Banking Basics
This type of financial institution is not-for-profit and is owned by their members.
What is a credit union?
This is a spending plan that tracks your income and expenses.
What is a budget?
This rating is a measure of your credit worthiness.
What is credit score?
This credit score factor accounts for 10% of your score and may impact your score if you have multiple inquiries over a short time period.
What is new credit?
This type of debt includes car loans and mortgage loans.
What is secured debt?
This type of account is typically used to pay bills and daily spending.
What is a checking account?
This type of expense is predictable and rarely changes from month to month.
What is a fixed expense?
What is the range for credit scores?
What is 300-850?
This credit score factor is 30% of your credit score and shows how much you owe, how many credit cards are open and active, and progress towards repaying current debt.
What is amount owed?
This type of debt has no collateral and tends to have higher interest rates due to being a higher risk for the lender.
What is unsecured debt?
This is what a financial institution pays you every month for having deposits with them.
What is interest?
This type of expense changes from month to month.
What is a variable expense?
Equifax, Transunion, and this company make up the three credit bureaus.
What is Experian?
This credit score factor is 10% of your credit score and considers how many types of credit you are using.
What is credit mix?
This strategy to payoff debt focuses on quick wins by paying off the smallest debt first working towards the largest debt.
What is the snowball method?
This type of savings account holds a fixed amount of money for a predetermined period of time and pays higher interest than a regular savings account.
Shelter, food/water, and clothing are examples of this.
What are needs?
This type of credit card is a great way to establish or rebuild credit.
What is a secured credit card?
This credit score factor is 35% of your credit score showing how reliably you have repaid your debt in the past.
What is payment history?
This strategy to pay off debt is when an individual obtains a loan and uses the funds to pay off multiple existing loans allowing for 1 interest rate and 1 monthly payment.
What is a debt consolidation loan?
What is the number one rule when saving money?
What is pay yourself first?
This savings fund helps you in case of emergencies and typically should hold 3-6 months' worth of expenses.
This type of credit is a loan that provides a spending limit and stays open until you or the creditor closes it.
What is revolving credit?
This credit score factor is 15% of your credit score and uses the average age of all your credit accounts.
What is length of credit history?
A partner of Together Credit Union that provides budget review, credit counseling, debt management plans, and more.
Who is Greenpath Financial Wellness?