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Personal Finance Courses: Credit

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1.
If you have questions about the types of collection practices that are allowed, contact the _______ in your state to see what the state law allows.
Choose wisely. There is only one correct answer.
Consumer protection bureau. Your state's consumer protection bureau will have information about state laws governing credit collection practices that operate together with federal regulations.
2.
Having credit available is necessary for most of us who want to _______.
Choose wisely. There is only one correct answer.
All of the above. For most of us, we need credit to do these things.
3.
Shopping for a good credit card deal is easy because there are only a few large organizations that offer credit cards.
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False. There are thousands of banks, credit unions, and other organizations that offer credit cards.
4.
What is the minimum FICO score that is usually considered a safe risk?
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670. At 670, a person is considered a safe risk and typically receives a loan without a problem and at a low interest rate.
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.
It is more cost effective for you to buy something outright than pay for it with credit.
Choose wisely. There is only one correct answer.
True. You can avoid finance charges this way.
7.
Credit is free money.
Choose wisely. There is only one correct answer.
False. Credit is a loan of money, meaning you must pay it back with interest after using it. It is not free money.