Credit Score
How much of your credit score (percentage) is your payment history worth?
30%.
What are 'grace periods' on credit cards?
5-6 days after payment is due with no late fee.
What is the hardest natural substance on Earth?
Diamond.
What is the formula for simple interest?
I = P x R x T
What are two examples of loan alternatives?
Save before buying, apply for scholarships, apply for grants, rent...
To get the best credit, you want to keep your balances to the credit card limit ratio under what percentage?
30%.
True or False. Checking your credit score will make it go down.
False
In what year was the first iPhone released?
2007.
In the formula for compound interest, what part shows the compound?
(1+r/t)
What happens if you file for bankruptcy?
Credit gets wiped, but you can never borrow again. "Credit score 0"
Define installment credit.
Good. Any loans with fixed payments over a set period of time.
What type of rewards to student credit cards typically have?
Gas station discounts, cash back, streaming services
How many rings are there on the Olympic flag?
5.
How does having higher credit affect your interest rate?
Lowers interest.
Give two examples of lender red flags.
Extremely high interest, Hidden fees, Pay Day Marketing...
Define revolving credit.
Bad. Accounts that allow for repeat borrowing up to their credit limit.
Why should you avoid only paying the minimum payment every month?
You will get trapped in debt cycle, paying way more in interest.
What are baby goats called?
Kids.
What is the total payment of a 1 year term $1,000 loan at 5% APR?
$1,050.
Why should you compare at least three loans before securing an option?
Find the best rate.
What is the FICO credit score range?
300-850.
How much should you spend on your credit card?
As much as you feel comfortable paying off that month.
What river flows through the Grand Canyon?
The Colorado River.
What is the monthly payment of a 5 year term $10,000 loan with 5% APR?
About $210.
Which is the best deal?
3 year term @ 6%
5 year term @ 4%
7 year term @ 2.5%
7 year term @ 2.5%