Choose wisely. There is only one correct answer to each question.
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1.
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.
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.
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 it's not guaranteed to, the company might extend your due date or waive the late fee for you.
4.
If you only qualify for a card with high interest rates and a high annual fee, you will almost invariably be stuck with those unfavorable terms forever.
False. If you use your high-rate, high-fee card responsibly, after several months you can apply for a card with better terms.
5.
When it comes to negative information in your credit report, most negative information will appear in your credit report for _______.
Seven years. Although some negative information can appear for longer, most negative information will appear in your credit report for seven years.