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.
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Term1/19
What is done with the finance charge assessed by a credit card company
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Definition1/19
added to the balance
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Term1/19
Sam is a chef He has a savings account of 500 and a car worth 7569 He owes 450.23 on his new stereo Calculate Sam's net worth
🔄 Click to see definition
Definition1/19
7618.77
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Term1/19
Which of these is a signed promise to pay back a loan
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Definition1/19
promissory note
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Term1/19
Which of these is not included on a credit card statement
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Definition1/19
credit score
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Term1/19
Which of these protects you when applying to receive credit
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Definition1/19
Equal Credit Opportunity Act
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Term1/19
What protects you when applying to receive credit
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Definition1/19
Calculate the finance charge on a credit card balance of
3,299.19 at a monthly rate of 1.2%.
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Term1/19
Which of these would not be included on a loan application
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Definition1/19
your educational background
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Term1/19
Would not result from defaulting on a loan
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Definition1/19
Imprisonment
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Term1/19
Which of these is not a way in which credit card companies assess finance charges
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Definition1/19
some place a fee on the average yearly balance . ( A+ )
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Term1/19
What is allowed by the creditor when you apply for credit
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Definition1/19
asking for your social security number
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Term1/19
What is a type of fee that a credit card company might charge
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Definition1/19
credit limit fee
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Term1/19
If nancy pays her bank 465.23 a month for 48 months how much will she have paid on her installment loan-
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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.
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Term1/19
What is a Grace period in an insurance policy
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Definition1/19
Grace period is a provision given to policyholder to pay premium
in next 30 days.When he fails to pay it before the due date, this
time period of 30 days is called grace period.
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Term1/19
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2.
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Definition1/19
14.4 %. A+
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Term1/19
How is a finance charge calculated
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Definition1/19
multiply the unpaid balance by the monthly interest-rate
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Term1/19
V O I D
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Definition1/19
V O I D
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Term1/19
Which of the following is the best description of a consumer good
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Definition1/19
It is something tangible that can be touched or carried
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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
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Definition1/19
583.53
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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.
What is done with the finance charge assessed by a credit card company
added to the balance
Sam is a chef He has a savings account of 500 and a car worth 7569 He owes 450.23 on his new stereo Calculate Sam's net worth
7618.77
Which of these is a signed promise to pay back a loan
promissory note
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
What protects you when applying to receive credit
Calculate the finance charge on a credit card balance of
3,299.19 at a monthly rate of 1.2%.
Which of these would not be included on a loan application
your educational background
Would not result from defaulting on a loan
Imprisonment
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
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.
What is a Grace period in an insurance policy
Grace period is a provision given to policyholder to pay premium
in next 30 days.When he fails to pay it before the due date, this
time period of 30 days is called grace period.
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2.
14.4 %. A+
How is a finance charge calculated
multiply the unpaid balance by the monthly interest-rate
V O I D
V O I D
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
What institution insures individual banking accounts
Which of these is the best description of fixed expenses
Calculate the simple interest you would receive in five years on a savings account that earns 7.5 percent annual interest What if your beginning balance is 1236.59