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Personal Finance Courses: Credit

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1.
Having no credit profile can result in you being denied credit.
Choose wisely. There is only one correct answer.
True. Creditors like to know that you have a history of using credit.
2.
Having credit available is necessary for most of us who want to _______.
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All of the above. For most of us, we need credit to do these things.
3.
The "principal" of a loan is the _______.
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Original amount borrowed. The principal is the original amount borrowed.
4.
Debt collectors do not have to disclose the fact that they are debt collectors when they contact you about a past-due debt.
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False. By law, they must.
5.
Credit cards may charge fees for which of the following?
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All of the above. These are just some of the many fees that credit cards can charge you for various uses.
6.
When it comes to negative information in your credit report, most negative information will appear in your credit report for _______.
Choose wisely. There is only one correct answer.
Seven years. Although some negative information can appear for longer, most negative information will appear in your credit report for seven years.
7.
If you have to deposit a few hundred dollars into your bank in order to get a credit card, what kind of card is that called?
Choose wisely. There is only one correct answer.
Secured. Secured cards require you to deposit money. This is the money that you will be drawing from with your card.