Credit 101

Which of the following is not really a true credit card, in that it’s payment history does not get reported to the credit bureaus?

Charge card

Correct Incorrect Correct answer

General-purpose credit card

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Prepaid credit card

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Retail store card

Correct Incorrect Correct answer

True or false: Monthly payments on loans are fixed, so they never change.

True

Correct Incorrect Correct answer

False

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What are the 5 C’s of credit?

Credit score, Costs, Charge-offs, Collections, Credit report

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Character, Capacity, Capital, Collateral, Conditions

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Credit history, Credit utilization, Credit age, Credit mix, Credit applications

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Credit Cards, Closed-end Loans, Charge-Offs, Collections, Charge Cards

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Which law protects consumers against interest rate changes without notification?

Credit CARD Act

Correct Incorrect Correct answer

Truth in Lending Act

Correct Incorrect Correct answer

Fair Debt Collection Practices Act

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Fair Credit Billing Act

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Monthly payments on open-end credit are…

Fixed each year

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Fixed forever

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Paid in-full each billing cycle

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Based on minimum payment requirements

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Which credit card APR would apply if you take money out at an ATM using your credit card?

Standard APR

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Penalty APR

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Balance transfer APR

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Cash advance APR

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True or false: Your credit score is not a factor when you apply for federal student loans.

True

Correct Incorrect Correct answer

False

Correct Incorrect Correct answer

Which of the following is an example of a secured closed-end debt?

Home equity loan

Correct Incorrect Correct answer

Home Equity Line of Credit (HELOC)

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Secured credit card

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Student loan

Correct Incorrect Correct answer

True or false: The grace period on a credit card refers to the amount of time you have to pay the balance before late charges apply.

True

Correct Incorrect Correct answer

False

Correct Incorrect Correct answer

Under the Fair Credit Billing Act, what’s the maximum liability you’ll have if you report a stolen credit card within 30 days?

$0

Correct Incorrect Correct answer

$50

Correct Incorrect Correct answer

$100

Correct Incorrect Correct answer

$500

Correct Incorrect Correct answer

Credit 101

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