PF True False Credit and Bank Test Review

Credit cards help you establish a credit history

• True

• False

Credit cards are tied directly to your checking account

• True

• False

The interest rates are usually low on credit cards.

• True

• False

As long as you make the minimum payment on your credit card, you will not pay interest.

• True

• False

Late payments have the biggest impact on credit score.

• True

• False

Bankruptcy stays on your credit report for 10 years.

• True

• False

Having different types of credit (auto, mortgage, credit cards) helps your credit score.

• True

• False

One late payment can affect your credit score.

• True

• False

A 700 credit score is excellent.

• True

• False

Debit cards are the same as credit cards.

• True

• False