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personal finance 5

QuestionAnswer
Heather realized she has taken out too much debt and it has started to negatively impact her ability to budge. She has decided to pay off this det in full as soon as possible. All of the following would be beneficial strategies EXCEPT? Applying for another credit card to use in case she runs out of cash paying off her debt
Which of the following methods of getting your credit sore would involve paying a fee? Getting a score from myFICO.com
Melvin is 19 years old and wants to begin establishing a credit history. Which action should he take to meet that goal? Ask his parents to cosign a credit card or add him as an authorized user on their credit card
You have a credit card that you use regularly for small purchase4s with the goal of improving your credit score. Which strategy would have the GREATEST positive impact? Use less than 30% of the credit limit and pay it off in full every month by the due date
You find an error on your credit report: your credit card account indicates that you are 60 days late on your payment, but you have bank records indicating that you have always made on-time payment. What should you do FIRST? Contact the credit card company to have them fix it
You’re paying your credit card bill and your student loan payment each month, but you’re falling behind on your auto loan payment. Which friend’s advice could have a NEGATIVE impact on your credit score? Debbie says, “Stop making the credit card payment for a few months until your caught up on the auto loan.”
Which response best complete the sentence, “It’s best to begin establishing credit when you’re young because ________”? You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card
Which free credit report service is authorized by federal law but only accessible once per year? AnnualCreditReport.com
What are the two most important factors in calculating your credit score? Payment history and total debt
Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score Make on-time payments
Which of the following individuals or groups would be the LEAST likely to look at your credit score? A bank representative who is helping you open a savings account
What strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of interest over time High rate method
Which of the following things should you have ready when contacting a credit reporting agency o report and error on your credit report? An explanation of the mistake and any evidence you have supporting your claim
Which of these represents a potential consequence of neglecting to pay your federal student loans? Wages or tax refunds can be garnished
The amount you can charge to a secured credit card is limited by? The amount of money you deposit into an account as collateral
How can your credit score impact your financial well-being? Your credit score can determine whether you are approves for a loan and what the interest rate on that loan will be
All of the following would show up on a credit report EXCEPT? Salary of your current job
Who tracks all of your credit information? Credit reporting agencies (Equifax, Experian, and TransUnion)
Which of the following could have a NEGATIVE impact on your credit score if done in a short period of time? Applying for multiple credit cards
What benefits do you receive by taking out a loan with a cosigner? You have a better chance of getting approved and getting a lower interest rate if the cosigner has good credit.
What is the general time line to establish your first credit score? Six months after you first actively use your credit
Which best describes the Debt Snowball method for paying off debt? Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance.
Created by: random567
 

 



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