FL-6 Credit

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10 points

Which of the following actions helps a consumer raise a low credit score?

make all loan payments on time

payoff balances

use a credit card and keep the balance under 25% of the credit limit

all of the above

10 points

Which of the following is not a part of a credit report

Personal & Employment Info

Public Records

Political and Religious Affiliation

Inquiries and Account Info.

10 points

Which of the following is not a major mistake that people make with credit cards?

Paying the minimum balance

Using credit cards to pay for everyday purchases

Using credit cards only for emergencies

All of the above

10 points

Your credit limit is based on:

how old you are

what kind of job you have

how big your family is

your ability to handle debt

10 points

Credit card interest rates range from 8% to 29% or higher depending on:

your monthly income

your address

your credit history

your age

10 points

What is the grace period on credit cards?

a period of time in which you can spend as much as you want without paying back

a period of time when you have to be graceful

a period of time in which, if you pay your bill in full, you won’t have to pay interest charges.

a period of time in which you cannot use your credit card.

10 points

A credit report is:

an IRS report about your credit.

a record of your borrowing and paying habits

is not important until you need money to buy a house.

a police report filed when your credit card is stolen.

10 points

What is a credit limit?

how long you can keep a credit card

the maximum amount you can charge on your card

how often you can use your credit card

the maximum number of times you can use your card during the month

10 points

The cost of the loan each year expressed as a percentage is called the

Credit Percentage Rate

Grace Period Rate

Introductory Rate

Annual Percentage Rate

10.

10 points

Credit experts recommend that you check the status of your credit at least

once every five years

once a year

when you apply for your first loan or credit card

whenever you have time

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