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Transcript
Credit Test Review What card takes money directly from your checking or savings account? What is the numerical value applied to your credit report by a consumer credit bureau that rate an individual’s creditworthiness for lenders? What should you do to prevent paying more interest to the credit card company? Pay minimum balances Pay more than minimum balances What card allows you to borrow money from a private company and to keep a revolving balance? If you have a high credit score, which is more likely? Your APR will be higher Your APR will be lower How long does bankruptcy stay on your credit report? What does APR stand for? What APR applies to purchases after you pay your credit card late or go over the limit? What term is used to describe the situation in which a person has a balance for longer than 1 month? What does your credit card give you when you use it for a cash advance? When you use a credit card to pay another debt such as an amount from another credit card, this is called: What law protects your credit card if it is lost or stolen? Medical Bills are examples of: Secured Debt Unsecured Debt What are the three consumer credit reporting agencies? What law protects your debit card if it is lost or stolen? Car Loans are examples of: Secured Debt Unsecured Debt Which of the 3 C’s of credit, does the following relate to? what assets does the consumer have that could be taken by the creditor if the loan is not paid What are the benefits of having a good credit score? Which of the 3 C’s of credit analyzes how much does a consumer earns and would be able to afford? How can you improve your credit score? What are the consequences of declaring bankruptcy What is an _____? It is something of value that the consumer possesses. Examples include House Car Money in bank accounts Jewelry What is a ____? It is an amount of money that is owed to a creditor Which law allows the consumer to see an accurate credit report that is available upon your request? What is probably happening to you when these things are offered? They charge you an up-front fee They guarantee you money before reviewing your application Which of the 3 C’s of credit analyzes a consumer’s patterns of payment? Can an employer see your credit report? Mandated by the Truth in Lending Act, this is the table of information that describes the terms of your credit card: