Credit Reports and Scores
Refers to goods, services and/or money received in exchange for a promise to pay back a definite sum of money at a future date
credit
fee to add another person on the account
Additional Card Fee
Don’t wear out quickly
Typically more expensive
Better quality
Durable Goods
Age requirements for using credit
Under 21 years.
What is identity Theft?
Pretending to be another person in order to steal or gain access to money or property or information.
A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit
closed-end credit
fee for opening a credit card account
Set-up Fee
Item consumed in the present
Typically less expensive
Wears out / expires faster
Consumable Goods:
Read the contract carefully before making decisions or signing
Shop around for credit
What is skimming?
a type of credit card theft where thieves use a device to steal your card information
a record of your past borrowing and repayments
Credit History
Pulls money directly from bank account and Must use PIN to complete purchase
Debit Cards
Know the refund / return / cancellation policies!!
When making online purchases
Is a loan that is repaid over-time with a set number of scheduled payments.
Installment loan
What is phishing?
the fraudulent practice of sending emails pretending to be from reputable companies to induce individuals to reveal personal information
The maximum dollar amount that can be borrowed
credit limit
Extra liability against fraud and Must pay off minimum amount by end of billing cycle (30 days)
Credit Cards
Patty wants to buy a new car. What’s her first step?
Research different sellers to decide where to buy the car.
Short-term cash advance secured by a taxpayer's expected tax refund.
Refund anticipation loan
the first step to fraud protection is...
having common sense and a good head on your shoulders
A numerical summary of your credit history that indicates your credit worthiness (likelihood of repaying a loan as agreed)
Credit Score
a maximum dollar amount that can be borrowed
credit limit
what plan is this?
Prioritize Wants
Conduct Research
Evaluate your Spending Plan
Make the purchase
the Planned Buying process
A short term loan that provides immediate cash by securing a borrower's written check.
Alternative credit
how does fraud occur?
fraud occurs when a person takes your personal information and uses it for personal gain without consent