credit

Loan against the available credit on an individual's account is a(n) _________.

What is a credit score?

• a number between 300 and 850 representing your creditworthiness

• a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

• Often referred to as a FICO score

• All of the above

Aisha wants to improve her credit utilization rate. Which of the following can she do?

• Make several payments in the month instead of a large one

• Spread her spending among her 3 credit cards

• Keep her credit utilization rate to 55%

• Keep her spending all to 1 card; don't use the other 2

Which interest rate usually starts at a lower percentage?

• Fixed

• Variable

What financial habits determine your credit score?

• Payment History & Amount you owe 
• Length of credit history & Amount of new credit applied for recently
• Types of credit open
• All of these are correct

What does APR mean?

• Average Person Ratio
• Annual Percentage Rate
• Always Poke Robots
• Apples Peas & Rice

Revolving credit is...

• a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.

• a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due

• a spinning door with money in it

• a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly

Loans that require collateral are

• unsecured loans

• secured loans

• cosigner loans

A credit card is an example of what type of credit?

• Installment

• Revolving

The amount charged if your payment is received after the billing due date.

• late payment fee
• overdue fee
• withdrawal fee
• loser fee