Choose wisely. There is only one correct answer to each question.
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1.
If you know you are going to make a credit card payment late, talking with the credit card company will not do you any good.
False. Though its not guaranteed to, the company might extend your due date or waive the late fee for you.
2.
Credit reports naturally self-correct any errors in your payment history.
False. Unfortunately, it is up to you to be vigilant and correct errors.
3.
You can add new information to your credit report.
True. Though credit bureaus arent required to accept it, they often do, and any positive information you add can make your credit report look more attractive.
4.
If you have bad credit and you want to get a loan or credit card from a bank, which of the following is the most effective thing to do first?
Have a deposit account. A deposit account is a sign of stability; also, it can be a source of collateral for a credit card.
5.
Having a credit card that does not report your payment history to the credit bureaus helps you build a good credit history.
False. To build a credit history, you want the card to report your payment history. Otherwise, the bureaus won't know about it.