Vocabulary
What is a credit card?
What makes up 35% of your FICO score?
What is Payment History?
Name one perk to look for when signing up for a credit card.
Answers include low to negligible annual fees, low APR, generous cash-back, etc.
Name one example of "good debt."
Answers include student loans, mortgages, and business loans.
What is a FICO score?
Your credit score, which measures how reliable you are to lenders.
What makes up 30% of your FICO score?
What is Amount Owed?
Name one thing to avoid when signing up for a credit card.
Answers include high APR, high annual fees, rigorous sign-up process.
What is Generation X?
Name every part of the credit syllabus. (The FICO pie-chart)
Payment history, Amount owed, Length of credit, New credit, Credit mix.
What is good debt?
Debt that is supposed to generate enough financial benefit to outweigh the initial debt.
What makes up 15% of your FICO score?
What is Length of Credit History?
Name the EXACT name of ONE of the credit cards we recommended.
Answers include Chase Freedom Rise, Capital One Savor, or Discover It.
Which U.S state carries the most TOTAL amount of credit card debt?
What is California?
What % cash-back do customers receive on dining for the Capital One Savor card? (within 0.5%)
What is 3%?
What is ROI?
Return-on-investment. Your "profit" from debt.
What makes up 10% of your FICO score?
Name one utility of a credit card over a debit card.
Answers include built-in protections, access to lucrative sign-up bonuses, and access to lower interest rates on loans through credit-building.
What is the average credit limit? (within $1000)
What is $30,000?
What is the minimum score for "good credit"
What is APR?
Annual-Percentage-Rate. (Interest rate + fees)
What is the range of your FICO score?
What is 300 to 850? (550)
WHEN and HOW MUCH should a credit card balance be paid to minimize debt?
Credit card balances should be paid in full at the end of each month.
What is the average APR on credit card debt? (within 1%)
What is 25.12%?
Who invented the credit card?
Who is Frank McNamara?