Credit Score
This card can help you build up your credit score quickly.
What is a credit card
What does APR stand for?
Annual Percentage Rate
What is a secured loan?
*Bonus* Name 2 types of secured loans (both have to be correct for the bonus points)
A type of loan that requires collateral that can be seized by a lender
*Bonus*
Car loan; Home loan/Mortgage; Property loan; Share-secured or savings-secured loans
A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest
Credit Card
Credit Cards are technically considered as a ______
Loan
This is a form of financial aid that is based on academics, sports, or other factors (major in college or extracurricular activities)
Scholarship
How many digits long is a person's credit score?
3
This is the loan that you get for a house
Mortgage?
Give an example of an unsecured loan
Student loan; Credit Card; Store Credit card
The lower your credit score the higher the _______ _______ you will pay on the loan
Interest Rate
The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender
Minimum Payment
Financial aid that is based on financial need to pay for college
Grant
What is the highest a persons credit score can be?
850
What is the definition of "Interest"? (Finance definition)
*Bonus: Answer the question correctly and make a shot to earn bonus points.
The amount of money a person has to pay in addition to what they borrow/owe
______ helps to determine if someone will be approved for a loan.
Possible Answers: Credit score; Credit history; Creditworthiness
The typically low rate charged during the introductory period after a credit account is opened, after which the regular, typically higher, APR will apply
Introductory APR
This part of a credit card statement tells you the amount of money you owe from the previous month
Previous Balance
This is financial aid given to a student from the government that needs to be paid back (must give specific name to earn points)
Federal Student Loan
_______ is the lowest a persons credit score can be?
*Bonus: If you get the question correct, you can make a shot in the basket to earn double points*
300
What is Principal? (Finance Definition not Mr. Schwartz)
The actual amount of money being borrowed before interest is added.
List 4 important things that need to be on a loan application
Name; home address; employment; debts; social security number; contact details; income; credit history; assets; length of employment; co-signer information;
The maximum amount that you may borrow on a credit card
Credit Card Limit
This part of a credit card statement tells you what you have left to spend on your credit card
Available Credit
This is financial aid that is given by banks or companies and has varying interest rates and specific eligibility requirements
Private Student Loan
List two different reasons why someone's credit score can drop.
Answers will vary.
What is collateral?
It is an asset or property that is used as security for a loan.
_____ helps to reduce the total amount a person finances with a loan, resulting in a lower borrowing cost
Down Payment
This is a full break down of what someone spent and may still owe on their credit card
Credit Crad Statement or Statement
This number tells you how much you are allowed to spend on your credit card
Credit Limit
This form of financial aid allows students to earn income while being in school
Work-Study