Types of Credit
This type of credit allows a person to borrow up to a set limit, repay some or all of the balance, and then use the available credit again when payments are made.
What is Revolving Credit?
This number, which ranges from 300 to 850, show how likely someone is to repay the money they borrow.
What is a Credit Score
True or False: Paying your credit balance all at once avoids interest, while carrying a balance from month to month usually means you will be charged interest.
What is True?
This is the name of tonight's training session that teaches you how to use credit to build a stronger future.
What is Credit Journey: Thriving, Not Surviving?
This type of credit lets a person use a service now and pay the full balance later, usually in one payment.
What is Service Credit or Non-installment Credit?
This report provides the information used to calculate a person's credit score.
What is a Credit Report?
This is the extra charge added when a bill or payment is not made by the due date.
What is a late fee?
This is something you must have to live safely and stay healthy, not just something you would like to have.
What is a Need?
This type of credit involves borrowing a set amount and repaying it through fixed payments over time.
What is Installment Credit
This group uses credit scores to decide how risky it is to lend someone money.
Who are Lenders?
This is the percentage a lender charges for borrowing money, added to the amount you must pay back over time.
What is Interest Rate?
True or False: Credit is tool, not something to misuse.
True
This type of credit is backed by collateral, such as a car or savings account.
What is Secured Credit?
This factor makes up the largest portion of a credit score and what reflects whether bills are paid on time.
What is Payment History?
True or False: Missing credit payments does not affect your credit record.
What is False
This is something you would like to have but can live without, even if it feels important.
What is a Want?
This type of credit does not require collateral and is based on trust and credit history.
What is Unsecured Credit?
These three companies collect and report credit information to create credit scores.
What is Transunion, Equifax, and Experian?
This is the yearly cost of borrowing money, shown as a percentage, and often includes interest and fees.
What is the Annual Percentage Rate?
Melissa Begay is the Community Coordinator, Senior for what program at NAU
What is the Center for American Indian Economic Development?