Personal Finance Courses: Credit

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1.
If you don't plan to be paying off your credit card balance every month, then the interest rate will be more important to you than if you did pay off your balance each month.
Choose wisely. There is only one correct answer.
True. Since you will be carrying a balance, that means you will be paying interest every month. You will want the interest rate to be as low as possible.
2.
When it comes to negative information in your credit report, most negative information will appear in your credit report for _______.
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Seven years. Although some negative information can appear for longer, most negative information will appear in your credit report for seven years.
3.
Having credit available is necessary for most of us who want to _______.
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All of the above. For most of us, we need credit to do these things.
4.
Debt collectors do not have to disclose the fact that they are debt collectors when they contact you about a past-due debt.
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False. By law, they must.
5.
An example of revolving credit is _______.
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A credit card agreement. Credit card agreements are an example of revolving credit.
6.
A credit card's annual percentage rate is _______.
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The interest rate you must pay over the course of a year. The APR is what you would pay over a whole year. What you pay each month on your card is 1/12 of that.
7.
Opening several new credit accounts in a short period of time can result in an improved credit score.
Choose wisely. There is only one correct answer.
False. Opening several new credit accounts in a short period of time can result in a lowered credit score.