Credit Cards
Age credit card companies begin marketing to you.
What is 18.
__________ a statistical number used to represent a consumer‘s creditworthiness.
What is credit score?
In a _________ loan you need to offer up collateral, while in a _______ loan no collateral is needed.
What is secured vs unsecured loan?
Name for a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash.
What is a predatory lender?
The Second Foundation.
What is get out and stay out of debt?
_______ is owing money to another person or company.
What is debt?
Credit scores go from _____ to _______.
What is 300 to 850?
What is appreciating asset?
An asset that goes down in value over time.
What is depreciating asset?
Name of the method one should use to get out of debt.
What is the Debt Snowball Method?
________ is the ability to obtain goods or services before paying for them, based on a promise to pay in the future.
What is credit?
___________ a company that collects credit rating information and makes it available to creditors.
What are credit bureaus?
Something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender.
What is collateral?
3 ways to acquire a car.
What is loan, lease or cash?
In the debt snowball method you need to list your debts out from _________ to _________.
What is smallest to largest?
Marketing Tactics Credit Card Companies have.
What is low or zero interest, what is minimum payments, what is cash back and other rewards?
Reason to monitor credit report.
What is to watch out for fraud?
A loan for a fixed amount of money that‘s paid back in monthly installments.
What is installment credit?
Name for credit that automatically renews whenever a payment is made to reduce the debt.
What is revolving credit?
Reasons why one should avoid debt.
What is it causes stress, puts less money in your pocket, can be expensive, etc?
Fees that credit card companies have.
What is annual fee, balance transfer fee, cash advance fee, finance charge, over-limit fee, late payment fee, etc?
5 components of a FICO score.
What is debt type, debt payment history, new debt, length of debt history, and debt level?
The 6 different forms of credit/debt.
What are credit cards, personal loans, home mortgage, home equity loans, student loans, and auto loans.
3 parts of a car loan.
What is principal, term, and interest.
Reasons one should pay off debt immediately.