Choose wisely. There is only one correct answer to each question.
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1.
If you want to establish credit but haven't yet, potential lenders can make a judgment about your creditworthiness based on other factors.
True. Lenders can look at your history of paying bills, your employment history, and your housing history.
2.
Which is typically easier to get: a secured credit card or an unsecured credit card?
Secured credit card. It is easier to get because it is backed by a source of money that can be taken if you default on the card. For this reason, those who are trying to get credit for the first time consider these cards.
3.
The amount you owe on your credit cards affects your credit history, even if you faithfully pay on your balance every month.
True. The amount you owe accounts for 30% of your credit history.
4.
If you have accounts with a financial institution such as a bank or credit union, it can be advantageous to apply for your first credit card there.
True. The institution will have a sense of how you handle money.
5.
Personal loans from banks or credit unions are _______.
Secured or unsecured. They may be either, depending on what you qualify for.