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