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Exam 6: Using Credit

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Question 81

Multiple Choice

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If the information on your credit report is in dispute,you are entitled to

A) correct it.
B) sue.
C) erase it.
D) supply your own explanation about the dispute.
E) withdraw from the credit bureau.

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Question 82

Multiple Choice

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Haun and Mei have a home valued at $96,000 and an outstanding mortgage of $50,000.If their lender is willing to provide a home equity loan of up to 85% of market value,how much could they borrow using a home equity loan?

A) $14,400
B) $31,600
C) $36,800
D) $46,000
E) $81,600

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Question 83

True/False

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Paying a loan off much quicker than scheduled is one way to build a good credit rating.

Credit card statements must be sent out at least 21 days before the due date.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Most of your debts would be totally discharged under Chapter [7 | 13] of the federal bankruptcy law.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -A home equity line of credit is one of the [most | least] expensive forms of consumer credit.

It is not a good idea to use credit to

Credit reports are routinely used to predict creditworthiness.

Due to the Credit Card Act of 2009,finance charges can no longer be calculated using the double-cycle billing approach.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -[The Wage Earner Plan | Straight bankruptcy] involves some type of debt restructuring.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Most creditors [will | will not] be willing to work something out with you if you are having difficulty meeting your payments.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Most bank credit cards have interest rates that will [remain the same as long as you hold the card | be adjusted as interest rates in general rise and fall].

William uses his bank credit card frequently; however,he always pays off the total balance on the card each month.What features should William especially look for in a credit card?

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -A proper use of open account credit would be to buy a [food | washing machine].

All of the following are useful ways to build a strong credit rating except