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MANAGING CREDIT TUTORIAL

Answer the following questions as a review on Credit.


1.   Why is it important to maintain a good credit history?
a. Because your family will inherit it, and it's important to            plan for their future
b. Because anyone can access your credit history at any            time to learn about you
c. Because a good credit history can generally help you            negotiate for a lower finance rate
d. Consumer protection laws state it is your responsibility            to maintain good credit

2.   What might happen if you fail to make several payments on        purchases that you made a year ago?
a. The item(s) can be taken away from you, if the item(s)            secured the credit obligation you took on when you            bought the items
b. Negative information may be added to your credit report
c. You could be denied credit in the future
d. All of the above

3.   How can you find what your credit history looks like?
b. Ask a private investigator to find out all they can about            you
c. Look yourself up on the Internet
d. Check your family's credit history

4.   Which of the following is not something a creditor will look at        before granting you credit?
a. If you pay your bills on time
b. Where you live and your living arrangements
c. How many credit obligations you have
d. How much you owe on all your accounts

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True or False


5.   If you dispute information on your credit report, you can add a        consumer statement explaining the circumstances.
a. True
b. False

6.   If you can't make your car payment, it's best to wait until the        next month to catch up on the payments.
a. True
b. False

7.   If you are denied credit, the creditor is not legally required to        explain why.
a. True
b. False

8.   When creditors evaluate your income, they can't legally        refuse to consider income from public assistance in the       same manner as other income.
a. True
b. False

9.   Your credit report is available to anyone, regardless of the        reason.
a. True
b. False

10.   A creditor can deny your credit based on your marital status.
a. True
b. False

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Button: Go to Previous
Jump to:
1. Introduction 11. Purchasing a Credit Report
2. Why You Need a Credit History? 12. How to Correct a Credit Rating
3. Consequences of Bad Credit 13. How Creditors Rate You
4. Glossary of Credit Terms 14. 4 Key Credit Tips
5. Credit - The First Step 15. 3 Things you Don't Want to Do
6. How Creditors Get Information 16. How to Spot Bad Credit
7. What Your Credit Report Says 17. How to Get on the Right Track
8. What's In Your Credit Report? 18. Your Credit - An Overview
9. Credit Report Exercise 19. If You're Denied Credit
10. Free Annual Credit Report 20. Consumer Protection Laws
21. Credit Review

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