Credit Score
What do lenders check when applying for credit?
Credit risks
What is a debit card?
Used with your checking account. Any money you charge on a debit card comes right out of your checking account
Should you pay more or less than the minimum due?
How do credit cards work?
When you apply for a credit card, you apply to borrow money from the card issuer, usually a bank or building society.
Which card can make down payments and bigger payments?
credit card
What are the 3 main credit card bureaus?
1. TransUnion
2. Equifax
3. Experian
What is a prepaid card?
You put money on a card. You can buy things with a prepaid card and the money you spend comes right off the card.
What type of statements should you review?
Monthly
Why shouldn't you withdraw cash from a credit card?
Usually a fee with it
Can you make big payments and dont have to worry about them until your monthly bill arrives with a debit card?
only credit cards
Credit scores range from what?
300 - 850
What are different types of prepaid cards?
Make sure you don't spend beyond your what?
Credit limit
Why do people prefer credit cards over cash?
People feel more secure because you can cancel one
Is a credit card better than a debit card?
depends on the situation
What is a good credit score?
700 - 749
What is a credit card?
A credit card is a card that you can use and make bug payments but it is not your money. Its money borrowed from that bank and the bank gives you a certain limit.
Before you make a charge you should review what?
Credit card balance
How do you find the best credit card?
Card that suits you
Can you buy more things with a debit card than a credit card?
NO
What do credit card bureaus do?
Keep credit info that is used to calculate FICO scores
When making a down payment which card should you use?
Credit card
What is the 20-10 rule?
Limit credit card debt to less than 20% of total annual income. Less than 10% of net monthly income should go towards credit card debt
What happens when you miss a payment?
you will typically need to pay a penalty charge
Is it recomended to buy a house with a debit card?
No it is not because it is your money and with a credit card you would be able to but you won't have to worry about the payment until the next bill.