Credit
Credit 2
Credit 3
Credit 4
Credit 5
100
The lower your credit score the higher the ______ rate
you will pay on loans
Interest
100
How do credit cards work?
They are loans
100
The amount you owe as the cost of borrowing money
Interest
100
The cost you pay each year to borrow money, including fees, expressed as a percentage
Annual Percentage Rate (APR)
100
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
200
This 3 numbered code appears on the back of most debit and credit card. For American Express, it is 4 numbers.
What is CVC code
200
Shredding or burning receipts, banks statements, and unused credit offers are all ways to prevent this from happening.
What is identity theft
200
Something valuable that the lender can take as payment if you can't or don't repay your secured loan
Collateral
200
The rate charged for borrowing money usually expressed as a percent of the amount borrowed
Interest Rate
200
As of 2022, the total debt from this was over 887 MILLION dollars
credit card debt
300
A nonprofit financial institution that is owned by its members and organized for their benefit
Credit Union
300
A loan with an interest rate that does not change over the life of the loan
Fixed Rate Loan
300
Interest rate can change, based on prime rate or index rate, over the course of the loan (risky to the borrower)
What is variable rate loan
300
The open line of credit that can be used for any purchases as long as you're under the limit; payments vary monthly based on size of the debt
What is revolving credit
300
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
400
The monthly payment made on a house; used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front
mortgage
400
The maximum amount that may be borrowed on a credit card
Credit Card Limit
400
A yearly fee that may be charged for having a specific credit card, independent of how you use the card
Annual Fee
400
Score used by most lenders to assess your credit risk to approve you for additional loans or credit
FICO Score
400
The amount of time you have to repay your entire loan
Term