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Consumer Ed - Unit 3 Credit Review Flashcards | StudBud
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Consumer Ed - Unit 3 Credit Review
What is the minimum monthly payment due
The Truth-In-Lending Act
Consumer Ed - Unit 3 Credit Review
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1
The Truth-In-Lending Act
is not helpful to consumers
requires credit card companies to charge very low interest
requires FICO Scores to be in a set range
requires lenders to provide key terms of a loan
2
What is the minimum monthly payment due
1200.00
20.00
168.80
125.24
3
A subprime mortgage will usually have _________ interest rates
low
high
4
What are you liable for if your credit card is lost or stolen?
Not more than $500 after notifying the issuer
All Purchases
Not more than $50 after notifying the issuer
Not more than $100 after notifying the issuer
5
Stretching your payments longer than initially planned will make your monthly payments
no change
disappear
smaller
larger
6
How much is the entire bill?
20.00
125.24
1200.00
1074.76
7
After failure to pay credit card bills, a creditor make do this to the item purchased.
"repo" it
charge double
consolidate the loan
change the terms
8
The shorter the time it takes you to pay off your mortgage, the _________ interest you pay.
same
more
less
9
You always pay your bills on time. This represents this part of your credit rating.
Capacity
Capital
Credit
Character
10
Owning two homes, a condo in Miami, and an RV affects which part of your credit rating?
Capacity
Character
Credit
Capital
11
The total amount you would be allowed to charge on your Bank of America Visa Card
credit quota
debt asset ratio
maximum charge
credit limit
12
Open-end credit refers to
a mortgage
car loan
revolving credit card
small business loan
13
What is the credit limit for this card?
1200.00
168.00
20.00
1074.76
14
A lender is required to do this if you are denied a loan.
offer you a similar loan product to apply for
inform the IRS of their decision
tell you why you're denied
recommend another lender
15
Someone involved in a personal bankruptcy
is unable to pay their bills
might go to prison for credit card debt
won't be able to withdraw money from the ATM
has no rights
16
You have collateral, you would be eligible for which type of loan?
sub prime
non-secured
secured
signature
17
This is the time on your credit card when no interest is accrued
grace period
finance charge
reward month
minimum payment
18
Be wary if you are this, for you are also legally responsible for the debt of the loan.
co-debtor
co-signor
family member
lender
19
Which is a feature of predatory lending practices?
reward programs
high interest rates
low or no fees
low interest rates
20
Credit has some advantages, one of them is
impulse buying
forced savings features
convenience
interest free borrowing
21
An equal value of this may be required by the lender as a requirement for the loan
investment
credit
collateral
incentive
22
This company sells data to lenders taken from consumers' credit history
stock exchange
credit bureau
credit union
bank
23
Your credit score will be based on
capacity
character
gains
capital
