PF 6.01 Credit Reports And Scores Question Preview (ID: 33983)
6.01 Credit Reports And Scores.
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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?
a) Close the account by phone and in writing, then destroy the card.
b) Keep the credit card in her wallet in case she needs proof of identification.
c) Let a family member take over the credit account so her credit score will not be affected.
d) File the credit card away for use at a later time.
When may a person view his/her credit report for free?
a) Once a year, from each of the three main credit reporting agencies
b) At any time and an unlimited number of times
c) A person may not review his/her credit report
d) If a person has sufficient financial resources
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?
a) The interest rates on his loan will be higher, since his credit score is low.
b) The monthly loan payments will be lower due to his lower credit score.
c) The purchase price of the item he needs the loan for will be higher due to his low credit score.
d) The interest rates on his loan will be lower, since his credit score is low.
Which is NOT an example of a data furnisher?
a) Credit card company
b) Landlord
c) Utility company
d) Medical provider
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?
a) Jenny should obtain a secured credit card.
b) Jenny should acquire several credit cards to establish that she can manage them responsibly.
c) Jenny should re‐apply for the same credit but include a letter of recommendation from someone who knows her well and can vou
d) Jenny should apply for a different type of credit. Since she was applying for a bank loan, she should apply for a credit car
Jake’s credit application has been declined because of his negative credit history. Which statement is most likely to be true?
a) Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.
b) Jake pays his bills consistently and on time.
c) Jake has received 3 traffic tickets in the past 2 months.
d) Jake holds 2 store credit cards, a bank credit card, a car loan, and a mortgage
Which of the following is NOT included in an individual’s credit report?
a) Medical information
b) Bankruptcies and foreclosures
c) Account balances
d) Current and past addresses
Edward wants to develop a positive credit history. How should he do this?
a) maintain reasonable amounts of available credit
b) have one type of credit account
c) pay cash for the majority of purchases
d) open credit accounts in their parents’ names
Open‐end credit is:
a) extended as a line of credit established in advance so you do not have to apply for credit each time new credit is desired
b) a loan that you must repay in a specified number of equal monthly payments
c) the record of your use of credit
d) a record of the borrower’s past loans and credit‐related transactions
When a borrower fails to keep up with mortgage payments and the lender takes possession of the property, ___ may result
a) foreclosure
b) tax liens
c) credit history
d) credit report
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