SPECIAL CATEGORY
What does the acronym "SOCU" stand for?
Student Operated Credit Union
What is a Credit Union
Group of people that include customers that focus on needs.
What is a Credit Card
A "mini loan"/a payment tool for "borrowing" money
What's a Credit Score?
Summarizer Of Your Credit Risk (Likeliness of payment.)
Where is the SOCU located?
E Building Workroom
Who/What does a Credit Union Serve For?
A specific group of people
What does APR stand for?
Annual Percentage Rate
What are the credit score ranges?
300-850
What are the requirements to apply for an account at the SOCU?
Government State ID, $5, Social Security Number
Who runs credit unions?
A volunteer board of directors selected by members
What does paying your credit card bill late lead to?
Bad credit score
What is the range for a very good credit score?
740-799
How long is the SOCU open for? (MUST GIVE AMOUNT OF TIME.)
30 Minutes (Lunch)
What is the difference between Credit Unions and Banks?
Credit Unions are owned by members while Banks are owned by shareholders
What is the difference between a Credit Cards and a Debit Card?
Credit cards is "borrowing" money while debit cards comes from your own money
Why is it important to have good credit?
Lowers interest rates and higher chance of getting accepted for loans
Name 3 examples of Credit Cards
Visa, American Express, MasterCard, Chase, First Hawaiian Bank, Hawaiian Airlines, Discover, Capital One Bank
How is Credit Score affected? (Minimum 2-3 must be listed.)
Payment history, Amounts Owed, Length Of Credit History, New Credit, and/or Credit Mix