PF- Credit

True or False. When I use my credit card, money comes directly out of my checking account.

• True

• False

This type of credit requires payment of a fixed monthly amount (or more), until the principal is paid off in full.

• Non-Revolving

• Revolving

• Secured

• Unsecured

Credit Cards are a type of _____ credit.

• Non-Revolving

• Revolving

This type of credit utilizes collateral, so if you do not pay your loan, the bank will take your collateral back.

• Non-Revolving

• Revolving

• Secured

• Unsecured

Credit cards are an example of _____ credit.

• Secured

• Unsecured

Which of the following impacts your credit score?

• On-time payment history

• Length of credit history

• New/recent opening of credit

• All of the above

True or False. Your Average Percentage Rate (APR) refers to the interest charged on your credit card balance.

• True

• False

If you have a _____ credit score, you will qualify for ____ interest rates on loans.

• Good, high

• Good, low

• Bad, low

What happens if you miss a credit card payment?

• charged a late fee

• bad mark on your credit report

• interest rate goes up

• All of the above

I will always ____ at the end of the month.

• Pay the minimum payment

• Pay 50% of the payment

• Pay in full