CREDIT
INCOME & ASSETS
BANKING & SAVINGS
TAXES
DEBT
100
What are the 3 major credit bureaus?
Equifax, Experian, TransUnion
100
Which REES partner conducts a 5 week financial education series?
Neighborhood Trust Financial Partners (NTFP)
100
What does FDIC stand for?
Federal Deposit Insurance Corporation (FDIC)
100
What does EITC stand for?
Earned Income Tax Credit (EITC)
100
What are some services that a savvy consumer should avoid? A. Rent a center B. Pay day loans C. Refund anticipation loans D. All of the above. ?
D. All of the above.
200
What is the website to get a free credit report?
www.AnnualCreditReport.com
200
What is the name of the program that allows residents to temporarily exclude new earnings from their rent calculation?
Earned Income Disallowance (EID)
200
How much is your money insured for at banks?
$250,000
200
What does VITA stand for?
Volunteer Income Tax Assistance (VITA)
200
There are 10 different rent payment options for NYCHA residents. Name 5.
1. Online Rent Payment 2. Pay Rent Through Your Bank's Online System 3. Pay Rent by Phone 4. Pay Rent at an Authorized Bank or Credit Union 5. Mail Rent Payments 6. Rent Payment Option at Carver Bank’s Kiosks (New) 7. Pay Rent at an Authorized Payment Center 8. Pay Rent via Payroll Deductions 9. Payments made by HRA 10. Payments on behalf of a Resident
300
What is the range of the FICO credit score?
300 to 850
300
How do Family Self-Sufficiency participants earn escrow?
When earned income increases
300
Where are you most likely to get the best interest rate for a loan?
Credit Union
300
Which REES partner provided free tax prep services at NYCHA community centers?
Food Bank For NYC
300
If a resident is in ________ months or more in arrears, they are not a good candidate for a financial counseling referral. How many months?
2 months
400
What is the maximum percentage of your available credit limit that you should use?
30%
400
Which of the following do you think is the best long-term investment? A. Real Estate B. Gold C. Stocks/Mutual Funds D. Savings Account
C. Stocks/Mutual Funds
400
How many months of living expenses should a typical emergency savings fund cover?
3 to 6 months
400
In our survey of residents, which method of tax prep was most favored? A. Do it yourself B. Paid tax preparer C. Free tax prep
B. Paid tax preparer
400
How many years does bankruptcy last on your credit report?
10 years
500
What are the five (5) components that make up a FICO credit score? Name at least three (3).
1. Payment history 2. Credit utilization 3. Length of credit history 4. New credit 5. Credit mix
500
What is the latest type of “asset-building” education that REES is adding to its offerings?
Homeownership
500
What is the main difference between credit unions and banks?
Answer 1: Credit unions require affiliation to join & banks do not. Credit unions usually require its members to belong to a certain group (i.e. clergy, neighborhood, employer, etc.). Answer 2: Credit unions are non-profit & owned by its members. Banks are for profit and owned by shareholders.
500
What is the largest housing subsidy program in the nation?
Home Mortgage Interest Deduction
500
What type of debt cannot be erased through bankruptcy?
Student loans and tax liens
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