Lesson 1: Banking Partners
A for-profit institution that offers personal loans, mortgages, and other services.
Bank
Money in the form of bills or coins.
Cash
A standardized measurement of the potential to repay a debt.
Credit Score
A not-for-profit cooperative that offers bank services and is owned by its members.
Credit Union
A card authorizing the holder to buy goods and services that can be paid for later.
Credit Card
A record of a person’s financial information, including previous addresses, Social Security number, current and previous employers, estimated income, credit card accounts with amount owed and payment history, and loan information.
Credit Report
A fee received or paid for the use of money.
Interest
A card that looks like a credit card but operates like cash; money is immediately subtracted from the cardholder’s bank account when a purchase is made.
Debit Card
TRUE or FALSE - A bank would be more likely to deny you a loan if you did not have a job.
TRUE
A business that provides money-related services.
Financial Institution
A written order for a bank to pay money.
Check
What is the biggest thing that affects your credit score?
How much $$$ (MAX) in your bank account can be insured legally?
$250,000
What does APR stand for?
Annual Percentage Rate
What is one of the three agencies that can give you your credit report?
EQUIFAX, EXPERIAN, and TRANSUNION