INTO TO CREDIT
A term that represents the total cost of the item you're purchasing on credit minus any down payment you make upfront...
What is principal?
These 2 categories make up most of your credit score..
What is Payment history and credit utilization?
These companies tracks all of your credit information...
What is Credit reporting agencies (Equifax, Experian and TransUnion)?
“Predatory lending” is....
What is lending practices that take advantage of borrowers with unfair or abusive terms?
TRUE OR FALSE: It's best to begin establishing credit when you're young...
What is True?
Each of the following represents an installment loan EXCEPT...A. Home mortgage B.Auto loan C.Student loan D.Credit Card
What is D.Credit Card?
It is best to avoid these in order to improve your payment history...
What are late payments
Describe what a credit report is...
What is a summary of your credit history and borrowing activity?
All of these impact credit report EXCEPT...A. Getting your own cell phone plan B.Leasing an apartment C.Applying for a mortgage to buy a house D.Buying a TV with cash
What is D.Buying a TV with cash?
TRUE OR FALSE: Paying your credit card balance in full each month will increase your interest and fees.
What is FALSE?
Having good credit score, making a larger down payment, or finding a cosigner with good credit are all ways to....
What is decrease your interest rate
It's beneficial to use some of your available credit because...
What is it shows you can responsibly use credit while building your credit history
These items are included in a credit report...
What are loan/credit card balances and payment history?
What is a Payday loan, Car title loans?
An outstanding balance is....
What is the amount you still owe after you have made your most recent payment?
3 components included on any loan...
What is the principal, the interest rate, and the loan term?
This core range is considered “good”...
What is 670–739?
____________typically uses your credit report..
What are Lenders and landlords?
TRUE OR FALSE: The interest rate on a loan for someone with excellent credit compared to someone with poor credit is higher...
What is FALSE?
Your credit card limit is $800 and your outstanding balance is $725, this the largest amount you can charge on that card in the upcoming month....
What is $75?
Secured loans considered less risky to the lender because...
What is a lender's ability to take valuable collateral if you fail to repay your loan?
2 ways to improve a credit score....
ANY OF THE FOLLOWING:
Pay bills on time
Keep balances low
Don’t open too many accounts at once
Keep older accounts open to build history
If you see an error on your credit report, you should do this immediately...
What is report it to the credit bureau?
These type of consumers are most at risk of being targeted by predatory lenders..
Who are people with little financial knowledge or poor credit?
As you move through your payment schedule on an amortized loan, this will happen to the interest portion of each month's payment...
What is the interest portion of each month's payment decreases?