LOANS
What loan types do we offer to help build/rebuild credit scores
What is Share Secured Loans or Visas (new!)
The rate or annual cost of a loan, including interest
What is Annual Percentage Rate (APR)
The name for a number of payments that a loan exists
What is a Term
A credit score is on a scale from 300 to what?
What is 850
Someone's honesty and integrity with payment history and stability
What is Character
What is the Balance Transfer rate on our credit cards
What is 0%
This interest rate, which often changes based on Federal Reserve decisions, serves as the base for our loans and credit cards
What is the Prime Rate
What is the late fee amount assessed to members that are late?
What is a 5% of the payment amount?
Ex: $ 250 payment= $12.50 late fee
Which scoring model do we use for credit score?
What is Vantage Score
Did you know this scoring model was created as a joint venture by the three major credit bureaus?
The variables in the environment for a loan-purpose, rate, industry trends, etc.
What is Conditions
In a secured loan, this party provides the asset (like a car) that the lender can seize if the debt is not repaid
What is an Owner of Collateral?
What is a rate that never changes
What is a Fixed Rate
At what number of days is a loan assessed a late fee?
What is the 16th day? (Applicable to Loans only.)
Credit Card late fees are assessed the evening of the due date if payment is missed.
What is the best credit utilization rate to maximize credit score?
What is a 30%
What the customer loses if they fail to payback a loan
What is Collateral
Calculate this % by dividing total monthly debt payments by gross monthly income to determine your borrowing capacity
What is the Debt to Income Ratio (DTI)?
This type of interest is calculated on the principal amount of a loan, rather than on the principal plus any accumulated interest
What is Simple Interest
Credit card feature allowing borrowers to avoid interest on purchases by paying their full monthly balance.
What is the Grace Period
Credit cards typically offer a grace period of 21 to 25 days from end of billing cycle to the payment due date
What is the website to tell members to dispute incorrect items on a credit bureau.
A loan applicants ability to repay a loan, cash flow & income stability
What is Capacity
Unlike a cosigner, this individual shares the debt responsibility equally and has a legal claim to the ownership of the collateral
What is a Co-Borrower
This "periodic" figure is found by dividing the APR by 365, and it determines exactly how much interest a loan earns every 24 hours
What is the Daily Periodic Rate (or per diem)
Credit cards & HELOCs are common examples of this type of loan that does not have a fixed number of payments
What is an Open-End Loan
How many points does a Hard Inquiry affect your credit score?
What is 5 points?
A loan applicants savings, net worth, equity in assets, assets, cash flow, etc.
What is Capital