If you don’t report card after it is lost or stolen

you have full liability to pay back charges

If unauthorized charges are made with your credit card before you report it lost or stolen

You are responsible for up to $50 of charges.

The longer you take to pay back a loan

The more interest you will have to pay.

A low credit score shows that you are

poor credit risk, pay more on loans

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W!SE Areas to Review - Credit #3

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WISE W!SE Financial Literacy #Financial Literacy

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Questions 10

Answers

1
The amount of available credit you have relative to the amount of debt you carry.
Debt to Credit Ratio
Debt to Income Ratio
Credit to Cash Balance
Debt to Income Balance
2
Lenders use ______ to evaluate the potential risk posed by lending money to consumers
liquidity
Credit Score
Rule of 72
Debt to credit ratio
3
In 1968, this Consumer Credit Protection Act, Required lenders to explain all costs of credit
Lending Information Act
Sherman Anti-Trust Law
Federal Information Credit
Truth in Lending Act
4
If you don’t report card after it is lost or stolen
you are liable for the first 10 days or purchases
you are only liable for the first $500 of purchases
you have full liability to pay back charges
you are not liable for purchases you don't make
5
If the charges are made after you report the card lost or stolen
you have no liability
you are liable up to $500
you are liable for purchases if they sign your name
you still have full liability because it is your card
6
If unauthorized charges are made with your credit card before you report it lost or stolen
You are responsible for all charges.
You are not responsible for any of the charges.
You are responsible for up to $50 of charges.
You are only responsible for items of $500 or more.
7
Paying your Credit Card late will result in
Raising your credit score
Lowering your credit score
improving your credit score
extending your grace period
8
Which of the following is not three of the leading credit reporting agencies
Creditfax
Experian
Equifax
TransUnion
9
The longer you take to pay back a loan
The length of time doesn't effect the amount paid.
The less principal and interest you will have to pay
The more principal you will have to pay.
The more interest you will have to pay.
10
A low credit score shows that you are
no credit risk, pay nothing for loan
average credit risk, pay the same as everyone else
good credit risk, pay less on loans
poor credit risk, pay more on loans

W!SE Areas to Review - Credit #3 Flashcards | StudBud