Terms
The total amount that is financed or borrowed, on which interest is computed.
What is principal.
A number assigned to a person that indicates to lenders their capacity to repay a loan.
What is a credit score.
A flat ownership fee charged for each year a credit card account remains open. (Not every card has one).
What is annual fee.
Banks charge you this when you go below the amount you have in your checking account.
Overdraft fee
The range (worse to exceptional) that a person can get for a FICO credit score.
300-850
Very poor: 300-579
Fair: 580-669
Good: 670-739
Very Good: 740-799
Exceptional: 800+
Money paid for the use of someone else’s money.
What is interest.
What category has the biggest effect on your credit score?
What is payment history.
The total amount of money a consumer can borrow from credit accounts such as credit cards, car loans, and home equity loans.
What is available credit.
This type of card is directly linked to your checking account.
Debit Card
The length of time over which you pay back your principle & interest.
What is term..
What types of information, other than your name and address, will you see on your credit report?
What is:
● History and track record of paying bills
● Opened/Closed accounts
● Late payments
● Credit inquiries
Credit Score
Mary is carrying a balance on her credit card of $300. The credit limit on the card is $2,100. Balance means what?
What is the money you have to pay off.
Written amount
A loan that is supported by an asset such as a house or car.
What is a secure loan.
How long do financial records remain on your credit report (a range of years)?
What is 7 to 10 years.
An at-a-glance reference for fees, interest rates and other key points that must be shown to card applicants, by law.
What is a Shumer box.
Six Months