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Vocabulary
FICO
Credit Cards
Statistics
Random
100

What is a credit card?

A small plastic card used to buy things that you agree to pay for later.
100

What makes up 35% of your FICO score?

What is Payment History?

100

Name one perk to look for when signing up for a credit card.

Answers include low to negligible annual fees, low APR, generous cash-back, etc.

100
What is the average number of credit cards per person? (within 1)
What is 3.9?
100

Name one example of "good debt."

Answers include student loans, mortgages, and business loans.

200

What is a FICO score?

Your credit score, which measures how reliable you are to lenders.

200

What makes up 30% of your FICO score?

What is Amount Owed?

200

Name one thing to avoid when signing up for a credit card.

Answers include high APR, high annual fees, rigorous sign-up process.

200
Which generation carries the largest amount of credit card debt per person? ($9600)

What is Generation X?

200

Name every part of the credit syllabus. (The FICO pie-chart)

Payment history, Amount owed, Length of credit, New credit, Credit mix.

300

What is good debt?

Debt that is supposed to generate enough financial benefit to outweigh the initial debt.


300

What makes up 15% of your FICO score?

What is Length of Credit History?

300

Name the EXACT name of ONE of the credit cards we recommended.

Answers include Chase Freedom Rise, Capital One Savor, or Discover It.

300

Which U.S state carries the most TOTAL amount of credit card debt?

What is California?

300

What % cash-back do customers receive on dining for the Capital One Savor card? (within 0.5%)

What is 3%?

400

What is ROI?

Return-on-investment. Your "profit" from debt.

400

What makes up 10% of your FICO score?

What is New Credit or Credit Mix?
400

Name one utility of a credit card over a debit card.

Answers include built-in protections, access to lucrative sign-up bonuses, and access to lower interest rates on loans through credit-building.

400

What is the average credit limit? (within $1000)

What is $30,000?

400

What is the minimum score for "good credit"

What is 670?
500

What is APR?

Annual-Percentage-Rate. (Interest rate + fees)

500

What is the range of your FICO score?

What is 300 to 850? (550)

500

WHEN and HOW MUCH should a credit card balance be paid to minimize debt?

Credit card balances should be paid in full at the end of each month.

500

What is the average APR on credit card debt? (within 1%)

What is 25.12%?

500

Who invented the credit card?

Who is Frank McNamara?