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Credit Quiz 3 (25 MCQs)

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1. The ability to borrow money in return for a promise of future payment.
2. Consumer reporting agencies or credit reporting agencies are also called
3. The 3 credit bureaus that determine your FICO score are:
4. When your billing statement shows no outstanding balance and no new charges have been incurred.
5. Two major credit scoring systems are
6. Amount of time before interest starts accumulating on charged purchases is the _____
7. What does a credit card do?
8. What is a Disadvantage of having credit?
9. A Soft Credit Inquiry is _____
10. A loan that is repaid in regular payments over a period of time is called a(n):
11. The number of open credit accounts, the balances on credit accounts, the number of on-time payments, and the number of credit inquiries on an individual
12. A _____ is money lent by a financial institution with the expectation that it will be paid back with interest.
13. FICO stands for:
14. What does FICO stand for?
15. Open to anyone over 18
16. The cosigner of a loan agrees to
17. One disadvantage of credit is
18. When a person declares bankruptcy that fact will appear on the person?s credit report
19. To pay for goods /services and at end of month they pay bill
20. _____ is a report that details how a person has used credit in the past.
21. Surrender of notes to the bank by the government by a specific period and receive new currency is called _____
22. Has $ 250, 000 dollars worth of insurance in case they lose all their money
23. The Truth-in Lending Act of 1969 requires that all contracts for credit express the finance charge as a(n)
24. Which federal government student loan will the government pay interest as long as you are at least a half time student.
25. Loan for the purchase of real estate
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