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Credit
Credit Cards
Managing Credit
Misc
Misc
100
Something of value used to secure a loan and that the lender can claim in case of default
What is Collateral
100
A program which enables cardholders to readily transfer credit balances from one card to another
What is balance transfer
100
A method of evaluating an applicant's creditworthiness by assigning values to such factors as income, existing debts and credit references
What is credit scoring
100
A method of computing finance charges by applying interest charges to the average daily balance of the account over the billing period
What is average daily balance method
100
To meet a financial emergency
What is why we use credit
200
To avoid paying cash for large outlays
What is a reason to use Credit
200
A specified amount beyond which a customer may not borrow or purchase on credit
What is credit limit
200
the actual or true rate of interest paid over the life of a loan
What is annual percentage rate
200
A professional financial advisor who assists overextended consumers in repairing budgets for both spending and debt repayment
What is a credit counselor
200
You regularly use credit cards to buy on impulse
What is a credit card danger sign
300
The first step in establishing credit
What is open checking and savings accounts
300
Each time you make a purchase with this card the amount is electronically deducted from the card
What is a prepaid card
300
These scores are the most widely used as an indication of a borrower's credit risk
What are FICO scores
300
A legal procedure which "wipes the slate clean" to eliminate most of a debtor's obligations
What is Straight bankruptcy (chapter 7 bankruptcy)
300
A form of credit extended to a consumer in advance of any transaction
What is open account credit
400
If you can barely make the minimum required monthly payments on your bills this is considered
What is a credit danger sign
400
a bank credit card which combines features of a traditional bank credit card with an additional incentive, such as rebates
What is reward credit card
400
an organization that collects and stores credit information about inidividual borrowers
What is a credit bureau
400
A line of credit made available to an individual on an as-needed basis.
What is unsecured personal credit line
400
A short period of 20 to 30 days, during which you can pay your credit card bill in full and not incur any interest charges
What is a grace period
500
Using credit to meet basic living expenses
What is an Improper use of credit
500
A card used to make transactions for cash rather than credit
What is a debit card
500
Name the "big three" national credit bureaus
What are Trans-Union, Equifax, and Experian
500
The proportion of total monthly consumer credit obligations to monthly take-home pay
What is the debt safety ratio
500
Lost or stolen wallets, stolen mail, data breach, and while conducting a transaction
What are key sources of identity theft