Give Me Some Credit
This is granted to a borrower in exchange for a promise of future payment with some interest.
What is credit?
This is the most common type of bank account, though it is often ignored
What is a savings account?
Not a constant stream of borrowed money like a credit card, this one time amount is good for a variety of purchases
What is a Loan?
The most consistent thing to budget for, it will almost never change month to month, not its amount or location.
What is Rent, Morgage, Housing?
This is how much money you bring in after taxes have be taken out.
What is Net Income/Pay?
This is the easiest 100 to maintain, just don't forget it each month.
What is Payment History?
This account gives you access to a debit card, which draws directly from the money you have.
What is Checking Account?
They will check this whenever you apply for a loan, causing a hard inquiry to be added to it.
What is Credit Score?
These utility costs are sometimes difficult to budget for due to the change in cost month to month based on personal habits.
What is Electricity or Water?
These taxes are payed for you by your employer.
What is Income Tax?
This is the amount of money a lender is will do let you borrow via your credit card.
What is a Credit Limit?
Banks often provide loans for these big ticket items, that can help you get around, give you a place to sleep, or both.
What is Car Loan and Mortage?
Which of these loan will result in the lowest interest being payed?
Loan 1 : $5000 APR: 18% Term: 5 Years
Loan 2 : $6000 APR: 14% Term: 4 Years
What is Loan 2?
Keeping this low will help you have more money to spend on food, entertainment, and savings, because you aren't obligated to pay large amounts each month to pay this down
What is debt?
This tax is paid on the things you own, like a car or house.
What is property tax?
These are the 3 credit score reporting agencies. Name 1.
What is Equifax, Transunion, or Experian?
Very few things call on them now a days, but when you go to pay your rent you will like use one of these, provided by your bank.
What is a check?
This is the 3 letter acronym for the interest rate of a loan or credit card.
What is APR or Annual Percent Rate?
The number one thing that drives financial sound people into debt and poverty because it is so hard to budget for and has unforeseen costs
What is Health Care Costs?
This is the tax levied on goods that are nonessential and the government has an interest in trying to limit peoples consumption of them.
What is an excise or sin tax?
These have a tricky interaction on your credit score, you want one to be a long length of time but you also want 11+ of these which average together to get the first.
What is Age of Credit History and Total Accounts?
These extra powerful nonwithdrawable "savings accounts" provide excellent return on investment if you are willing to wait, acronymed as CD
What is Certificate of Deposit?
These predatory lender offer quick cash but often charge extremely high interest rates and have many hidden fees.
What are Check Cashing or Payday Lenders?
The average American does not have enough emergency savings to handle this unexpected cost, ironically you would be able to pay it if you got this answer right.
What is $500?
This is a tax on money made from investing money in stocks.
What is Capital Gains Tax?