Credit
Scores
Scores
The highest credit score you can have?
What is 850?
Three types of payment cards you might have.
What are credit cards, debit cards, and prepaid debit cards?
The parts of an amortized loan.
What are principal and interest?
An approximate APR for a payday loan
What is 400-500%
Something you to do to prevent credit from being opened in your name unless they contact you first
What is a fraud alert?
The lowest credit score you can have?
What is 300?
Three types of credit cards.
What are regular/general credit cards (like Visa & Mastercard), store cards (like Belk and Kroger cards), and charge cards (like American Express and Diner's Club cards)?
The part of an amortized payment that gets smaller as the term goes on
What is interest?
An alternative to a payday loan
Varies: What is borrowing from friends and family, receiving charity from a church or charitable organization, what is a PAL from a Credit Union or small local bank?
Something that prevents any new credit in your name until you undo it
What is a credit freeze?
At least three of the five components of a credit score
What are Payment History, Credit Utilization, Length of Credit History, Types of Credit, New Credit?
The consequences of not paying your credit card bill in time
What are late fees and penalty APRs?
The amount of principal Maggie pays in her amortized payment of $500 when the interest portion is $350
What is $150?
The need payday loans fill
What is a small loan for someone with poor or no credit?
An organization that will give you a recovery plan after identity theft/credit fraud
What is the FTC?
An action that will lower your credit.
Varies: What is make a late payment, open a lot of credit cards, close your oldest credit card, etc.?
The criteria for choosing a credit card
What are fees (annual and penalty), APRs, grace period, and rewards?
The amount of principal need for a $38,000 car when you have a $6,000 down payment
What is $32,000?
An institution other than a bank where one can get financing (a loan)
What are investment banks, credit unions, crowd sourcing, and micro-loans?
Something available from the three credit bureaus that you can use to monitor your credit for problems
What is a credit report?
Something that will RAISE your credit score.
Varies: What is make payments on time, keep utilization under 30%, etc.
When interest starts being charged on cash advances and balance transfers
What is immediately?
The two advantages of adding a little extra to every installment payment
What are a lower amount of interest paid and a faster payoff?
Two things that can lower your interest rate on a loan
What are collateral (secured loans), a good credit score, a relationship with a bank, a good employment history, low balance, or short term?
The maximum amount of your net income you should spend on an auto loan
What is 20%?