Credit Question Preview (ID: 33092)
This Is A Review For The WISE Test.
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Judy and Phil had a joint VISA credit card while they were married. They are now divorced. Who is responsible for the balance owed on the VISA card?
a) Both Judy and Phil
b) Phil since he has a full time job.
c) Neither Phil nor Judy because they are now divorced.
d) The credit card company
You can continue to charge purchases on your credit card when:
a) The amount you owe on this credit card is above your credit limit.
b) Your payments are always received by the due date.
c) The amount you owe on the card is below your credit limit.
d) You can afford the monthly payments
When a borrower fails to repay a loan and there is a co-signer on the loan, the most likely result will be
a) The co-signer will be held responsible for the repayment of the entire loan plus fees or penalties.
b) Only the co-signer's credit report will show that there has been a default on the loan.
c) The co-signer will be held responsible for one-half the repayment of the loan.
d) The co-signer has the opportunity to renegotiate the loan.
What is meant by uncollateralized loan?
a) A loan not backed by a co-signer who agrees to cover the amount of the loan.
b) A personal loan without assets to cover the loan amount.
c) A home equity loan
d) A loan taken out on a life insurance policy
A person has 3 credit cards with very large outstanding balances and is unable to make payments on any of them. Which action should the person take?
a) Notify a credit reporting agency in order to avoid a late fee.
b) File for bankruptcy in order to maintain ones current credit score.
c) Notify the credit card companies in order to negotiate a new payment plan.
d) Contact the Internal Revenue Service in order to avoid paying income tax this year.
When a person declares bankruptcy that will appear on the person's credit report
a) for a 3 year period
b) for a 10 year period
c) until the person repays all debts owed
d) until the person is able to receive a new credit card
Which of the following is considered to be open-end credit?
a) a mortgage
b) a car loan
c) department store charge cards
d) installment loans
To qualify for a Federal Housing Administration (FHA) loan, a person must generally
a) have at least a high school diploma
b) have one-quarter of the cost of the home for a down-payment
c) fulfill income guidelines
d) provide two individuals to co-sign the loan
When a person brings an item to a pawnshop to obtain cash, the transaction is considered
a) a collateralilzed loan
b) a custodial payment
c) an unsecured loan
d) a sales agreement
Which factor would most likely lead to an increase in the interest rate on a person's credit card?
a) Number of purchases
b) Late payments
c) Total amount charged
d) Number of cash advances
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