Personal Finance Courses: Credit

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1.
If you are wealthy and don't need to take out any loans, it is still a good idea to have good credit.
Choose wisely. There is only one correct answer.
True. You don't know for sure that you will still have your money in the future.
2.
An example of revolving credit is _______.
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A credit card agreement. Credit card agreements are an example of revolving credit.
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.
What is the name for the credit card fee that is charged to you when you take money out of your card?
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Cash advance fee. This fee is charged for cash advances made on your card.
5.
Opening several new credit accounts in a short period of time can result in an improved credit score.
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False. Opening several new credit accounts in a short period of time can result in a lowered credit score.
6.
If you have questions about the types of collection practices that are allowed, contact the _______ in your state to see what the state law allows.
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Consumer protection bureau. Your state's consumer protection bureau will have information about state laws governing credit collection practices that operate together with federal regulations.
7.
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.