Podcast
Questions and Answers
What is creditworthiness?
What is creditworthiness?
- The term length of a loan
- The amount of money you can borrow
- The interest rate on a loan
- A measure of your ability to repay a loan (correct)
What is a credit report?
What is a credit report?
- A list of available credit options
- A record of recent credit inquiries
- A summary of credit accounts
- A detailed record of credit history (correct)
What is a credit score?
What is a credit score?
- The amount of money you owe on your credit cards
- A summary of your recent credit activity
- The duration for which you've had credit
- A three-digit number summarizing credit history (correct)
What is revolving credit?
What is revolving credit?
What is installment credit?
What is installment credit?
What is open credit?
What is open credit?
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?
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?
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?
What is an example of an open credit option?
What is an example of an open credit option?
What are the advantages of using credit?
What are the advantages of using credit?
What are the disadvantages of using credit?
What are the disadvantages of using credit?
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?
What is an example of an installment loan?
What is an example of an installment loan?
Credit is a powerful financial tool that should be used irresponsibly.
Credit is a powerful financial tool that should be used irresponsibly.
Your creditworthiness is a measure of your ability to repay a loan.
Your creditworthiness is a measure of your ability to repay a loan.
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.
Your credit report includes a summary of your credit history.
Your credit report includes a summary of your credit history.
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.
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.
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.
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.
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.
An example of open credit is a utility bill.
An example of open credit is a utility bill.
Convenience is an advantage of using credit.
Convenience is an advantage of using credit.
Using credit can reduce future buying power.
Using credit can reduce future buying power.
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.
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.
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.
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.
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