Exam 6: Using Credit

One can and should check his or her credit bureau file regularly.

Using more than 20 percent of one's take-home income to pay off consumer debt is one of the signs that he or she may be headed toward serious credit problems.

If you are expecting difficulties in making your payments,it is recommended that you ____________. ​

Always paying cash helps in establishing a high level of creditworthiness.

Personal insolvency can be legally satisfied by:

If your monthly before-tax income is $2,000 and your monthly take-home pay is $1,500,your maximum monthly consumer credit payments should not exceed:

The decision about whether or not to grant you credit will be made by ____________. ​

Which of the following can be excluded from a monthly credit card statement?

An individual's credit bureau file often includes information about his or her political and religious affiliations in addition to his or her financial information.

Lindsey has a job with a monthly take-home pay of $3,500.Using the recommended maximum debt safety ratio,what maximum debt burden per month can she assume? (Show all work.)

It is recommended that you never give your credit card account number over the phone to people or organizations who call you.

Which of the following is true about phishing?

Chapter 7 of the bankruptcy code:

The most expensive method for determining finance charges on revolving credit would be the ____________. ​

The amount of finance charges one pays on a credit card depends only on the annual percentage rate (APR)and the grace period charges.

Retail charge cards are advantageous to merchants because:

For a fee,credit bureaus can provide credit scores of prospective borrowers.

If the information in an individual borrower's credit report is in dispute,he or she is entitled to:

It is safe and is always necessary to give your Social Security number for identification when using a credit card.

A(n)_____ is an agency that provides credit information about individual borrowers to lenders.