Spring Final

To avoid interest charges on a credit card, pay the balance due in full by the payment due date.

• True

• False

The three credit reporting companies (Bureaus) are

• TransUnion

• Credit Karma

• Equifax

• Experian

The complete record of your borrowing and repayment performance.

• Credit Score

• Credit Bureau

• Credit Report

• Credit Freeze

Property that can be used as security for a loan

• Character

• Capacity

• Collateral

• Conditions

• Capital

A(n) _______________ fee is charged for violating a term of a credit credit agreement.

• annual

• penalty

• service

• balance transfer

Which of the following influences your credit score the most?

• Types of credit used

• Amount owed

• Payment history

• Length of credit history

To build a good credit history, you should

• Open as much credit as possible as quickly as possible

• use the maximum credit allowed on all your credit cards

• pay on time and as much of your balance as possible

Pawn loans, title loans, rent-to-own contracts are all types of alternative credit that can have annual interest rates as high as 300% or higher.

• True

• False

A poor credit score is a score that is

• between 680-720

• over 800

• below 580

What should you do when you start having problems paying your debts?

• Call creditors and negotiate lower payments

• Get another credit card to help pay the bills

• File for bankruptcy right away