Exam 6: Managing Your Liquidity - Assessing, Managing, and Securing Your Credit

Discuss the reasons why someone would wish to steal your identity.

Excessive use of credit can impair your ability to save money.

A consumer proposal will allow payments to be lowered and made more manageable if accepted by the creditor.

Not only is interest on a credit card high, it is calculated on the daily outstanding balance.

Which of the following would not help improve your credit score?

Which of the following is a typical example of an instalment loan?

Manipulating email viruses and host files to redirect users from legitimate commercial websites to bogus websites to obtain log-in names and passwords is referred to as

If you have a poor credit score, there may be other lenders willing to loan you money but at a higher interest rate.

The credit card limit is only a guideline of how much you can borrow against the card.

Which of the following is a correct statement about credit?

To create credit scores, credit bureaus rely on a model created called the BEACON score.

The proper use and control of credit is the best way to build a good credit history.

Which of the following is the best rule to follow in shredding information?

If you refrain from using any credit, it will ensure you the lowest possible interest rate when you decide to use it.

Fred has a credit card which uses the previous balance method and charges 21 percent annual interest compounded daily, and has a 30 day billing period. He put a $7900 expense on his card and could not pay it off until eight days after the due date when he received his paycheck. How much does he owe in total at that time?

Revolving open-end credit typically does not specify a maximum amount that can be borrowed.

If you suspect identity theft, be suspicious and contact the credit card company to cancel the card.

Key questions must be used to incorporate credit management into your financial plan. Which of the following would be most important?

Compute the new balance due on a credit card with a 30 day billing cycle, and assuming the previous balance method, and the following: ∙ Balance due on statement = $450 ∙ Purchases during the month = $300 ∙ Payments made within the grace period = $250 ∙ Interest rate = 18 percent

Which of the following should be the first contacted in all cases of identity theft?