Banking Basics
This type of financial institution is not-for-profit and is owned by the membership.
What is credit union?
This is a spending plan that tracks your income and expenses.
What is a budget?
This is your credit worthiness.
What is credit score?
This credit score factor accounts for 10% of your score and may impact your score if you have multiple inquiries over a short time period.
What is new credit?
These are types of debt an individual may have.
*Hint: Looking for 3
What are auto loans, home loans, credit cards, personal loans, student loans, medical bills, and payday loans?
This type of an account typically used to pay bills and daily spending.
This type of expenses is predictable and rarely changes month to month.
What is a fixed expense?
This is the credit score range.
What is 300-850?
This credit factor is 30% of your credit score and shows how much you owe, how many credit cards are open and active, and progress towards repaying current debt.
What is amount owed?
This type of debt has no collateral and tend to have higher interest rates due to being a higher risk for the lender.
What is unsecured debt?
These are the documents needed to open an account with a financial institution.
*Hint: Looking for 3 items
What is social security number, government issue ID, and proof of address?
This type of expense changes from month to month.
What is variable expenses?
Equifax, Transunion, and this company make up the three credit bureaus.
What is Experian?
This credit factor is 10% of your credit score and considers how many types of credit you are using.
What is credit mix?
This strategy to payoff debt focuses on quick wins by paying off the smallest debt first working towards the largest debt.
What is the snowball method?
This type of savings account holds a fixed amount of money for a predetermined period of time and pays higher interest than a regular savings account.
Shelter, food/water, and clothing are examples of this.
What are needs?
This type of credit card is a great way to establish or build credit.
What is a secured credit card?
This credit factor is 35% of your credit score showing how reliably you have repaid your debt in the past.
What is payment history?
This strategy to pay off debt is when an individual obtains a loan and uses the funds to pay off multiple existing loans allowing for 1 interest rate and 1 monthly payment.
What is a debt consolidation loan?
The number one rule when saving money.
What is pay yourself first?
This budgeting technique can be used as a guide and suggests 50% for needs, 30% for wants, and 20% for savings.
What is the 50/30/20 rule?
This type of credit is a loan that provides a spending limit and will never close.
What is revolving credit?
This credit factor is 15% of your credit score and shows the average age of all your credit accounts.
What is length of credit history?
A partner of Together Credit Union that provides budget review, credit counseling, debt management plans, and more.
Who is Greenpath Financial Wellness?