Which of the following is an example of an installment loan or credit card? a home equity line of credit otherwise known as a HELOC. Car Loan or a debit card that is connected to a checking account would be the car loan is set for a set period of time at a set interest rate and you pay it off during that term is got a limited term. Question 17 a late payment will affect a person with the 680 FICO score more severely than a person with a 780 FICO score. You had to read that a little bit carefully. The answer to that question is false.

It's just the reverse a person with a 780 score if you had a late payment would affect you more severely than that with a 680 score. Question 18 Which of the following is a consequence of a low credit score? A higher car insurance premium, a higher interest rate on a mortgage loan, having to make a larger down payment to qualify for a car loan, or all of the above. It's all of the above. car insurance premiums in some states depending upon the company can be as high as one. I'm sorry, 500% higher.

Question 19 your credit score will go down if you pay off a one year old collection item. The answer to this is true. If you pay off a debt collector your score is going down. It's ironic because you're trying to do good And they punish you for it. So never ever pay anything off until you have number one verified that that that the debt collector is collecting on a debt that they own and then attempt to negotiate it off of a credit report. Question 20 Which of the following factors is not taken into account when factoring your FICO credit score?

Whether you have a job, whether you pay your bills on time, the amount of money you owe the length of your credit history. The answer is whether you have a job doesn't matter.