How soon after you are denied credit must you receive notice both verbally and by letter
🔄 Click to see definition
Definition1/19
If you are denied credit, the Equal Credit Opportunity Act
requires that the creditor give you a notice that tells you the
specific reason your application was rejected or the fact that you
have the right to learn the reason if you ask within 60 days. If
your credit application was due to information obtained from your
credit report, the Fair Cedit Reporting Act requires the creditor
to give you the name, address and phone number of the credit
reporting agency that supplied the information. The credit
reporting agency can tell you what is in your report but only the
creditor can tell you why your applicaton was denied.
🔄 Click to see term
Term1/19
How long does a bankruptcy stay on a credit report
🔄 Click to see definition
Definition1/19
Ten years from the date of discharge.
🔄 Click to see term
Term1/19
How long will negative information concerning your use of credit be kept in your credit report
🔄 Click to see definition
Definition1/19
Seven years is a common period of time. You should not try to
pay up on old accounts, but for those within the last couple of
years, see if you can call the company and settle the account so
that it will be marked as paid rather than written off. Check to
see if any negative information, such as from apartments or
utilities, is inaccurate. If so, contact them and get a signed,
letterhead, letter saying the account is paid. Then, send that to
all of the credit bureaus. Definitely keep the letter in your file
for years to come - zombie collectors are always out there.
Finally, pay everything on time going forward. Sometimes it is
helpful to signup for automatic billpay to keep things timely.
🔄 Click to see term
Term1/19
How long will credit inquiries remain on your credit report
🔄 Click to see definition
Definition1/19
2 years
🔄 Click to see term
Term1/19
What is done with the finance charge assessed by a credit card company
🔄 Click to see definition
Definition1/19
added to the balance
🔄 Click to see term
Term1/19
Which of these is considered to be the credit solution of last resort
🔄 Click to see definition
Definition1/19
bankruptcy
🔄 Click to see term
Term1/19
What should be the first step in calculating a monthly credit card finance charge
🔄 Click to see definition
Definition1/19
change the percent to a decimal
🔄 Click to see term
Term1/19
George had a previous balance on his credit card of 330.19 on which he paid 50.00 He was assessed a finance charge of 4.20 What is his new balance
🔄 Click to see definition
Definition1/19
$284.39
🔄 Click to see term
Term1/19
Which of these is not included on a credit card statement
🔄 Click to see definition
Definition1/19
credit score
🔄 Click to see term
Term1/19
Which of these protects you when applying to receive credit
🔄 Click to see definition
Definition1/19
Equal Credit Opportunity Act
🔄 Click to see term
Term1/19
Which of these is not a way in which credit card companies assess finance charges
🔄 Click to see definition
Definition1/19
some place a fee on the average yearly balance . ( A+ )
🔄 Click to see term
Term1/19
What is allowed by the creditor when you apply for credit
🔄 Click to see definition
Definition1/19
asking for your social security number
🔄 Click to see term
Term1/19
What describes a annual percentage rate
🔄 Click to see definition
Definition1/19
A measure of the cost of credit expressed as a yearly interest
rate.
🔄 Click to see term
Term1/19
What is a type of fee that a credit card company might charge
🔄 Click to see definition
Definition1/19
credit limit fee
🔄 Click to see term
Term1/19
If nancy pays her bank 465.23 a month for 48 months how much will she have paid on her installment loan-
🔄 Click to see definition
Definition1/19
If Nancy pays her bank 465.23 a month for 48 months, the amount
paid on every installment would be 116.3075/n where n is the
amount.
🔄 Click to see term
Term1/19
Under the equal credit opportunity act what do you not have the right to do
🔄 Click to see definition
Definition1/19
Refuse to pay credit card payment.
🔄 Click to see term
Term1/19
Which of the following statements in the discussion section is false
🔄 Click to see definition
Definition1/19
Which of the following statements is false?
A. A debit card never has a MasterCard or Visa logo on it. B. Your
debit card is like cash. C. You do not borrow money when you use a
debit card. D. Loaning your debit card to friends is a not smart
thing to do.
🔄 Click to see term
Term1/19
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2.
🔄 Click to see definition
Definition1/19
14.4 %. A+
🔄 Click to see term
Term1/19
Hank purchased a new grill for $349 on his credit card. He had a previous balance of $225.91. A finance charge of $8.62 was assessed. What is his new balance
🔄 Click to see definition
Definition1/19
583.53
🔄 Click to see term
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Cards in this guide (19)
How soon after you are denied credit must you receive notice both verbally and by letter
If you are denied credit, the Equal Credit Opportunity Act
requires that the creditor give you a notice that tells you the
specific reason your application was rejected or the fact that you
have the right to learn the reason if you ask within 60 days. If
your credit application was due to information obtained from your
credit report, the Fair Cedit Reporting Act requires the creditor
to give you the name, address and phone number of the credit
reporting agency that supplied the information. The credit
reporting agency can tell you what is in your report but only the
creditor can tell you why your applicaton was denied.
How long does a bankruptcy stay on a credit report
Ten years from the date of discharge.
How long will negative information concerning your use of credit be kept in your credit report
Seven years is a common period of time. You should not try to
pay up on old accounts, but for those within the last couple of
years, see if you can call the company and settle the account so
that it will be marked as paid rather than written off. Check to
see if any negative information, such as from apartments or
utilities, is inaccurate. If so, contact them and get a signed,
letterhead, letter saying the account is paid. Then, send that to
all of the credit bureaus. Definitely keep the letter in your file
for years to come - zombie collectors are always out there.
Finally, pay everything on time going forward. Sometimes it is
helpful to signup for automatic billpay to keep things timely.
How long will credit inquiries remain on your credit report
2 years
What is done with the finance charge assessed by a credit card company
added to the balance
Which of these is considered to be the credit solution of last resort
bankruptcy
What should be the first step in calculating a monthly credit card finance charge
change the percent to a decimal
George had a previous balance on his credit card of 330.19 on which he paid 50.00 He was assessed a finance charge of 4.20 What is his new balance
$284.39
Which of these is not included on a credit card statement
credit score
Which of these protects you when applying to receive credit
Equal Credit Opportunity Act
Which of these is not a way in which credit card companies assess finance charges
some place a fee on the average yearly balance . ( A+ )
What is allowed by the creditor when you apply for credit
asking for your social security number
What describes a annual percentage rate
A measure of the cost of credit expressed as a yearly interest
rate.
What is a type of fee that a credit card company might charge
credit limit fee
If nancy pays her bank 465.23 a month for 48 months how much will she have paid on her installment loan-
If Nancy pays her bank 465.23 a month for 48 months, the amount
paid on every installment would be 116.3075/n where n is the
amount.
Under the equal credit opportunity act what do you not have the right to do
Refuse to pay credit card payment.
Which of the following statements in the discussion section is false
Which of the following statements is false?
A. A debit card never has a MasterCard or Visa logo on it. B. Your
debit card is like cash. C. You do not borrow money when you use a
debit card. D. Loaning your debit card to friends is a not smart
thing to do.
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2.
14.4 %. A+
Hank purchased a new grill for $349 on his credit card. He had a previous balance of $225.91. A finance charge of $8.62 was assessed. What is his new balance