NEW
Font size
WorksheetsB285 Credit
Total questions: 23
Worksheet time: 12mins
If you are denied credit
you have to figure out why
you should go to another creditor as you will likely get approved
you should just cry
the creditor will let you know why
The relationship between the loan term and cost of the loan (aka interest) is
direct relationship as the longer the loan term, the more interest paid
indirect relationship as the longer the loan term, the less interest is paid
there is no relationship between loan term and the amount of interest paid
One way to establish good credit is to
obtain as many credit cards as possible
borrow as much money as possible
pay your bills on time
maximize your credit limit on all of your credit cards
When you cannot pay your car payment and the bank comes and take your car, this is called
mean
unfair
illegal
repossession
This is a loan with a high interest rate that is given to those with low credit scores.
interest only loan
subprime loan
friendly neighborhood bank loan
prime time loan
By which law are lenders are required to provide you with all charges associated with borrowing from them (aka APR)
Fair Credit Reporting Act
Truth in Lending Act
Truth in Billing Act
Fair Credit Billing Act
FICO scoring relates to
the C's of credit
taxes
absolutely nothing
fixed income corporate options
The cosigner of the loan agrees to
investigates your credit score
agrees to nothing
pay the loan if the debtor does not pay
helps you reduce the principal amount of the loan
This type of credit allows you to carry a balance over to the next month
installment credit
revolving credit
auto loan
personal loan
If you credit card is lost or stolen, this is the maximum amount you may be liable for.
half the amount charged
0
the entire balance
$50
Paying your bills on time, demonstrates
character
capacity
capital
collateral
A secured loan is backed by
interest
your promise
a bank
collateral
Earning a regular paycheck and not overspending would impact your
character
capacity
capital
collateral
Owning a home, having an IRA and owning a summer house would be an example of
character
capital
capacity
collateral
A revolving charge account is also called
mortgage
open ended credit card
installment loan
auto loan
An organization that collect consumer data and provides it to creditors, landlords, insurance companies or potential employers is called
credit bureau
BBB
Chase Mobile Banking
current employer
This is an option when you cannot pay your bills
open more lines of credit
close all of your credit card accounts
bankruptcy
identity theft
This allows people with poor credit to obtain a loan with unusually high interest rates.
a high credit score
Truth In Lending
predatory lending
co-signer
An advantage of credit is
being able to use products while you are paying for them
carrying a large amount of cash
impulse buying
no limit on what you can buy
The maximum you are allowed to charge to a credit car is called
quota
credit limit
credit ceiling
equals the amount in your checking account
The time between the last day of your billing cycle and the payment due date on your statement is referred to as
grace period
interest is being charged
you cannot make any more charges
interest is earned
Changing a mortgage loan term from 30 years to 15 years will
increase your overall cost of credit
decrease your overall cost of credit
result in a lower monthly payment
have no impact associated with the loan
Changing the term of your car loan from 3 years to 5 years
increase your overall cost of credit
decrease your overall cost of credit
result in a higher monthly payment
have no impact associated with the loan
