6.3 Credit

This type of BANKRUPTCY lasts 7 years on your credit report

• Chapter 7

• Chapter 13

• Both

This type of BANKRUPTCY stays on your credit report for 10 years.

• Chapter 7

• Chapter 13

• Both

In this type of bankruptcy, you must sell all your non-essential assets in order to pay off as much of your debts as you can.

• Chapter 7

• Chapter 13

In this type of bankruptcy you create a plan that must be approved by a judge in which you will pay back your debts in 3-5 years. Often interest will be removed from your bills

• Chapter 7

• Chapter 13

If you are overwhelmed by debt and file for bankruptcy be aware that your credit score could drop from:

• 50-100 points

• 100-200+ points

• 0-50 points

• 300-400+ points

A loan that you pay an equal number of payments over a fixed period of time is known as a(n)...

EX: Paying $400 a month for your car for 5 years.

• installment Loan

• Credit Loan

• Cyclical Loan

• Revolving Loan

There are ________ Credit Report Agencies

• Five

• Three

• Six

• Four

Which of the following is NOT a Credit Reporting Agency?

• Equifax

• TransUnion

• Experian

• CreditKarma

Who is responsible for keeping credit reports up to date and accurate?

• Credit Reporting Agencies

• The IRS

• You are

• The President

You can avoid paying interest and fees on credit cards if you...

• pay the entire amount you owe on time

• pay the minimum amount owed on time

• pay any amount on time

• This is inaccurate. Everyone has to pay interest and fees with credit cards