General Credit
Give a simple definition of credit
Borrowing now, paying back later with interest
What is the range of credit scores?
300-850
Which type of card has a PIN number: Credit or Debit?
Debit
Free Application for Federal Student Aid
What are two things to consider when comparing credit cards other than APR?
Introductory rate, rewards/perks, annual fees, etc.
What is the word for an asset that the lender can take as repayment if someone does not pay back their loan?
Collateral
What is it called when your credit history/credit score is pulled for examination?
Credit Inquiry (Hard or soft inquiry)
What is the time period leading up to a statement posting called (Usually 28-31 days)?
Billing Cycle
What type of student loan has an interest rate that is determined by an individuals credit score?
Private student loan
What are the two most common methods for paying off debts called?
What are 4 common types of credit?
1. Loans
2. Mortgages
3. Credit Cards
4. Overdrafts
What are the names of the big 3 credit bureaus?
Equifax, Transunion, Experian
What is the time period between a statement posting and the minimum payment due date called?
Grace period
What 2 types of aid are considered "free money"?
Grants and Scholarships
What state has the highest average APR allowed for payday loans?
Texas
What is an example of revolving credit?
Credit Cards
How long do financial records remain on your credit report?
7-10 years
How is a secured credit card different from other credit cards?
Secured cards require a security deposit that determines your credit limit
When does the FAFSA typically open for students to fill out? (Specific day)
October 1
What is the legal process that an individual go through to get some debts forgiven called?
What is the amount borrowed in a loan called? What is the cost of borrowing this loan called?
Principal and Interest
What are the 5 factors of your credit score (With percentages)?
1. Payment History (35%)
2. Amounts Owed/Credit Utilization (30%)
3. Length of Credit History/Age of Credit (15%)
4. Types of Credit/Credit Mix (10%)
5. New Credit (10%)
What information does a Schumer Box tell us?
Interest rates and fees
Colleges send you financial aid offers based on a report they receive once the FAFSA has been submitted. What is the name of this report?
Student Aid Report
What are 2 debts that cannot be forgiven through bankruptcy?
Taxes owed, student loans, child support