Personal Finance Courses: Credit

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1.
The highest FICO score possible is _______.
Choose wisely. There is only one correct answer.
850. At present, this is the highest possible score. You want to get as close as possible to this score. The closer you get, the more privileges you get when it comes to taking out loans.
2.
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.
3.
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.
4.
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.
5.
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.
6.
An example of revolving credit is _______.
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A credit card agreement. Credit card agreements are an example of revolving credit.
7.
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.