Which of the following best defines someone's capacity?(1 point)
Responses
Their prior record of paying bills and paying off debts
Their ability to repay a loan
Items attached to a loan that may be seized if they fail to repay
Undocumented loans they received from friends and family members
Their ability to repay a loan
In the context of credit ratings, what is character?(1 point)
Responses
something of value used to secure a loan
a numerical estimate of your creditworthiness
your ability to repay a loan
your prior record of paying your bills and paying off your debts
your prior record of paying your bills and paying off your debts
Which of the following is not going to appear on your credit report?(1 point)
Responses
whether you have ever declared bankruptcy
a list of your employers
your age and gender
your credit card account
your age and gender
Which choice is an accurate fact about credit reports?(1 point)
Responses
You can request one only if you have been turned down for credit
You can request one whenever you want.
You can request one online or over the phone.
You can request one no more than once a year.
You can request one whenever you want.
Darren’s credit report lists seven credit cards that he does not have. What should he do?(1 point)
Responses
He should contact the credit bureau that issued the credit report, his local police, and the federal government at identitytheft.gov.
He should contact the credit bureau that issued the credit report, the companies that issued the seven fraudulent cards, his local police, and the federal government at identitytheft.gov.
He should contact the credit bureau that issued the credit report, the companies that issued the two credit cards he does have, and the federal government at identitytheft.gov.
He should contact all three credit bureaus, the companies that issued the seven fraudulent cards, the companies that issued the two credit cards he does have, his local police, and the federal government at identitytheft.gov.
He should contact the credit bureau that issued the credit report, his local police, and the federal government at identitytheft.gov.
A clerical error caused a simple mistake on your credit report. Once you gather proof that the information is incorrect, which two of the following should you provide it to? Choose all correct answers. (1 point)
Responses
the lender that provided the incorrect information
your bank
the federal government
every company that has provided you with credit or a loan
the credit bureau that prepared the report
the lender that provided the incorrect information and the credit bureau that prepared the report
After a bankruptcy procedure is completed, when can you start rebuilding your credit?(1 point)
Responses
ten years
right away
seven years
three years
right away
You should hire a lawyer to help you through which process?(1 point)
Responses
both Chapter 7 and Chapter 13 bankruptcy
Chapter 7 bankruptcy
neither Chapter 7 nor Chapter 13 bankruptcy
Chapter 13 bankruptcy
both Chapter 7 and Chapter 13 bankruptcy
As Attorney General, how did Vice President Kamala Harris help California homeowners?(1 point)
Responses
She won a $20 billion settlement for California homeowners whose homes were inappropriately foreclosed on.
She paid off the mortgages for all California homeowners.
She won a $1.1 billion settlement for California students and veterans who were taken advantage of by a for-profit education company.
She raised the credit scores for all California homeowners.
She won a $20 billion settlement for California homeowners whose homes were inappropriately foreclosed on.
Which is the most important factor that FICO uses to determine your credit score?(1 point)
Responses
amount owed
new credit
credit mix
payment history
payment history
Which is true about credit card repayment?(1 point)
Responses
You must pay the balance in full each month or the bank will take the card away.
You must pay the balance in full before the grace period ends if you want to avoid paying interest
You must pay the balance in full each month or your account will go to collections.
You must pay the balance in full each month or the APR will go up.
You must pay the balance in full before the grace period ends if you want to avoid paying interest.
What is true about the length of a loan’s term?
(1 point)
Responses
The longer the term, the higher the interest rate will be.
The longer the term, the fewer payments you will make.,
The longer the term, the more you will pay in interest.
The longer the term, the more fees you will be charged.
The longer the term, the more you will pay in interest.
You are looking at two loans for the same amount over the same length of time. Which is true about the loan with the lower APR?(1 point)
Responses
It will probably have higher monthly payments.
It will cost you less money overall.
It will be paid off sooner.
It will probably have a higher interest rate.
It will cost you less money overall.
Which of the following is true of interest?
(1 point)
Responses
It is calculated only once, when you first take out the loan.
It is a percentage of the total cost of the loan.
It is expressed as the APR of a loan.
It is a percentage of the amount of the principal you have not yet paid back.
It is a percentage of the amount of the principal you have not yet paid back.
Which of the following is true of credit cards?(1 point)
Responses
When you use them, you never really know how much you owe.
You cannot use them to buy something that costs more money that you have in the bank.
They generally charge 3% to 5% interest.
You will save money if you pay the balance off quickly.