Chapter 3 Credit- So far

What are the 5 C's of Credit

• Character

  Capital

  Collateral

  Capacity

  Conditions

• Character

  Capital

  Credit

  Conscience

  Cosigner

• Credit

  Collateral

  Christen

  Collateral

  Concise

When applying for credit, is it preferable to receive a low interest rate or a high interest rate?

• Low

• High

Which one of these is NOT a reason that people use credit instead of cash?

• To build their credit score

• Because they don't have enough cash available to buy something they want

• To save money

• Don't want to carry cash

Your credit score is called your _______ score.

How many times a year can you get a free copy of your credit report?

By law, what's the most you can be charged for a copy of your credit report?

• $3.50

• $13.50

• $19.00

True or False.   30 day late payments will not hurt your credit score.

• True

• False

Which one of these things can really help improve your credit score?

• Apply for a bunch of different credit cards at once.

• Use your debit card wisely

• Request a free copy of your credit report

• Pay your bills on or before the due date.

If you pay more than the minimum monthly payment on your credit card, does this make your credit score go up or down?

• Up

• Down

How many days late do you need to be on a payment before it affects your credit score?

• 1

• 15

• 30

• 21