Credit Cards
The maximum amount that may be borrowed on a credit card
What is credit limit?
Buyers or listing Agent- a type of real estate agent that works for the seller of a home
What is listing agent?
(Stock, bond, or CD) An ownership share of the value of a publicly traded company, which can be bought, sold or traded as an investment
What is a stock?
(Credit Score/Credit Report/Credit Bureau)A document with information about a person's credit activity and history
What is a credit report
Tax Credit or Tax Deduction? An amount subtracted directly from the tax owed
What is a tax credit
The day's between a borrower's statement date and when payment is due without accruing interest
What is grace period?
Fees you pay your lender at the time you buy a home
What are closing costs?
A low-fee portfolio of stocks chosen to track or mimic a stock market index
What is an index fund?
The most widely used credit score model that takes information from the three credit bureaus to produce a credit score
What is FICO?
The percentage of tax paid in payroll taxes for Social Security
What is 6.2%
A table that must legally appear in a credit card agreement showing the card's rates and fees
What is a Schumer box?
FHA, VA, or USDA- A type of mortgage that is insured by the government, approves borrowers with lower credit scores and for lower down payments
What is an FHA loan?
Traditional or Roth? An IRA that allows a person to set aside after-tax income up to a specified amount each year
What is a Roth IRA
Name the three credit bureaus (100 for each)
Someone you financially support who is "claimed" on a tax return reducing taxable income taxes
Who is a dependent
A credit card benefit that pays the cardholder a small percentage of their net expenditures
What is cash back?
An agreement where a third party holds assets during a transaction, such as for homeowner's taxes or insurance
What is escrow?
The value of a company's outstanding shares- current stock price times number of shares outstanding
What is market cap (capitalization)
The greatest percentage of your credit score is based on this
What is payment history?
Income received from sources other than employment
What is unearned income?
A higher interest rate triggered by being late with or missing a credit card payment
What is a penalty APR?
A condition that must be met before the sale of a home is finalized
What is a contingency?
A collection of stocks/bond that are traded on securities exchanges. Unlike mutual funds, they can be traded throughout the day like an individual stock
What is an ETF? (Exchange Traded Fund)
The range of FICO scores available- What is the low, and what is the high? (250 points for each
What is 300- low and 850- high
A tax system using brackets to collect a larger percentage from high-income earners than from low-income earners
What is a progressive tax?