Personal Finance Courses: Credit

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1.
To check your credit, you should get a credit report from just one of the three credit bureaus.
Choose wisely. There is only one correct answer.
False. You should check the reports from all three credit bureaus, as they may have different information from different creditors.
2.
If you are wealthy and don't need to take out any loans, it is still a good idea to have good credit.
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True. You don't know for sure that you will still have your money in the future.
3.
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.
4.
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.
5.
What is the limit on the amount of credit you can get?
Choose wisely. There is only one correct answer.
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.
During what hours does the law allow debt collection agencies to call you?
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Collection agencies may call only at reasonable times. The law says that calls before 8 a.m. or after 9 p.m. are unreasonable.
7.
Why might it be a good idea to apply for your first credit card at your bank or credit union?
Choose wisely. There is only one correct answer.
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.