Second Chance Credit Cards

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| By Firstnoel12
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Firstnoel12
Community Contributor
Quizzes Created: 6 | Total Attempts: 18,479
Questions: 8 | Attempts: 75

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Second Chance Credit Cards - Quiz


What can a "second-chance" credit card do for someone with poor credit?


Questions and Answers
  • 1. 

    The good news is that all credit card companies offer "second-chance" credit cards!

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    This statement is not true. Not all credit card companies offer "second-chance" credit cards. While some credit card companies may offer credit cards to individuals with a poor credit history or low credit scores, it is not a guarantee that all credit card companies provide this option. Therefore, the statement is false.

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  • 2. 

    Trans-Union, Experian and Equifax maintain our credit history records:

    • A.

      Only if you ask them to do so.

    • B.

      For about 7 years.

    • C.

      For about 2 years.

    • D.

      Only for those who need a second chance at establishing credit.

    Correct Answer
    B. For about 7 years.
    Explanation
    Credit records - good or bad - are kept for about 7 years by the credit reporting agencies. Some may stay on your credit longer, i.e. foreclosures, bankruptcies.

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  • 3. 

    There really is no such thing as a "bad" credit card.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Watch out for extremely high APR rates, excessive fees, and late charges.

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  • 4. 

    A low balance credit card:

    • A.

      Is not worth having in your wallet.

    • B.

      Limits you to a maximum of $50 credit card purchase per day.

    • C.

      Is a good option for those trying to rebuild their credit.

    • D.

      Is inferior to a "normal" credit card.

    Correct Answer
    C. Is a good option for those trying to rebuild their credit.
    Explanation
    Many people use a low balance credit card while they build their credit history and show they can pay back their charges on-time, every month.

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  • 5. 

    If you have good credit history, you will often pay a lower interest rate when they borrow money.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The higher your credit score, the lower your interest rate may be, resulting in a lower car payment for example.

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  • 6. 

    There are not very many credit card options out there for people with poor credit history.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    There are many credit card options out there for those looking for a "second chance" to build their credit.

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  • 7. 

    An unsecured credit card does not require collateral.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    There is no collateral for an unsecured line of credit.

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  • 8. 

    A prepaid credit card:

    • A.

      Is for losers with horrible credit only.

    • B.

      Requires a co-signer on the account.

    • C.

      Lets you spend only the amount loaded onto the card.

    • D.

      Lets you spend only up t $250.00 per card.

    Correct Answer
    C. Lets you spend only the amount loaded onto the card.
    Explanation
    The correct answer is "Lets you spend only the amount loaded onto the card." This means that with a prepaid credit card, you can only spend the money that has been loaded onto the card beforehand. This is different from a traditional credit card where you have a credit limit that allows you to spend beyond the amount you have deposited. A prepaid credit card is a good option for individuals who want to control their spending and avoid going into debt.

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