Credit
This report predicts how well you'll pay each month on your loans.
What is a credit report or FICO score?
10 /100
What is 10%?
True or False: Credit cards should be avoided
False: Credit cards are an important financial tool when used properly.
How many years will it take to pay back a credit card balance of $1000 paying only the minimum payment of $25 at today's average rate of 22%?
6 years a 1 month
you paid $818 in interest
You can stay on this benefit typically provided by your parents until you are 26 years old.
What is health insurance?
True or False: A good credit score is between 100 - 500.
False: a good credit score is between 650 and 850.
These open when you pay tithing according to the prophet Malachi.
What are the windows of heaven?
True or False: A large limit is good for your credit score.
True: You want large limits and low balances to establish good credit scores.
The two parts of a loan payment
What is principle and interest?
These help you pay for school interest free
What are scholarships and grants?
True or False: Credit is used to qualify for rent.
True: Many property managers pull credit when you apply to for a rental unit.
How much tithing should you pay? You just received your first paycheck at your new job. You earned $1200 gross but only took home $850 because of taxes and other deductions.
"...The way you define your income, and consequently your tithing, is a matter between you and the Lord. Prayerfully seek the Lord’s guidance on issues like taxes, gifts, scholarships, and other matters to determine what qualifies as a full tithe."
True or false: When you use a credit card, interest starts accruing from the date of the purchase and needs to be paid regardless of when you make your payment.
False: A credit card has a minimum of a 25-day grace period where you can pay off the full balance and not pay interest.
True or False
Payday and title loans have low rates.
False: Some payday loans have rates as high as 400%.
What is the average monthly rent for a two-bedroom apartment in Layton?
$1500 to $1600 per month.
A loan will go to ______ when you fail to pay consecutive payments.
What is collections?
An annual meeting with the bishop.
What is Tithing Declaration?
18% -29% APR
Average low and high interest rates on credit cards.
True or False:
You pay more interest per payment at the beginning of a loan than at the end.
True: The first payment of a loan always has the most interest and the last payment will have the least amount of interest.
A place you can worship with people your own age.
What is a YSA ward?
True or False: Getting a credit card is a great way to establish credit.
True: credit cards when used properly are a great way to establish credit.
A modern-day prophet famous for preaching the importance of tithing.
Who is Lorenzo Snow?
Interest-free period on credit cards.
What is a minimum 25-day grace period?
True or False:
Your credit report influences the amount of interest you'll pay.
True: lower credit scores pay higher interest premiums to offset the risk to the financial institution for lending to you.
Love share and invite at or away from home for a specific time period.
What is a mission?