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Wise Practice Test Credit Questions and Answers Already Passed
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Wise Practice Test Credit Questions and Answers Already Passed When an individual declares bankruptcy, how long will this information remain on their credit report? The record will stay on their credit report for a decade. If someone has multiple credit cards with substantial unpaid bala...

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  • August 1, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • wise practice test credit questions and answers a

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  • Wise Practice
  • Wise Practice

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BrilliantScores

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1 Wise Practice Test Credit Questions and Answers Already Passed When an individual declares bankruptcy, how long will this information remain on their credit report? ✔✔The record will stay on their credit report for a decade. If someone has multiple credit cards with substantial unpaid balances and struggles to meet their payments, what is the recommended course of action? ✔✔They should reach out to their credit card is suers to negotiate a new repayment plan. Which type of credit allows for ongoing borrowing and flexible repayment? ✔✔Credit cards issued by department stores are examples of revolving credit. What criteria must be met to qualify for a Federal Housing A dministration (FHA) loan? ✔✔Applicants generally need to meet specific income criteria. How would you describe a loan that is not backed by any collateral? ✔✔This is referred to as an unsecured loan, where no assets are pledged to secure the loan.

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