Vocabulary
Record of your financial information including addresses and Social Security number
What is Credit report?
Two financial institutions
What are credit unions and banks?
Card that means - buy now; pay later
What are credit cards?
Name two ways to see if a person is Creditworthy.
What are payment history, outstanding debt, credit use history, your assets?
Almost anyone with a savings, checking, debit or credit card uses this.
What is a financial institution?
Measurement of your potential ability to repay a debt
What is Credit Score?
A way to view account activity and pay bills on a website
What is online banking?
If buying items online, this type of payment is the safest.
What are credit cards?
Debt paid ontime
What is good debt?
Buy now; pay now
What is a debit card?
Legal process which you lose your house because you did not pay your mortgage
What is Foreclosure?
You should use a public computer to online bank - it's safe. T/F
What is False?
Amount of interest charged for any unpaid balance
What is APR - Annual percentage rate?
Very good to excellent credit score
What is 720 and above?
Two safety tips for keeping your online banking safe.
What are name and password private, don't store password or PIN on phone, log off account?
Money owed
What is debt?
Banks earn profit by doing this.
What is charge higher interest rates for loans than saving accounts?
Responsible consumers will do this monthly with their credit card balance.
What is pay off the whole bill monthly?
You can get this every 12 months upon request
What is your credit score?
An applicant's credit score. credit history, and any outstanding debts are used by this agency.
What is a credit agency?
For profit institution that offers loans, mortgages, and other services
What is a bank?
This is the amount of money that Credit Unions and Banks are insured up to.
What is $250,000?
Cost of credit - the fees and interest charged to finance the unpaid balance
What are financial charges?
This is at the top of the consumer complaints
What is identity theft?
The additional fee charged by lenders.
What is interest?