Section 3, 4 and 5

Front

As a borrower you have certain responsibilities to the companies issuing you credit. Which of the following is your responsibility? Repay the full debt, Understand the terms of the agreement, make payments on time, These are all responsibilities of the borrower

Back

These are all responsibilities of the borrower

Front

Maintaining a reasonable amount of unused credit will create

Back

Positive credit

Front

When you start you have a perfect credit score because you have done nothing to damage it

Back

False

Front

Which of the following are NOT ways to build credit?
Options:
Use your debit card responsibly,
become an authorized user on someone else's credit card,
take out a federal student loan

Back

Use your debit card responsibly

Front

Which of the following is a benefit of having good credit?
lower interest rates on loans,
lower insurance rates,
lower interest rates on credit cards,
all are benefits of having good credit

Back

all are benefits of having good credit

Front

How long will information remain on your credit report?

Back

7 years for any late payments

Front

How long will Late or missed payments remain on your credit report?

Back

Seven Years

Front

Jill was trying to find ways to start building credit - this is a loan deposited into a secure savings account and once paid off, she will get principal back.

Back

credit builder loan

Front

What is a co-signer responsible for?

Back

paying the full amount owed if you don't pay the loan

Front

What is a "soft" credit inquiry?

Back

when you check your own credit score