Credit Cards
______ cards have a minimum monthly payments.
______ cards pull money directly from your checking.
Credit
Debit
What is the range of credit scores?
350-800
Does having a car as collateral increase or decrease your finance charges, such as interest?
Decrease
When someone talks about APR, they are talking about what?
Annual Percentage Rate, Interest Rate, Finance Charges
What is a Schumer Box?
The clear description of APR, fees and other major conditions of their credit card.
Name at least 2 factors that can effect your credit score.
Payment history, amount of debt, inquiries from creditors, negative information.
Name 2 of 4 ways to reduce auto insurance.
Age, Driving Record, Type of Vehicle, Location
You have two options to pay back the same loan. Option one is paid back in 6 years and option two is paid back in 4 years. Which option has a high loan payment?
Option 2: 4 years
Name 2 of the 4 information types included in a credit report.
Auto, mortgage, & student loans are all types of what kind of loans?
Installment
What type of insurance covers a hit and run driver?
Uninsured Motorist
Explain Rent-to-own.
Paying installments on rented objects in order to own them.
The amount of time you get to pay the credit card balance without a finance charge (interest charge) penalty.
Grace Period
What are the 3 Cs of credit?
Capacity, Capital, Character
What type of insurance covers hail damage?
Comprehensive
What was the highest source of money to pay for college?
Parent & Student Income and Savings
Buy now, pay later is also known as what?
Credit
What 2 things does your credit score control?
Approval & Interest Rate
What auto coverage are you required to carry?
Liability
"Credit Card companies are not allowed to raise your existing rate and need 45 days notice to raise rates for new transactions" is protected by what act?
Credit Card Act