Personal Finance Courses: Credit

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1.
Some credit cards target those with bad credit. These credit cards usually have which of the following?
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All of the above. Generally, all of these rates and fees will be in effect. Additional fees may also be charged.
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.
An example of revolving credit is _______.
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A credit card agreement. Credit card agreements are an example of revolving credit.
4.
What is the minimum FICO score that is usually considered a safe risk?
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670. At 670, a person is considered a safe risk and typically receives a loan without a problem and at a low interest rate.
5.
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.
6.
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.
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.