Choose wisely. There is only one correct answer to each question.
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1.
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.
2.
Because interest rates on department store credit cards tend to be high, first-timers would do well to avoid them.
False. They are worth considering for those who are looking to get their first card.
3.
Personal loans from banks or credit unions are _______.
Secured or unsecured. They may be either, depending on what you qualify for.
4.
Why might potential lenders be interested in knowing how many times you have changed your address?
If you move frequently, that may indicate instability to them. Even if you are not financially unstable, lenders may still see it that way.
5.
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.