General
Pay the balance every month
How can you avoid paying interest
A three digit number that lets lenders know how trustworthy you are to pay back a loan
What is a credit score
New cars are lower than used cars
What are interest rates of vechiles
an agreement between you and a lender that gives the lender the right to take your property if you don't meet the requirements of the contract.
What is a mortgage?
A financial record containing information about a person's history of borrowing and repaying debts
What is a credit report?
Assess overcharge fees, decrease your credit limit or close your account
What may happen if you go over your credit limit?
The category that weighs the most when determining your credit score
What is payment history
Auto loan interest is computed this way
What is simple interest
The amount of down payment you should have when purchasing a house
What is 10 - 20%
Easier to get a loan, lower interest rates
What is a reason to have a high credit score
To pay for emergencies or to increase your credit score
What are reasons to have a credit card
The range of credit scores
What is 300 to 850
Less interest but higher monthly payment
What is a shorter term loan
The two types of mortgage rates
What is fixed and adjustable rate (or variable)
The maximum amount of money that a lender allows a person to spend on a credit card.
What is a credit limit
Best credit utilization rate
What is 30% or under
The only credit bureau that collects information about rental payments
What is Experian?
using a car for a fixed period of time, but you never actually own the car
What is leasing a car
The amount of your payment begins with higher amounts going toward interest, and less towards payment but this changes the more months you pay.
What is amortization
The size of your balance compared to your credit limit
What is your credit utilization rate?
A system that collects all of the data that is usually excluded from credit reports such as utility payments
What is Experian Boost
The three reporting credit score agencies
What are Experian, Equifax and TransUnion
First step for getting a new car (2 things)
What is create a budget and check your credit score
The amount of money you pay to your state or local government each year
What are property taxes