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RMI 3011- chapter 10 RMI 3011 Florida State University -Question and answers verified to pass $12.99   Add to cart
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RMI 3011- chapter 10 RMI 3011 Florida State University -Question and answers verified to pass
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RMI 3011- chapter 10 RMI 3011 Florida State University -Question and answers verified to passcredit is granted based on... - correct answer reputation secured loans - correct answer secured by collateral that may be repossessed if the loan is not repaid as agreed mortgages cars unsecur...

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  • November 30, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • rmi 3011 chapter 10
  • rmi 3011 chapter 10 question and answers verified
  • rmi 3011 chapter 10 rmi 3011 florida state univer

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RMI 3011- chapter 10 Question and
answers verified to pass
credit is granted based on... - correct answer ✔reputation


secured loans - correct answer ✔secured by collateral that may be
repossessed if the loan is not repaid as agreed
mortgages
cars


unsecured loan - correct answer ✔no collateral only back by the borrowers
promise to pay
personal loan
non secured credit cards


which loans are higher quality, less risky, and have lower rates? - correct
answer ✔secured loans


credit reporting bureaus - correct answer ✔experian
equifax
transunion


what does a credit report show - correct answer ✔personal information
any inquiries
information from collections
credit account information
delinquency information

, public information from states and courts


hard inquiries - correct answer ✔occur when a consumer is applying for a
loan
-remains for 2 years
-only negative for 1 year
-5 negative points


soft inquiries - correct answer ✔occur when a consumer is checking their
own credit score or when a potential employer is conducting a background
check
-no impact


what are the well known credit scores? - correct answer ✔fico, vantage


fico - correct answer ✔300-850
lowers the cost of borrowing/cost of capital in the us


how is the fico score determined? - correct answer ✔-pmt history- 35%
-amounts owned- 30%
-length of history- 15%
-new credit- 10%
-types of credit- 10%


alternative fico - correct answer ✔use data from cable, cell phone, electronic,
and gas bills to produce a score of credit worthiness for people who would not
have scores otherwise

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