Good/Bad Debt
This is the kind credit I can get if I buy a house.
Good credit
What is one of the best ways to build your credit?
Secured Credit Card, become an authorized user on someone else's account, Credit Builder Loan
I am offered two credit card deals. Card A has an interest rate of 29% but a low minimum payment of $10 a month
Card B has an interest rate of 25% but has a higher minimum payment of $25. Which would you choose?
Card B
The tracking number on the bottom left of a check hold what information
Your bank routing number
Name a frequently used Payment Network
Mastercard, Visa, American Express, or Discover
You have a $1000 credit card and buy a new T.V. for $500, is this good debt?
No, it also lowers your credit score
What is the biggest factor of your credit score?
Payment History
Your friend and you decide to run a business together after high school selling drinks at baseball games. You both have no start up money so request a loan from your dad but agree to pay him back plus interest. Does this sound like a good investment?
Yes
Why is it important to keep track of your deposits and withdrawal?
To make sure your checking account is balanced
Are all lines of credit from a credit card?
NO
Buying a car lowers your credit score, True or False
TRUE!
Name one of the Credit Bureaus
Equifax, Experian or TransUnion
Daniel opens three new credit cards in one month to take advantage of sign-up bonuses.
No
It represents the Decimal Point
Is interest the only thing you are charged when using a credit card?
No, you can get charged all kinds of fees
You take out a loan of $5,000 to get your CDL license, is this Good Credit or Bad Credit?
Good
What percent should I keep my lines of credit under so it doesn't hurt my credit score?
30%
Ben takes out a personal loan with a lower interest rate to pay off his high-interest credit card debt. Is this a good decision?
Good
Where would I write a phrase like "rent" on a check
Memo line
You take out a $500 credit card and you use $200 to buy concert tickets. The credit card company has a $15 minimum payment option. The next week you get paid and have $50 to put towards the credit card bill but decided to only do $15. Was this a good decision?
No, paying the minimum will cost you more in interest.
I use $1,000 from my credit card to pay for my startup supplies for my new side business. Is this good debt or bad debt?
Good and Bad
How often should you check your credit score?
Once a year
Chloe avoids credit cards altogether because she's afraid of getting into debt. Is this a good thing to do?
It is a personal choice, you can build your credit other ways
You are setting up direct deposit and the Human Resource person at your workplace needs two numbers what are they
Bank Routing and Checking Account Number
The 2009 Credit Card Act prevents credit card companies from giving credit cards to who?
Anyone under 21