How would you define debt?(1 point)
Responses
Debt is the income a person has coming into their bank account.
Debt is the income a person has coming into their bank account.
Debt is just the balance on the credit cards a person carries.
Debt is just the balance on the credit cards a person carries.
Debt consists entirely of a person’s loans.
Debt consists entirely of a person’s loans.
Debt is money that a person owes.
Debt is money that a person owes.
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Question
A credit report includes which of the following?(1 point)
Responses
name, loans, and education history
name, loans, and education history
Social Security number, credit card account balances, and complete employment history
Social Security number, credit card account balances, and complete employment history
Social Security number, credit card account balances, and loans
Social Security number, credit card account balances, and loans
information about late and missing payments, sibling names, and address
information about late and missing payments, sibling names, and address
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A credit report includes Social Security number, credit card account balances, and loans.
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Opening a credit card account, using it every month, and paying the bill each month can improve your credit history. This demonstrates responsible credit card usage and timely payments.
Debt is money that is owed by one party to another party, typically borrowed money that must be repaid with interest.
Elliot owes $215,000 on his house and has three credit cards. He has not missed a payment in 10 years. Determine whether this is a positive credit history, negative credit history, or no credit history.(1 point)
Responses
no credit history
no credit history
positive credit history
positive credit history
need more information
need more information
negative credit history
negative credit history
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This would be considered a positive credit history, as Elliot has not missed a payment in 10 years and has a mortgage along with three credit cards.
Which of the following can improve your credit history?(1 point)
Responses
finding a mistake on the credit report and filing it away in case it comes up when applying for a loan
finding a mistake on the credit report and filing it away in case it comes up when applying for a loan
paying the big bills each month but letting the small bills go unpaid
paying the big bills each month but letting the small bills go unpaid
applying for a loan even though you can’t afford to pay the bill each month
applying for a loan even though you can’t afford to pay the bill each month
opening a credit card account, using it every month, and paying the bill each month
opening a credit card account, using it every month, and paying the bill each month
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