Show:
Keep it Safe
To your Credit
Charge it Right
Loan to Own
Your own Home
100
Under this law, lenders cannot discourage consumers from applying for a loan based on certain characteristics.
What is Equal Credit Opportunity Act?
100
A report card on how you manage your debts.
What is a credit report?
100
After 3 months your rate of 2.9% goes up to 19.9%.
What is a "teaser" or introductory rate?
100
The dollar amount a loan wil cost including interest, loan fees and service charges.
What is the finance charge?
100
lender protection in the event you default on the loan.
What is private mortgage insurance?
200
You receive a letter from your lender within 30 days that declines your loan request.
What is Adverse Action Notice?
200
Legally released from repaying debts.
What is bankruptcy?
200
The total balance must be paid in full each month.
What is a charge card?
200
Present and future ability to meet payment obligations.
What is capacity?
200
Savings deposits are matched toward your goal of purchasing a first home.
What is an individual development account? (IDA)
300
Your bank account is insured up to $100,000.
What is the Federal Deposit Insurance Corp? (FDIC)
300
A credit score of 550 and elevated risk of default.
What is subprime?
300
$30 is charged for exceeding the approved credit.
What is an over-the-limit fee?
300
Primary factor for comparison of loan cost.
What is the annual percentage rate? (APR)
300
An informal way to determine from a lender how large of a mortgage loan you could obtain.
What is pre-qualification?
400
The lender requires you to take credit life insurance on the loan & pay 10 points up front.
What is predatory lending?
400
Go for help when debts are mounting and payments are falling behind.
What is credit counseling?
400
This credit card requires cash collateral.
What is a secured credit card?
400
Weekly payments in exchange for use of the item.
What is rent to own?
400
The relationship of total housing expense plus any other debt with more than 10 payments remaining, to gross monthly income.
What is debt-to-icome ratio? (Back-end)
500
The best database for information is the trash barrel.
What is Identity Theft?
500
Pesonal, public historical inquiries.
What are 4 parts of a credit report?
500
Average daily balance, adjusted balance, 2 cycle balance.
What is a balance computation method?
500
Monthly payment excess mileage charge. Excessive wear and tear higher insurance cost.
What is an auto lease?
500
If you pay your mortgage off during the first year, you might have to pay a fee.
What is a pre-payment penalty?