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Credit Review
Credit Test Review
Question | Answer |
---|---|
A record of how you have repaid your credit obligations is your? | Credit History |
A legal process to get out of debt when you can no longer make all your required payments. | Bankruptcy |
A rating used by credit reporting agencies to help lenders decide to extend money to a borrower. | Credit Score |
A fee on credit cards for making charges over the limit | Over the Limit Fee |
Credit ____________ are requests for an individual's credit report. | inquiries |
Credit experts recommend that you check the status of your credit report at least? | Once a year |
Which is a right that lenders must respect according to the Truth in Lending Act? | Right to know whey you are turned down for a loan. |
What is the range of FICO Scores? | 300-850 |
Excluding Mortgage Payments, what's the max % of net pay that should be used to pay off debt? | 10% |
What is an example of open-ended credit? | Credit Card |
Which Act prohibits credit discrimination on the basis of race, religion, marital status, etc. | Equal Credit Opportunity Act |
What is the only government sponsored web site to get your credit report? | annualcreditreport.com |
The length of time you have to pay off a loan is called | Loan Term |
Which of the following gives consumers the right to review and correct their credit report? | Fair Credit Reporting Act |
A detailed record of your personal credit and financial transactions. | Credit Report |
Amount of money, or something of value, that is loaned on trust and with the expectation that it will be repaid at a later date. | Credit |
The amount of money someone is willing to loan you; the amount that is still owed on the loan. | Principal |
A charge for setting up a loan that is typically associated with home loans. | Origination Fee |
The total amount of what it costs you to use credit in a given year; expressed as a percentage of the amount borrowed. | Annual Percentage Rate |
The entire amount of money you owe to lenders. | Debt |
Usually seen on credit card statements to represent the actual dollar cost of using credit to maintain a balance. | Finance Charge |
A penalty on all types of credit for making a payment after its due date. | Late Fee |
On a credit card, the length of time you have before you start accumulating interest on an unpaid balance. | Grace Period |
An amount that credit card companies can charge for the use of a credit card. | Annual Fee |
Maximum amount of credit a lender will extend to the customer | Credit Limit |