Credit Card Best Practices
Visa, Mastercard, American Express and Discover
What are the four credit card types?
This inquiry occurs when you apply for new credit or services.
What is a hard inquiry?
This is when you go over/spend more money than you have in your checking account.
What is an overdraft fee?
This account is one of the simplest ways to earn interest on the money you have.
What is a savings account?
What is the Letter and Number of the downstairs bathroom next to the kitchen? (Example G123)
N113
One of the best way to avoid missing a monthly loan or credit card payment.
What is autopay?
Make sure you have enough money in your checking account to cover each bill to avoid an overdraft. When you know you won't have to deal with a sudden score dip after a forgotten bill, you can focus on other ways to improve credit.
This is a credit check (inquiry) that does not damage your credit score in any way, since you are not applying for new credit.
What is a soft inquiry?
This piece of paper is considered a legal tender. It is often used to pay rent and previously, people would need to balance a book of these.
What is a check?
Money that a bank, credit union, or other financial institution pays you for parking your cash in a savings account.
What is interest?
In the kitchen, on the refrigerator, there is a picture of a Simpson's meme of someone holding a tray of food. What is the food that is on the tray?
Turkey
This is the length of time that should pass in order for you to close aging accounts.
When is never?
Even if you no longer use an old credit card, it's typically best to keep the account open. That's because your credit scores benefit from a long credit history and a high total credit limit. Closing established accounts will shorten the average age of your accounts and lower your total credit limit.
This rule includes knowing the date at the end of the billing cycle is your payment due date. By making a credit card payment 15 days before your payment due date—and again three days before—you're able to reduce your balances and show a lower credit utilization ratio before your billing cycle ends.
What is the 3 15 rule for credit cards?
What is direct deposit?
This occurs when you move money from one account to the other.
What is a transfer?
In the kitchen, above the paper towel dispenser, there is a painting of an animal wearing glasses. What is the animal and what color are the glasses?
Gecko & Black
This type of credit card requires a cash deposit, that ultimately becomes your initial credit limit.
What is a secured credit card?
You can then use the credit card as you would any other, and the deposit protects the issuer from the possibility that you won't pay off your balance. If you use a secured card responsibly, your card issuer could upgrade you to a traditional unsecured card in the future.
Joining a trusted family member's or friend's credit card account to make purchases and have the card's payment history will show up on your credit report.
What is an authorized user?
That makes it crucial to pick someone whose credit you will benefit from. Work with the primary cardholder to pay them for your purchases, as they'll be ultimately responsible for any balance on the card.
This is the actual definition of ATM.
What is a Automated Teller Machine?
Often small amounts of money, charged to your account monthly to maintain your bank accounts.
What is a maintenance fee?
A Bumblebee.
This is the number for keep your credit utilization below.
What is 30%?
Experts suggest keeping your credit utilization below 30% of your credit limit at all times; those with the highest credit scores usually have a rate in the single digits.
This is a credit card's interest rate is the price you pay for borrowing money.
What is annual percentage rate? (APR)
Excessive overdrafts, Numerous bounced checks, Involuntary account closure (meaning the bank closed the account), Unpaid fees and Negative balances are all reasons of what
What is reasons to be denied a checking account?
The least amount of money you must keep in your account to avoid fees.
what is a minimum balance?
This is the middle name of your group facilitator.
What is Lee?