Credit and Loans

Front

What does defaulting mean?

Back

Failing to pay your debts

Front

Non-installment credit is described how?

Back

Credit that is paid all at once, in a single payment within a specific time period without interest.

Front

Which of the following is a part of the process of establishing credit?
Options:
Talking to a bank teller,
Checking your credit rating,
Using credit wisely,
Applying for a department store credit card

Back

Applying for a department store credit card

Front

Define financing

Back

Using credit to pay for purchases

Front

Define collateral

Back

Collateral is an asset or group of assets that are linked to a loan

Front

Which is the best credit score? Options: 500, 850, 300, 700

Back

850

Front

Which is NOT part of your credit report? Your bank balance, Your current home address, The number of times you have filed for bankruptcy, The number of inquiries made about your credit

Back

Your bank balance

Front

If you are unable to get a major credit card like Visa, Mastercard, etc., what might you do?

Back

Apply for a department store card

Front

If you are too young to be granted credit yet, you need a loan to purchase an expensive item like a car, what might you do?

Back

Ask a friend/family member, to co-sign on the loan

Front

What does a credit counselor do?

Back

Helps you make a plan to resolve financial issues