WISE Review #2

Front

What is a credit card cash advance?

Back

credit card holders can take out cash for high interest rates

Front

What law protects consumers in their dealings with lenders and creditors?

Back

Truth in Lending Act

Front

What happens if you only pay the minimum due on your credit card?

Back

it will take longer to pay it off and you will have more interest

Front

What is NOT a consequence of a paying a credit card bill late? Options: you will be charged a late fee, your credit score will fall, your credit score will rise, you will be charged a higher interest rate

Back

your credit score will rise

Front

What makes up your credit score? Options: length of credit history, amounts owed, new credit, all of the above

Back

all of the above

Front

How does the degree of risk influence the interest rate charged for credit?

Back

the higher the risk= the higher the interest rate

Front

What is a debt to credit ratio?

Back

the amount of credit you have compared to the credit you are using

Front

What is the purpose of a credit report?

Back

it details the use of your credit

Front

What is not one of the three credit reporting agencies? Options: Equifax, TransUnion, Experion, FASFA

Back

FASFA

Front

If your credit card is stolen, what is the limit you are able to pay back? Options: $50, $250, $100, unlimited

Back

$50