credit
If you owe money to someone, you are the ________.
What is borrower or debtor?
This person guarantees repayment of a loan in case a borrower defaults...
What is a co-borrower/co-signer/guarantor?
When using this card your are not borrowing; you are using your own money.
Debit card
A bank account you use to save money...
What is a savings account?
How banks make money on credit (money loaned)
What is interest?
There are two types of interest. This is the one that is calculated based on the original principal.
What is simple interest?
Originally Fair, Isaac and Company, is a data analytics company focused on credit scoring services. It is a score that measures consumer credit risk. It ranges 300-850.
What is FICO
The approximate yearly cost of borrowing money from a financial institution.
What is APR (Annual Percentage Rate)
Borrowed money is called
What is credit or loan?
When you don't pay on a loan...
What is default?
When a bank takes back your house due to non-payment...
What is foreclose?
Paying on time is the most significant factor for determining your...
What is credit score?
Bad credit can mean you get turned down for an apartment or a?
What is an auto loan, low interest rates for credit, and even a job?
The deadline your employer has to provide you with your W2
What is January 31st
Experian, Equifax, Transunion
What are the credit reporting agencies
Information stays on your credit report for approximately how long?
What is 7-10 years?
True or False: You should always pay only the minimum amount due on a credit card.
False. Always pay more to reduce the interest paid.
Move money between bank accounts...
What is transfer?
A house loan...
What is a mortgage?
A new car loses value as soon as it is driven off of the lot. This is known as...
What is depreciation
This type of interest is calculated based on the principal plus the interest that is accumulated (interest on interest)
What is compound interest?
The amount of your paycheck before taxes and other items are deducted.
What is a gross pay?
When you are hired you fill out this form so the government (both state and federal) know how much money to deduct from your paycheck
What is a W-4?
When people have serious debt issues they turn to a trusted one of these to help them make their payments.
Credit counseling service