Personal Finance Credit Basics – Flashcards
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Credit extended in advance so you don't have to apply again
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To answer the essay test question about he meaning of open-end credit, Ryan should include?
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Equal payments on a regular basis so loan is repaid
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Which statement should be included in description of closed end credit?
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Maintain reasonable amounts of available credit.
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Edward wants to develop a positive credit history. How should he do this?
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Medical Info
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Which is not included in an individuals credit report?
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He applies 4 credit cardsand a car loan in 6 weeks
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Jakes credit application is declined because of negative history. What is true?
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When borrowing you're spending future income
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Evan is writing a scholarship essay about responsible money management. What is true?
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A credit card company
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Which is not an example of a data furnisher?
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He gets a higher interest rate on a loan
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Brice tried to borrow money from a bank. He learned his credit was low. What happens?
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Once a year for each CRA
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When can you view a credit score for free?
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It is a safe range for someone with his income.
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David earns $5000 a month. His monthly payment is $420. Which is true?
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Close the account by phone and destroy the card
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Becky no longer wants her Clothes R Us store credit card. What should she do?
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Maintain a stable credit card
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How do you build positive credit history?
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Keep a total of 20% not counting house payment
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Use of credit recommended safe boundaries like
