Podcast
Questions and Answers
What is creditworthiness?
What is creditworthiness?
What is a credit report?
What is a credit report?
What is a credit score?
What is a credit score?
What is revolving credit?
What is revolving credit?
Signup and view all the answers
What is installment credit?
What is installment credit?
Signup and view all the answers
What is open credit?
What is open credit?
Signup and view all the answers
Which form of credit has a capped limit and can be used until you hit the predefined barrier?
Which form of credit has a capped limit and can be used until you hit the predefined barrier?
Signup and view all the answers
Which type of credit needs to be paid in full every time, like once a month?
Which type of credit needs to be paid in full every time, like once a month?
Signup and view all the answers
Which credit option has a set repayment schedule for a predetermined period of time?
Which credit option has a set repayment schedule for a predetermined period of time?
Signup and view all the answers
What is an example of an open credit option?
What is an example of an open credit option?
Signup and view all the answers
What are the advantages of using credit?
What are the advantages of using credit?
Signup and view all the answers
What are the disadvantages of using credit?
What are the disadvantages of using credit?
Signup and view all the answers
What are referred to as the legal rights of a borrower or debtor?
What are referred to as the legal rights of a borrower or debtor?
Signup and view all the answers
What is an example of an installment loan?
What is an example of an installment loan?
Signup and view all the answers
Credit is a powerful financial tool that should be used irresponsibly.
Credit is a powerful financial tool that should be used irresponsibly.
Signup and view all the answers
Your creditworthiness is a measure of your ability to repay a loan.
Your creditworthiness is a measure of your ability to repay a loan.
Signup and view all the answers
There are four main kinds of credit: revolving credit, installment credit, open credit, and secured credit.
There are four main kinds of credit: revolving credit, installment credit, open credit, and secured credit.
Signup and view all the answers
Your credit report includes a summary of your credit history.
Your credit report includes a summary of your credit history.
Signup and view all the answers
Revolving credit allows you to borrow money up to a certain limit and pay it back with interest over time.
Revolving credit allows you to borrow money up to a certain limit and pay it back with interest over time.
Signup and view all the answers
Installment credit needs to be paid in full every time, like once a month.
Installment credit needs to be paid in full every time, like once a month.
Signup and view all the answers
Revolving credit has a capped limit and can be used until you hit the predefined barrier.
Revolving credit has a capped limit and can be used until you hit the predefined barrier.
Signup and view all the answers
Installment credit does not have a set repayment schedule for a predetermined period of time.
Installment credit does not have a set repayment schedule for a predetermined period of time.
Signup and view all the answers
Open credit requires the borrower to pay back the entire amount borrowed at the end of each period.
Open credit requires the borrower to pay back the entire amount borrowed at the end of each period.
Signup and view all the answers
An example of open credit is a utility bill.
An example of open credit is a utility bill.
Signup and view all the answers
Convenience is an advantage of using credit.
Convenience is an advantage of using credit.
Signup and view all the answers
Using credit can reduce future buying power.
Using credit can reduce future buying power.
Signup and view all the answers
A poor credit record makes it easier and cheaper to get future credit.
A poor credit record makes it easier and cheaper to get future credit.
Signup and view all the answers
Credit rights are meant to safeguard customers from dishonest and abusive lending practices.
Credit rights are meant to safeguard customers from dishonest and abusive lending practices.
Signup and view all the answers
The Credit Information System Act (CISA) was passed in the Philippines on October 31, 2008.
The Credit Information System Act (CISA) was passed in the Philippines on October 31, 2008.
Signup and view all the answers
The goal of the Credit Information System Act (CISA) is to create a thorough credit history of borrowers.
The goal of the Credit Information System Act (CISA) is to create a thorough credit history of borrowers.
Signup and view all the answers
