Personal Finance Courses: Credit

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1.
Which of the following is the largest part of your FICO score?
Choose wisely. There is only one correct answer.
Payment history. Your payment history carries more weight than any other measure.
2.
Which of the following actions are outside collection agencies legally allowed to take against you?
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None of the above. All these actions are illegal.
3.
Why might it be a good idea to apply for your first credit card at your bank or credit union?
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It already has a sense of your financial health. It already has a sense of your financial health. Because of this, it may be willing to offer you a credit card.
4.
Having a credit card that does not report your payment history to the credit bureaus helps you build a good credit history.
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False. To build a credit history, you want the card to report your payment history. Otherwise, the bureaus won't know about it.
5.
What is the limit on the amount of credit you can get?
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It depends on what the credit agreement states. The credit agreement that you sign when applying for credit will state how much you can get. Often, this amount will rise over time if you are responsible with it.
6.
How long can a bankruptcy stay on your credit report?
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Seven or 10 years, depending on the type of bankruptcy. At present, they can stay this long.
7.
Credit cards may charge fees for which of the following?
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All of the above. These are just some of the many fees that credit cards can charge you for various uses.