Personal Finance Courses: Credit

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1.
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.
2.
As a general rule, credit exists to enable you to buy things that _______.
Choose wisely. There is only one correct answer.
You cannot afford to buy right now. Credit exists to help you buy things you can't afford right now. While the other choices may or may not be true, they are not the reason credit exists in the first place.
3.
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.
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.
Having no credit profile can result in you being denied credit.
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True. Creditors like to know that you have a history of using credit.
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.
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.