Personal Finance Courses: Credit

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1.
Having a credit card that does not report your payment history to the credit bureaus helps you build a good credit history.
Choose wisely. There is only one correct answer.
False. To build a credit history, you want the card to report your payment history. Otherwise, the bureaus won't know about it.
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.
Which of the following is the largest part of your FICO score?
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Payment history. Your payment history carries more weight than any other measure.
4.
An example of revolving credit is _______.
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A credit card agreement. Credit card agreements are an example of revolving credit.
5.
If you have to deposit a few hundred dollars into your bank in order to get a credit card, what kind of card is that called?
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Secured. Secured cards require you to deposit money. This is the money that you will be drawing from with your card.
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.
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.