Managing Credit Flashcard
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Practice Problem
•
Hard
+3
Standards-aligned
Wayground Content
FREE Resource
Student preview
15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a credit report?
Back
A credit report is a detailed report of an individual's credit history, including personal information, credit accounts, payment history, and any bankruptcies or foreclosures.
2.
FLASHCARD QUESTION
Front
How often can you request a free copy of your credit report?
Back
Once a year per credit agency.
3.
FLASHCARD QUESTION
Front
What is credit utilization?
Back
Credit utilization is the ratio of your current credit card balances to your credit limits, expressed as a percentage. It is recommended to keep it under 30%.
4.
FLASHCARD QUESTION
Front
What is the recommended credit utilization percentage?
Back
30%.
5.
FLASHCARD QUESTION
Front
What happens if you miss a credit card payment?
Back
Missing a payment can negatively impact your credit score and the missed payment will remain on your credit report for 7 years.
6.
FLASHCARD QUESTION
Front
How long does a missed payment stay on your credit report?
Back
7 years.
7.
FLASHCARD QUESTION
Front
What is a repossession?
Back
Repossession is the act of taking back an item, such as a car or home, by the lender when the borrower fails to make payments.
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