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 will credit inquiries remain on your credit report
What is done with the finance charge assessed by a credit card company
Which of these is considered to be the credit solution of last resort
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
Sherry had an ending balance of 125.36 outstanding deposits of 153.53 and outstanding checks of 100.19 What was her checkbook balance
Valerie wants to take out a discount loan of 569 The rate is 4.5 percent for 250 days How much interest will she pay Be sure to round the time to the nearest hundredth
Which of these is not included on a credit card statement
How is the average daily balance calculated
it is the sum of the daily balance divided by the number of days
in the billing cycle
What methods has the highest finance charge
Charging the previous balance
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 is a type of fee that a credit card company might charge
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.
How is a finance charge calculated
multiply the unpaid balance by the monthly interest-rate
Which of the following is the best description of a consumer good
It is something tangible that can be touched or carried
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
