Saving
This type of bank account earns interest and is designed for saving money
What is a savings Account?
This three-digit numerical value, ranging roughly from 300–850, is used by lenders to evaluate your borrowing risk
What is a credit score?
In 2023, this category accounted for the largest share of household expenditures at 32.9%
What is Housing?
What is the difference between revolving and fixed debt?
Revolving debt allows you to borrow up to a limit and pay it back flexibly, while fixed debt involves borrowing a set amount with fixed repayment terms
This is the term for money set aside for unexpected expenses like medical bills or car repairs.
What is an emergency fund?
What are two factors that will negatively impact your credit score?
Late or Missed Payments, Late or Missed Payments, Too Many Hard Inquiries (applying for a lot of credit cards), Defaulting on Loans, Derogatory Marks, Bankruptcies, foreclosures, and accounts in collections have a major negative impact.
What is an excellent Credit Score?
A. 600
B. 850
C. 1000
850
An effective savings or investment account should pay?
Interest or Returns
These four categories would be classified needs, rather than wants
Rent, Transportation, Food, Phone, Clothing, Hygiene
What are two benefits of owning a Credit Card?
Rewards, Cash back, Building credit history, Purchase protection, travel benefits, security, emergency fund etc...
What are two healthy credit use habits?
Paying the card off ever month
This is the FDIC insurance limit per depositor, per account category
What is $250,000?
This type of savings account typically offers higher interest than standard savings and may have limits on withdrawals.
What is a high-yield savings account?
Using more than this percentage of your available credit limit can negatively impact your credit score
What is 30%?
How much would you have if you saved $100 a month for 30 years? (No interest)
$ 36000
What is the downside of paying only minimum payments on a credit card?
Accumulation of Interest: The remaining balance accrues interest, which can quickly add up and make paying off the credit card debt much more difficult
This interest accrues on both the money you invested and the previously earned interest.
What is compound interest?
This financial document shows your payment history, account balances, and inquiries and can contain errors you should dispute
What is a credit report?
Name one Credit Reporting Agency
These agencies include Equifax, Experian, and TransUnion.
Pulling money out from an atm using a credit card, its called this?
Cash Advance