Dept
mortage covers
home loan
types of credit?
Installment, Revolving, Secured, Unsecured, Collateral
FDIC stands for
Federal deposit insurance corporation
FICA stands for
Federal insurance Contribution act
credit score range
300-850
Fixed rate mortgage
interest rate stays the same throughout term
APR stand for
Annual percentage rate
long term consequences for not saving when you where young
No money for when bad things happen.
No concept of saving money.
Wanting to spend money as soon as you get it.
Being backed up with no savings
IRS stands for
Internal Revenue Service
credit score is
A number that evaluates a consumers creditworthiness & is based on credit history
Down payment
money that you save put towards an asset
Grace Period
Period between being billed and payment due date in which you are not charged interest if your balance is paid in full
reasons to save
Large purchases
Wealth building
Building emergency funds
Tax day is
Tax day is April 15
taxes pay for
Roads police, teacher, firefighter paycheck
Rent should be no more than
25-30 % of net pay
annual fee
cash fee that credit card companies charge you 1 time/year for having a credit card
when saving for large purchases take into consideration
Time
cost
W2 forms show
W2 forms show how much you make
Typical interest rate
3-4%
pay off dept with
the highest dept
Five C's of credit
Character, Capacity, Capital, Collateral, Conditions
the three different savings accounts
Online Savings Account
Certificate of Deposit (CD)
Money Market Account (MMA)
Tax liability
amount owed
the difference between Direct Subsidized and Direct Unsubsidized
Direct Subsidized - Based on financial need
Direct Unsubsidized - Can qualify regardless of financial need