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1.
An example of revolving credit is a(n) _______.
Credit card agreement. Credit card agreements are an example of revolving credit.
2.
Shopping for a good credit card deal is easy because there are only a few large organizations that offer credit cards.
False. There are thousands of banks, credit unions, and other organizations that offer credit cards.
3.
Which of the following is the largest part of your FICO score?
Payment history. Your payment history carries more weight than any other measure.
4.
A credit card's annual percentage rate is _______.
The interest rate you must pay over the course of a year. The APR is what you would pay over a whole year. What you pay each month on your card is 1/12 of that.
5.
To check your credit, you should get a credit report from just one of the three credit bureaus.
False. You should check the reports from all three credit bureaus, as they may have different information from different creditors.
6.
During what hours does the law allow debt collection agencies to call you?
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.
False. To build a credit history, you want the card to report your payment history. Otherwise, the bureaus won't know about it.