W!SE Review

WHEN A PERSON DECLARES BANKRUPTCY THAT FACT WILL APPEAR ON THE PERSON'S CREDIT REPORT

• FOR 3 YEARS

• FOR 10 YEARS

WHEN A PERSON BRINGS AN ITEM TO A PAWNSHOP TO OBTAIN CASH, THE TRANSACTION IS CONSIDERED

• A COLLATERALIZED LOAN

• AN UNSECURED LOAN

TO QUALIFY FOR A FEDERAL HOUSING ADMINISTRATION (FHA) LOAN, A PERSON MUST GENERALLY

• PROVIDE 2 INDIVIDUALS TO CO-SIGN THE LOAN

• FULFILL INCOME GUIDELINES

A PERSON HAS THREE CREDIT CARDS WITH VERY LARGE OUTSTANDING BALANCES AND IS UNABLE TO MAKE PAYMENTS ON ANY OF THEM. WHICH ACTION SHOULD THE PERSON TAKE?

• NOTIFY A CREDIT REPORTING AGENCY IN ORDER TO AVOID A LATE FEE

• NOTIFY THE CREDIT CARD COMPANIES IN ORDER TO NEGOTIATE A NEW PAYMENT PLAN

WHICH OF THE FOLLOWING IS CONSIDERED TO BE OPEN-END CREDIT

• DEPARTMENT STORE CHARGE CARDS

• INSTALLMENT LOAN

WHAT IS MEANT BY AN UNCOLLATERIZED LOAN

• A PERSONAL LOAN WITHOUT ASSETS TO COVER THE LOAN AMOUNT

• A HOME EQUITY LOAN

THE TYPE OF CREDIT CARD ISSUED BY AN OIL COMPANY (A GAS CARD), BANK, OR DEPARTMENT STORE IS

• A DEBIT CARD

• A REVOLVING CHARGE CARD

YOU ARE BEHIND ON YOUR DEBT PAYMENTS AND GO TO A RESPONSIBLE CREDIT COUNSELING SERVICE, THE CONSUMER CREDIT COUNSELING SERVICE. HOW CAN THEY HELP YOU?

• THEY CAN FORCE THOSE WHO LOANED YOU MONEY TO FORGIVE YOUR DEBTS

• THEY WORK WITH THOSE WHO LOANED YOU MONEY TO SET UP A REPAYMENT SCHEDULE YOU CAN AFFORD TO MAKE

YOU WERE APPROVED FOR A LOAN THAT COMBINES ALL YOUR DEBTS INTO ONE LOAN WITH LOWER PAYMENTS BASED ON A LONGER REPAYMENT PERIOD OR LOWER APR. THIS TYPE OF LOAN IS A

• CONSOLIDATION LOAN

• COLLATERIZED LOAN

WHICH FACTOR WOULD MOST LIKELY LEAD TO AN INCREASE THE INTEREST RATE ON A PERSON'S CREDIT CARD

• LATE PAYMENTS

• NUMBER OF PURCHASES