Quiz | October 2012

The MacGyver Money Quiz: How to Escape Tricky Financial Jams

Sometimes, your finances are like a ticking time bomb: If you don’t act fast enough or you make an imprecise move, you’ll pay dearly.

For instance, what should you do immediately after losing your wallet? Tick, tick, tick. Cancel your credit cards? Call the credit bureaus? Tick, tick, tick. Rush to the bank to withdraw cash to use until you get replacement cards? Apply for a new driver’s lic . . . kablooey!

Can you "MacGyver" your way out of a money mess? (MacGyver, you'll recall, was the iconic '80s TV character famous for using weird tricks to get himself out of scrapes.) A little ingenuity can really help your finances. Or are you more like Saturday Night Live's "MacGruber," always botching the job? Take our quiz to find out (and, by the way, you’ll get the answer to the lost-wallet challenge above).

October 2012

Quiz

The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 1 of 10

Your bank charges more fees than pirates, and you're about ready to jump ship. The problem: Your paycheck and a number of bills are tied to the account. What do you do?

A. Call your new bank to see whether it provides a switch kit to help you move your automatic deposits and debits from your old bank.
B. Reroute those troublesome payments with a jumper cable and a bit of phone line.
C. Simply close the old account and open a new one. Don't worry -- all your bills will be forwarded to the new account, like the Post Office does when you move.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 1 of 10

Your bank charges more fees than pirates, and you're about ready to jump ship. The problem: Your paycheck and a number of bills are tied to the account. What do you do?

You're right! A. Call your new bank to see whether it provides a switch kit to help you move your automatic deposits and debits from your old bank. is correct.

Sorry, wrong! is incorrect.

The right answer is A. Call your new bank to see whether it provides a switch kit to help you move your automatic deposits and debits from your old bank..

When it comes to changing banks, think switch kit rather than switchblade. Most banks provide incoming customers with a packet of all the forms they need to move automatic debits and deposits to their new accounts. Simply open your new account, fill out the switch kit, and wait three months before closing your old account to make sure everything goes through.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 2 of 10

You're a young person stuck in an awkward Catch-22: To build credit you need a credit card, but to get a credit card you need credit. What's the easiest way to break into the world of credit?

A. Forgo big-name creditors and make your own card out of soda bottles and chewing-gum wrappers.
B. Apply for a bank, credit union or retailer card, for which credit restrictions are less restrictive.
C. Ask your parents to sign you on to one of their credit cards. Added bonus: They get the bills!

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 2 of 10

You're a young person stuck in an awkward Catch-22: To build credit you need a credit card, but to get a credit card you need credit. What's the easiest way to break into the world of credit?

You're right! B. Apply for a bank, credit union or retailer card, for which credit restrictions are less restrictive. is correct.

Sorry, wrong! is incorrect.

The right answer is B. Apply for a bank, credit union or retailer card, for which credit restrictions are less restrictive..

Paying your student loans and being an authorized user on a parent's credit card might help your credit, but not enough to score you a card of your own. Instead, check out the offerings from your bank, credit union or favorite retailer. These cards might not have flashy rewards or high credit limits, but they will give you a foothold on the path to better credit -- as long as you pay off your balance each month. Avoid the temptation to rack up debt. Not even MacGyver can fix that kind of mess.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 3 of 10

You desperately need to speak to a real person at Verizon, but its automated phone system is keeping you in suspense. How can you burst through to an actual person?

A. Use a service such as GetHuman.com to look up the direct number for the customer service department.
B. Press 0 to skip the automated menus and go right to a human operator.
C. Rewire Verizon's switchboard with a wire coat hanger. They do it in the movies, right?

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 3 of 10

You desperately need to speak to a real person at Verizon, but its automated phone system is keeping you in suspense. How can you burst through to an actual person?

You're right! A. Use a service such as GetHuman.com to look up the direct number for the customer service department. is correct.

Sorry, wrong! is incorrect.

The right answer is A. Use a service such as GetHuman.com to look up the direct number for the customer service department..

While punching 0 will sometimes sneak you past a barricade of automated voice prompts, GetHuman.com is the surefire way to go. The Web site lists phone numbers and average wait times for more than 8,000 companies, including Verizon and Bank of America. For on-the-go MacGyvering, try the Get Human app for iPhone or Android.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 4 of 10

You want to check your elderly father's health records to make sure he's not being billed for unnecessary tests, but you might as well be asking for the keys to Fort Knox. How can you get the information you need?

A. Ask your father to call his doctor, who can grant you permission to see the records on the spot. They'll be available the next time you go in.
B. Winch open the doctor's office door after-hours and take your father's file before security comes.
C. Have your father fill out a special disclosure of health information form the next time he visits his doctor.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 4 of 10

You're right! C. Have your father fill out a special disclosure of health information form the next time he visits his doctor. is correct.

Sorry, wrong! is incorrect.

The right answer is C. Have your father fill out a special disclosure of health information form the next time he visits his doctor..

The only way to see your father's records is to fill out a form -- and not just any form. You'll need an "Authorization for Use and Disclosure of Protected Health Information," available at any doctor's office. The villain in this scenario is a 1996 law called the Health Insurance Portability and Accountability Act, which restricts your access to medical records that aren't your own. Luckily, once your father signs the form, you can review his records as much as you (and he) need.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 5 of 10

A thief has just made off with your purse! What's the first thing you should do to limit your losses?

A. Call one of the three credit bureaus and place a fraud alert to let them know someone else might be using your card.
B. Cancel your debit card before the thief can score some ill-earned bling.
C. Tear after the thief at full-speed and wrest the purse back by force.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 5 of 10

A thief has just made off with your purse! What's the first thing you should do to limit your losses?

You're right! B. Cancel your debit card before the thief can score some ill-earned bling. is correct.

Sorry, wrong! is incorrect.

The right answer is B. Cancel your debit card before the thief can score some ill-earned bling..

While placing a fraud alert, canceling your credit cards and replacing your driver’s license are important, your debit card is mission-critical. Why, you ask? Most credit card companies will cover fraudulent charges, but banks can hold you responsible for up to $500 in fraudulent debits. So unless you want to fund your thief's new flat-screen TV, cancel your debit card before you move on to your credit cards and license.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 6 of 10

An error crept into your credit report like a deep-cover mole. How do you weed out the mistake before it ruins your credit from within?

A. With a magnifying glass and a laser, of course.
B. Confront the lender or collection agency that made the mistake. They can remove the error directly.
C. Start a dispute on the credit bureau's Web site and wait for it to intervene.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 6 of 10

An error crept into your credit report like a deep-cover mole. How do you weed out the mistake before it ruins your credit from within?

You're right! C. Start a dispute on the credit bureau's Web site and wait for it to intervene. is correct.

Sorry, wrong! is incorrect.

The right answer is C. Start a dispute on the credit bureau's Web site and wait for it to intervene..

The fastest way to fix a report is on the credit bureau's Web site, where you have 30 days to contest an item after pulling your report. The bureau, in turn, has 30 to 45 days to get back to you. What happens if it gives you an answer you don't like? That's when things require some MacGyver-like determination: You'll need to take your fight directly to the lender, which can then admit its mistake to the credit bureaus.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 7 of 10

Your cable bill could finance a president's ransom. How can you score a better deal without giving up TV or Internet?

A. Rewire your cable box -- a spool of wire and some magnets should do the trick.
B. Scour newspaper circulars and TV ads for promotions from cable providers more generous than yours.
C. Try to negotiate a discount with your current provider.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 7 of 10

Your cable bill could finance a president's ransom. How can you score a better deal without giving up TV or Internet?

You're right! C. Try to negotiate a discount with your current provider. is correct.

Sorry, wrong! is incorrect.

The right answer is C. Try to negotiate a discount with your current provider..

Negotiation is often the best way to deal with a hostile adversary. Try calling your current provider and talking it into giving you a lower price or continuing your promotional price. If that doesn't work, consider moving to a new provider -- assuming the savings with the new company outweigh your old company’s termination fee.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 8 of 10

You suspect your daughter is doing poorly at college, but she keeps secrets better than a Soviet spy. How can you crack her code of silence?

A. Call the college and ask for her grades. The school should comply -- you're footing the bill, after all.
B. Hack into your daughter's school account and find the truth yourself.
C. Have your daughter fill out a waiver that lets you see her grades.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 8 of 10

You suspect your daughter is doing poorly at college, but she keeps secrets better than a Soviet spy. How can you crack her code of silence?

You're right! C. Have your daughter fill out a waiver that lets you see her grades. is correct.

Sorry, wrong! is incorrect.

The right answer is C. Have your daughter fill out a waiver that lets you see her grades..

Even if you fund your daughter's studies (or lack thereof), she retains a legal right to her grades. Dodge that bullet by asking her to sign a waiver at the beginning of the school year. Your daughter won't have any Cs or Ds to hide at that point, and most colleges will provide the form for you.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 9 of 10

There's a year left on your auto lease, but you're ready to turn in your car for a model better suited to your secret-agent status. How can you escape without paying an early-termination fee?

A. Use a lease-switch service to transfer the car to someone else.
B. Pretend there's something wrong with the car so that you can break the lease early.
C. Crack an egg over the engine. (Season 2, Episode 19 -- if you're wondering.)

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 9 of 10

There's a year left on your auto lease, but you're ready to turn in your car for a model better suited to your secret-agent status. How can you escape without paying an early-termination fee?

You're right! A. Use a lease-switch service to transfer the car to someone else. is correct.

Sorry, wrong! is incorrect.

The right answer is A. Use a lease-switch service to transfer the car to someone else..

It sounds tricky, but lease-swapping is actually no more difficult than fixing a typewriter with a ballpoint pen. (Well, for MacGyvers like you, anyway.) Companies such as SwapALease and LeaseTrader match you with people who want a short-term lease. They handle the paperwork, you pay a small fee, and that’s it -- you're free.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 10 of 10

You're switching to a new phone carrier for its better wireless coverage, but you feel iffy about the company’s restrictive contract. Is there any way you can sneak around it unseen?

A. Use some tinfoil and a microwave to erase the SIM card.
B. Bring your own phone instead of buying a new one.
C. Forgo the world of high-priced carriers and use prepaid calling cards instead.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Question 10 of 10

You're switching to a new phone carrier for its better wireless coverage, but you feel iffy about the company’s restrictive contract. Is there any way you can sneak around it unseen?

You're right! B. Bring your own phone instead of buying a new one. is correct.

Sorry, wrong! is incorrect.

The right answer is B. Bring your own phone instead of buying a new one..

Why strand your phone when you could, metaphorically, sneak it across the border with you? Most carriers won't make you sign a contract if you come with your own phone. AT&T and T-Mobile customers will need an "unlocked" GSM phone, available on Amazon and eBay, with a carrier SIM card. Sprint and Verizon customers will need phones approved for the CDMA network. Talk to your carrier to get the technical specifics.

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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Quiz | October 2012

The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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The MacGyver Money Quiz: How to Escape Tricky Financial Jams

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