WorksheetsCredit study guide part 2
Total questions: 11
Worksheet time: 6mins
What do yo do with a credit card you no longer want to use?
close the account and destroy the card
put it away to use at a later time
keep it in your wallet
When can you view your credit report for free?
anytime, unlimited times
Once a year from each of the 3 major reporting agencies
a person should not review his/ her credit report
If you credit score is low, it means
your interest will be higher
your monthly payments will be lower
the interest will be lower
How can you start your credit history if your credit gets declined?
get many credit cards
get a secured credit card
re apply and include a letter of recommendation
To develop a positive credit history
maintain a reasonable amount of credit
have one type of credit
pay cash
To minimize identity theft
check your credit every four months
report mistakes to only one credit reporting agency
wait 60 days before disputing any information
To keep credit in safe boundaries, total amount borrowed should be
20% of net income, not including mortgage
20% of net income, including mortgage
How can you legally avoid paying interest on a credit card?
pay the minimum balance
pay the balance in full every month
limit the use of the card
A score of 760 is considered
very good
fair
excellent
Identity theft is
permission to use your parents' credit card
using someone else's identification
having the same name as other person
Paying only the minimum payment will
allow payer avoid interests
make the final amount higher
allow payer to create a plan for paying off
