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Personal Finance Courses: Credit

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1.
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.
2.
Having a credit card that does not report your payment history to the credit bureaus helps you build a good credit history.
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False. To build a credit history, you want the card to report your payment history. Otherwise, the bureaus won't know about it.
3.
It is possible to use a credit card to earn more than you pay on it.
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True. You can earn rewards while paying your balance in full each month and avoiding fees.
4.
Having no credit profile can result in you being denied credit.
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True. Creditors like to know that you have a history of using credit.
5.
An example of revolving credit is _______.
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A credit card agreement. Credit card agreements are an example of revolving credit.
6.
How long can a bankruptcy stay on your credit report?
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Seven or 10 years, depending on the type of bankruptcy. At present, they can stay this long.
7.
What is the name for the credit card fee that is charged to you when you take money out of your card?
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Cash advance fee. This fee is charged for cash advances made on your card.