Credit Scores
This makes up the largest part of your credit score
What is: Your Payment History (typically accounts for 35% of overall score)
The initial funds put toward the purchase of a home
What is a down payment?
This is the main difference between a scholarship vs. a loan?
What is that a scholarship is free money that doesn't need to be paid back, while a loan must be repaid
This investment vehicle pools money from many investors to purchase a collection of securities like stocks and bonds
What is a mutual fund?
This is interest rate earned on an investment over a year, including compound interest.
What is APY? (Annual percentage yield)
These can hurt your credit score
What are: 1) not paying your bills on-time 2) missing payments 3) applying for credit at different places 4) cancelling long-held credit cards 5) holding high credit card debt
These 4 factors go into a home mortgage
What are principal, interest, taxes, and insurance (PITI)
This is another form of school funding that does not have to be repaid.
What is a grant.
Low-risk investment from banks/CU's. Set interest over time.
What are CDs?
These 3 things are how you qualify for a credit card.
1) Have a good credit score, 2) have a reliable source of income 3) meeting age requirements
These 3 are how you monitor your credit score
What are the three major credit bureaus (Experian, Equifax, and TransUnion)
Lenders check these 5 things contribute to your ablity to purchase a house
1. credit score 2. income 3.employment history. 4. debt-to-income ratio 5. down payment. (They will also require a home appraisal)
These can be requirements for a recieving grant
What are Meeting a certain GPA, completing a program, meeting financial need, meeting the terms & conditions
This type of investment fund is made up of assets, (stocks, bonds, commodities) grouped based on a specific objective
What is an exchange-traded fund (ETF)?
This is the cost of borrowing money if you don't pay your balance in full each month
What is “interest rate” or APR.
These are things a credit score used for
What are: 1) Deciding whether to approve you for credit 2) Setting interest rates 3) Setting credit limits 4) Apartment rentals
This is what it means if you “build equity” in a house
What is increasing the amount of the home that you own.
The difference between a subsidized & unsubsidized loan
What is: Subsidized loans don't charge interest while you are in school but unsubsidized loans do.
This is the percentage of a company's earnings that is paid to its shareholders as their share of the profits.
What is a dividend?
One is used for everyday spending & one is used to save money for long-term goals.
What is the difference between a checking account and a savings account at a bank?
This is considered the “exceptional” range for a credit score
What is credit score between 800 and 850
What is the first steps to purchasing a house?
What is: Get pre-approved for a mortgage
This financial aid program helps employees pay for college - offered by employers, banks, bookstores, or coffee shops.
What is a tuition benefit program?
This happens when you sell your shares of stock for more than you paid for them.
What is capital gains tax?
The types of credit accounts you have, such as credit cards, loans, and mortgages.
What is a credit mix?