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Questions and Answers
Which of the following is NOT a way to establish credit for the first time?
Which of the following is NOT a way to establish credit for the first time?
- Becoming an authorized user
- Taking out a loan with a cosigner
- Getting a secured credit card
- Taking out a federal student loan (correct)
How long does it take for someone with good credit habits to have a credit score in the mid to high 600s?
How long does it take for someone with good credit habits to have a credit score in the mid to high 600s?
- 1 year
- 3 years (correct)
- 7 years
- 5 years
What is the benefit of being added as an authorized user on someone else's credit card?
What is the benefit of being added as an authorized user on someone else's credit card?
- You can access the primary cardholder's credit limit
- The primary cardholder's payment history is added to your credit files (correct)
- You become legally obligated to pay for purchases made on that account
- You can use the credit card freely without any consequences
Which of the following is a way to build credit while in college?
Which of the following is a way to build credit while in college?
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What is the responsibility of a co-signer on a loan?
What is the responsibility of a co-signer on a loan?
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What does the Fair Credit Reporting Act (FCRA) provide?
What does the Fair Credit Reporting Act (FCRA) provide?
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What is the purpose of a credit builder loan?
What is the purpose of a credit builder loan?
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