Unit 4 Credit Review: Question Preview (ID: 3830)

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Credit experts recommend that you check the status of your credit reports at least
a) every time you apply for aloan or credit card
b) when you apply for your first loan or credit card
c) once a year
d) never

Of the following, which is the best strategy to reduce excessive debt?
a) Pay off loans with the highest interest rate first.
b) Make regular minimum payments on each loan and credit card until the balances are paid.
c) Use one large loan to pay off all the other debts.
d) File Chapter 7 Bankruptcy.

Which of the following can impact your credit rating?
a) Borrowing money from a friend to pay for lunch.
b) Living with your parents until you earn enough money to afford to rent an apartment.
c) Paying cash for a used car.
d) Making a late car loan payment.

What right must lenders respect according to the Truth in Lending Act?
a) You have the right to the lowest possible interest rate when you apply for credit.
b) You have the right to know why you were turned down for a loan.
c) You have the right to cancel a loan agreement within 10 days of signing the loan.
d) You have the right to change the loan terms.

Which is NOT a type of information you will need when you apply for credit?
a) Amount of monthly rent or mortgage and other monthly payments on debts
b) Social Security #, Address, and Phone #
c) Employment information
d) A list of your pets

Which of the following will NOT help you build a good credit history?
a) Pay bills on time, and avoid checking account overdrafts.
b) Build savings and other capital assets.
c) Make occasional late payments on bills.
d) Earn a steady income.

Which is not one of the 4 C's of credit?
a) Cash
b) Collateral
c) Capital
d) Character

An asset of value that lenders can take from you; the property or possessions that may be used as security for a loan.
a) capital
b) capacity
c) character
d) collateral

Sources you have for re-paying debts, other than salary (investment account, home, etc.)
a) capital
b) capacity
c) character
d) collateral

Key factors of creditworthiness - income and employment history
a) capital
b) capacity
c) character
d) collateral

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