement is most likely to be true?
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
Edward wants to develop a positive credit history. How should he do this?
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
Becky no longer wants to use her Clothes‐R‐Us store credit card. What is the best thing she could do with the credit card?
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
When a borrower fails to keep up with mortgage payments and the lender takes possession of the property, ___ may result
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
Jenny is 18‐years‐old and has applied for credit for the first time. Her credit application was declined because she has no credit history. What would you recommend Jenny do to being to build a positive credit history?
foreclosure
Credit card company
maintain reasonable amounts of available credit
extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
Close the account by phone and in writing, then destroy the card.
The interest rates on his loan will be higher, since his credit score is low.
Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
Jenny should obtain a secured credit card.
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