Senerio
Mark got pick pocketed when at the mall his credit card was stolen. What should he do?
The correct answer:
He should report it immediately to his bank.
Overspending on your credit card will help your credit score
The correct answer:
False, It will make your credit score drop
What is the definition of Apr?
Annual percentage rate
When getting a credit card it says no interest but for how long?
No, interest is charged until after 6 months
Should I make a minimum payment on my credit card bill?
No, because I will be charged interest.
Cole overdrafted 200 dollars on his credit card. What should he do?
The correct answer
He should pay in full and not do minimum payments so he does not get charged interest.
Maxing out your credit card, Not knowing your total debt, and Borrowing from family members to pay debt. Are all signs of credit trouble?
True
What is the definition of overspending?
spending more than expected or allowed
What are three factors that can affect your credit score?
Payment history, Having a mix of different credit, Opening to many accounts in a short period of time
How many credits are you required to graduate?
24 credits
Nate hasn't been working to pay off his debt on his credit card. What should he do?
The correct answer
He should contact his bank and tell them he doesnt have a job so they can move his payment date.
People younger than 18 can get credit cards with no trouble
False, they can't unless proving he or she has independent means to make payments
What is the definition of co-signer?
A person who signs a document jointly with another in order to guarantee payment
Name three things that you can do to help build and maintain a good credit?
Pay bills on time, Monitor your reports, try not to open new accounts simultaneously and only open if necessary.
When do we have block?
Tuesdays and wednesdays
James is 17 years old and lives with his parent. He wants to take out a credit card but when contacting the bank they said no. what does james have to do in order to get a credit card?
The correct answer
He needs a parent or guardian co-sign
When using a credit card you spend your own money?
False
What is the definition of debt?
Something,typically money that is owed or due
What is creditworthiness?
Your credit history demonstrates your trustworthiness as a borrower. It also indicates you are a lower risk to lenders.
What are the library chair colors?
Blue
Mike asked his co-worker james who has good credit what are three things that he did when getting his credit card that helped him have good credit?
The correct answer
Don't buy out of impulse?
Track your payments online
Notify your creditors if you can't make your payments on time
The price of credit is high
True
What is the definition of a credit card?
a plastic card issued by a bank, allowing the holder to purchase goods or services on credit.
What is a credit report?
A detailed record of your credit history, including personal information, accounts and type, limit, balance, payment history, inquiries, and public records as well as bankruptcies.
What is the highest credit score you can get?
950