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Using Credit
Establishing Credit
Credit Cards
Types of Loans
Misc
100
The purchase of non-durable goods
What is improper use of credit?
100
The first thing to do
What is open checking and savings accounts?
100
You may be able to avoid finance charges if
What is pay the full amount of the account balance?
100
The most common use of consumer loans
What are auto loans?
100
payment history, amounts owed, length of credit history, new credit, and types of credit used
What are items use in calcualting your FICO score?
200
Paying the minimum monthly payment on a credit card
What is cost a great deal more in interest and take much longer to pay off?
200
Consistently make payments on time and let the lender know if you foresee difficulty in meeting a monthly payment
What are things you can do to build a strong credit history?
200
frequent flyer program and auto rebate programs
What are reward cards?
200
loans for undergraduate and graduate studies
What are education loans?
200
A method of computing finance charges in which the interest is charged on the actual loan balance outstanding
What is the simple interest method?
300
You regulary use credit cards to buy on impulse and you regulary exceed the borrowing limits on your credit cards
What are credit danger signs?
300
monthly consumer credit obligations divided by monthly take-home pay
What is the debt safety ratio?
300
Department store card and an oil company card
What are Retail Charge Cards?
300
Loans used to straighten out an unhealthy credit situation
What are consolidation loans?
300
The Truth in Lending Act states:
What is that lenders must disclose the rate of interest they charge and their method of computing finance charges?
400
food, clothes, utilities
What are non-durable goods?
400
The percentage one's debt safety ratio should not exceed
What is 20%?
400
A card with a fixed amount available which does not access your checking account
What is a prepaid card?
400
One of the most legitimate reasons for going in debt
What are education loans?
400
lost or stolen wallets, while conducting a transaction, "friendly" theft, data breach, online, stolen mail
What are the key sources of identity theft?
500
Good rule to remember
What is the product purchase on credit should outlive the payments?
500
Your monthly income after taxes are taken out of it
What is monthly take-home pay?
500
A card providing direct access to your checking account and acts like writing a check
What is a debit card?
500
These two types of loan programs have specific limits, per academic year
What are Stafford and Perkins loans?
500
To avoid paying large cash outlays, to meet a financial emergency, for convenience, and for investment purposes
What are reasons why we use credit?