Good Credit/ Bad Credit
Best way to have a good credit record.
What is pay bills on time (before due date)?
How often people should check their credit report?
What is once a year?
An advantage of using a credit card.
What is paying for emergencies? Or phone or online orders? Or safer than carrying cash? Or can dispute charges, if necessary?
Using someone else's money to pay for things.
What is credit? Or a loan?
The cost that borrower pay for using someone else's money.
What is interest?
Besides lenders, such as banks, another organization that might check your credit file.
What are employers? Or insurance companies? Or landlords? Or car dealers?
Example of information in a credit report?
What are names of creditors? Or balance owned? Or payment history?
A disadvantage of using a credit a credit card.
What is overspending and getting into debt? Or high cost (interest)?
The total amount of money that a person owes.
What is debt?
Fee for making a late credit card payment.
What is a late fee?
This careless activity causes banks to charge your checking account a fee and can hurt your credit.
What is bouncing check?
Piece of information needed to request a copy of your credit report.
What is a Social Security number? Or home address? or copy of driver's license?
Credit card interest rates that start out very low and then sharply increase after a few months.
What are teaser rates?
Name of a person who signs a loan application alone with a borrowr.
What id a co-signer?
Fee for just having a credit card, even if you don't use it.
What us an annual fee?
Factors that creditors check before making loan.
What is income? Or employment history? Or current debt? Or payment history.
What is a credit score?
Practice of borrowing cash by using a credit card.
What is a cash advance?
The lowest amount possible that a credit card user us required to pay per month.
What is a minimum payment?
Fee for charging more than your maximum credit line.
What is an over-the-limit fee?
How long negative information, such as late payments, stays in a credit files.
What is seven to ten years?
Name a a major credit reporting agency?
What is Experian? Or TransUnion? Or Equifax?
Lender that charges high interest and loans money in exchange for keeping an item of value.
What is a pawnshop?
Financial institution that often charges less than banks for loans.
What is a credit union?
Typical rate of interest on a credit card (excluding low teaser rates).
What is 18% to 22%?