personal finance spending unit test Flashcards
How can you view your credit report for free?
websites have free credit reports
If your credit score is low what ca this mean for you if you are applying for a loan?
you will have a higher loan or poor interest rates meaning you will have to pay more money
What information is not on your credit report
medical informaiton
How can you build positive credit?
by paying your bills on time
Borrowing money
individuals must pay back the determined amount of money in the future
open ended credit
loan which the borrower must repay the amount in a specified number of equal payments
closed ended credit
extended line of credit established in advance
How old do you need to be for a credit card?
21
How can you avoid paying interest on a credit card?
pay loans on time
What will paying the minimum on a credit card result in
your credit score will fall
How do you get a penalty APR rate
credit card companies can increase your interest rate because you missed a payment
What is identity theft
when another person’s information is used without their permission
When shopping online what should you do to remain safe?
use a credit card and make sure the site is secure
HOw can you prevent identity theft
keep usernames and passwords safe
dont carry your social security card with you
What should you do with a credit card account you no longer want?
cancel it by snipping it into two pieces
