1. Credit Test Review

2. What card takes money directly from your checking or savings account?  Debit Card

3. What is the numerical value applied to your credit report by a consumer credit bureau that rate an individual’s creditworthiness for lenders? FICO SCORE

4. What should you do to prevent paying more interest to the credit card company?  Pay minimum balances  Pay more than minimum balances

5. What card allows you to borrow money from a private company and to keep a revolving balance?  Credit Card

6. If you have a high credit score, which is more likely?  Your APR will be higher  Your APR will be lower

7. How long does bankruptcy stay on your credit report?  up to 10 years

8. What does APR stand for?  Annual Percentage Rate

9. What APR applies to purchases after you pay your credit card late or go over the limit?  Penalty APR

10. What term is used to describe the situation in which a person has a balance for longer than 1 month?  Revolving Balance

11. What does your credit card give you when you use it for a cash advance?  It allows you to borrow cash money

12. When you use a credit card to pay another debt such as an amount from another credit card, this is called:  Balance Transfer

13. What law protects your credit card if it is lost or stolen?  Truth in Lending Act

14. Medical Bills are examples of:  Secured Debt  Unsecured Debt

15. What are the three consumer credit reporting agencies?  Experian  Transunion  Equifax

16. What law protects your debit card if it is lost or stolen?  Electronic Funds Transfer Act

17. Car Loans are examples of:  Secured Debt  Unsecured Debt

18. Which of 3 C’s of creditapplies to the following?  what assets does the consumer have that could be taken by the creditor if the loan is not paid  COLLATERAL

19. What are the benefits of having a good credit score?  You may have more access to credit and loans with lower interest rates and fees

20. Which of the 3 C’s of credit analyzes how much does a consumer earns and would be able to afford?  Capacity

21. How can you improve your credit score?  Pay your bills on time  Show that you have the ability to pay a balance over time

22. What are the consequences of declaring bankruptcy  You debts will be written off  It will negatively impact your credit report for up to 10 years  It will limit your ability to get credit and loans  It will most likely lead to higher APRS and fees from companies willing to extend credit

23. What is an _____?  It is something of value that the consumer possesses. Examples include  House  Car  Money in bank accounts  Jewelry  ASSET

24. What is a ____?  It is an amount of money that is owed to a creditor  DEBT

25. Which law allows the consumer to see an accurate credit report that is available upon your request?  Fair Credit Billing Act

26. What is probably happening to you when these things are offered?  They charge you an up-front fee  They guarantee you money before reviewing your application  You may be a victim of a loan scam

27. Which of the 3 C’s of credit analyzes a consumer’s patterns of payment?  Character

28. Can an employer see your credit report?  Yes

29. Mandated by the Truth in Lending Act, this is the table of information that describes the terms of your credit card:  Disclosure Statement