Don't Bet On Debt
A credit card is considered a _________ account type, which means you can continuously access it to borrow
Revolving or Open-Ended
This three-digit number shows how likely you are to pay back money borrowed
Credit Score
What rate informs people of how much money they will be paying back each month?
Interest Rate
What is the most important component of calculating a credit score, accounting for 30-35% of your total score?
Payment History
How many branches does Gesa have in Pullman?
Three
Debt backed by collateral (such as a deposit account balance) is called _________ debt
Secured
This report shows your history of borrowing and repaying money.
Credit Report
Within 10%, how many Americans are home owners?
65%
Within 5%, what percentage of your credit score is impacted by credit MIX (different types of credit)?
10%
What year was WSU founded?
1890
Cash is to asset as debt is to ____
Liability
This company was founded in 1956 and its measure of consumer lending risk has become the industry standard and fixture
FICO
What is the term used to describe the value of property after any mortgage loan amounts are deducted from it?
Equity
The ________ your positive credit history is, the more your score should improve
Longer
In what year did Gesa open its on-campus branches?
2022
This ratio is used to determine how much debt someone has versus how much income they have, and the higher it is, the higher the risk for lenders
Debt-to-Income
What is the maximum recommended percentage of your credit limit that you should stay beneath to maintain a healthy credit score?
30%
What does "FHA" stand for when referring to a mortgage loan type?
Federal Housing Administration
The _____________ ratio is used to calculate a portion of your credit score and compares the amount of credit being used to the total credit available
Utilization
How much can you earn through Gesa's College Checking Promotion?
$200
The "snowball" method of debt repayment is being used when someone targets paying off their ________ balances first
Smaller
These 3 companies collect your credit information and create credit reports - Equifax, Transunion, and __________
Experian
20%
New Credit factors in to about ____% of your total credit score (within 5%)
10%
Where is Gesa Credit Union's Headquarters located?
Richland, WA