W!SE Credit

Front

When a person declares bankruptcy, how long will that fact appear on the person’s credit report?

Back

for a 10 year period.

Front

To qualify for a Federal Housing Administration (FHA) loan, a person must generally fulfill income guidelines.

Back

fulfill income guidelines.

Front

What is meant by an uncollateralized loan?

Back

A personal loan without assets to cover the loan amount.

Front

A person has three credit cards with very large outstanding balances and is unable to make payments on any of them. Which action should the person take?

Back

Notify the credit card companies in order to negotiate a new payment plan.

Front

When a person brings an item to a pawnshop to obtain cash, the transaction is considered

Back

a collateralized loan.

Front

Which of the following is considered to be open-end credit? A mortgage., A car loan., Department store charge cards., Installment loans.

Back

Department store charge cards.

Front

A creditor determines your creditworthiness based on: Character, collateral, and capacity, address, gender, education

Back

Character, collateral, and capacity

Front

How can you protect yourself against credit card fraud?

Back

Be extremely careful about disclosing account information to unsolicited callers.

Front

What effect do several open department store credit charge cards that have not been used in two years have on an application for a loan or mortgage?

Back

They are open accounts that she could use, will be considered in any application for credit, and could make it difficult for her to get a loan or mortgage.

Front

Ms. Jackson contacted a mortgage company about refinancing her mortgage. The mortgage company gave her a home loan with unusually high costs and without regard to her ability to repay. This practice is called:

Back

Predatory lending