Why is maintaining good credit important?

"It helps secure employment opportunities." "It simplifies the process of renting a property." "It can lead to reduced interest rates on loans." "All of the above."

What significant change did the Credit Card Act of 2010 bring about?

"It mandated a minimum credit limit for all new credit cards." "It restricted credit card companies from issuing cards to individuals under 21 without a co-signer or proof of income." "It enforced stricter penalties for late credit card payments." "It introduced a universal credit scoring system."

What is a recommended practice for students aiming to build a good credit score?

"Apply for multiple credit cards to diversify credit sources." "Utilize the entire credit limit on credit cards to demonstrate spending capacity." "Make consistent, on-time payments for all financial obligations." "Close credit card accounts after a short period of usage to minimize credit inquiries."

What is a potential drawback of co-signing a loan for a friend?

"It can negatively impact your credit score if the primary borrower defaults." "It can limit your own borrowing capacity." "It can strain the friendship if repayment issues arise." "All of the above."

How can students responsibly manage education loans?

"Use the loan for both educational and leisure expenses to maximize its utility." "Delay interest repayment until after graduation to minimize financial burden during studies." "Utilize the loan solely for education-related costs and explore part-time work opportunities to cover interest payments." "Prioritize repaying the principal amount before addressing interest accrual."