Personal Finance Courses: Credit

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1.
What is the limit on the amount of credit you can get?
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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.
2.
To check your credit, you should get a credit report from just one of the three credit bureaus.
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False. You should check the reports from all three credit bureaus, as they may have different information from different creditors.
3.
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.
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 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.
7.
Debt collectors do not have to disclose the fact that they are debt collectors when they contact you about a past-due debt.
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False. By law, they must.