FICO Score
Paying your bills on time will increase your FICO score.
True.
Where the money comes from for debit card?
Money that you have in your account.
Which expense below should go into a budget first?
1. TV
2. food
3. books
4. gas for the car
2. food
Name one of my college undergraduate majors.
Managerial Economics or Applied Statistics
An 800 credit score is better than a 650 credit score.
True.
The higher the credit score number (ranging from 300 to 850), the better a person’s creditworthiness is presumed to be.
What is the maximum credit score?
850
Credit card is easier to control spending than debit card.
False.
Definition of budgeting.
It’s a financial fitness tool that help give you power over your money
What is the title of my job?
Commercial Loan Associate
Which high school did I attend?
George Washington High School
Canceling an old credit card
A. could hurt your credit score.
B. will improve your credit score.
C. has no impact on your credit score.
D. is something you should always do after you pay off a card.
A – could hurt your credit score.
Name one difference between the debit card and credit card.
1. Where money comes from
2. Penalty
3. Credit Score
4. Spending
5. How to obtain
Debit cards allow bank customers to spend money by drawing on funds they have deposited at the bank. Credit cards allow consumers to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash.
Why should we start early with the habit of saving?
When you begin saving early, you can make sure that you have enough financial support in the form of emergency fund to counter any emergencies of life. This also helps you feel more secure and puts you away from any financial distress
What company do I work for?
TMC Financing
Which is the most important factor in determining credit scores?
A. payment history
B. debt use/amount you owe
C. average age of credit accounts
D. inquires
Payment History (35%)
Name one of the ways to improve your credit score.
Correct obvious mistakes
Pay your bills on time
Reduce your credit card balances
Pay off debt
Avoid closing too many accounts
How much should you pay on your credit card?
A. You should pay only the minimum payment.
B. You are legally required to pay the balance in full before your grade period ends.
C. You should pay as much as you can, striving to pay more than the minimum payment.
D. You should pay interest and fees plus 10% of the principle.
C. You should pay as much as you can, striving to pay more than the minimum payment.
Name one of the budgeting top tips you've learned today.
Be realistic
Know the difference between Needs and Wants
Don't bet on the next paycheck, next refund, or next bonus
Think and compare shops before you buy
Use cash or debit cards
Be credit savvy
Start early with the habit of saving
Name one of my job responsibilities in a day.
#1 Create customized loan scenarios for brokers
#2 Educate clients about SBA 504 loan program
#3 Set up loan files
How can you open a bank account under the age of 18?
Open a joint account or custodial account.
What determines credit score?
1. payment history
2. debt use/amount you owe
3. length of credit history
4. new credit opened
5. type of credit
What are credit card benefits/advantages?
Great for emergency situations, may improve credit score, extra perks such as grace periods, reward points, travel insurance, purchase protection
Why an emergency fund is important?
An emergency fund is essentially money that's been set aside to cover any of life's unexpected events. This money will allow you to live for a few months should you happen to lose your job or if something unexpected comes up that will cost a fair chunk of money to cover.
Who are my clients?
Small business owners who want to purchase property for their business operations
What are the consequences of a late payment on a credit card?
1. late payment fees
2. late payment may be added to credit history and end up affecting the credit score
3. Interest on outstanding debt