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Credit Review

Credit Test Review

QuestionAnswer
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
Created by: aforester