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Personal Finance Courses: Credit

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1.
What is the limit on the amount of credit you can get?
Choose wisely. There is only one correct answer.
It depends on what the credit agreement states. The credit agreement that you sign when applying for credit will state how much you can get. Often, this amount will rise over time if you are responsible with it.
2.
When you are in the market for a credit card, one of the best ways to do comparison shopping is to make use of _______.
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The Internet. There are Websites that provide comparisons of different credit card programs, and many credit card providers use the Internet to make information about their programs easily available.
3.
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.
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.
Which of the following is a good reason to have a credit card?
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A credit card can be valuable in case an emergency exceeds your available funds on hand. A credit card can be a lifesaver if you have to pay for emergency expenses that go beyond your savings.
7.
Which of the following actions are outside collection agencies legally allowed to take against you?
Choose wisely. There is only one correct answer.
None of the above. All these actions are illegal.