Intro to Credit

Front

Which of the following defines credit? Yearly membership or participation fees, Fees for getting cash advances, Loans which will be in repayment for less than an 18 month time period

Back

The ability to acquire money, goods or services from others without immediate payment

Front

What type of loan would one need to buy a house?

Back

Long-term

Front

Which of the following is NOT a source of credit? Checking accounts, Mortgage companies, Credit unions, Credit card companies

Back

Checking accounts

Front

Which of the following defines APR?

Back

A measure of the cost of credit, expressed as a yearly rate

Front

FICO stands for Fair Isaac Corporation.

Back

True

Front

You are entitled to a free copy of your credit report twice a year.

Back

False

Front

What is the highest credit score number?

Back

850

Front

Errors on a credit report are easy to fix.

Back

False

Front

Which type of loan will be in repayment for more than 10 years? Timely loans, intermediate-term loans, Long-term loans, Large lump loans

Back

Long-term loans

Front

Your credit rating is a number calculated by using information on a credit report which shows lenders the risk they take by loaning money to you.

Back

True