Credit Cards
______ cards have a minimum monthly payments.
______ cards pull money directly from your checking.
Credit
Debit
What is the range of credit scores?
300-850
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.
Auto, mortgage, & student loans are all types of what kind of loans?
Installment
What is a payday loan?
They are for small amounts, repaid in a single payment, payment is taken out of your checking account on your next payday
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
Buy now, pay later is also known as what?
Credit
What are the 3 Cs of credit?
Capacity, Capital, Character
Define a revolving loan
Credit that renews as payments are made
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 2 things does your credit score control?
Approval & Interest Rate
Name 2 of the 3 credit protections provided by Truth in Lending
Must disclose credit terms, $50 liability if you lose your credit card, Allows 3 days to reconsider your decision and back out of the loan process without losing any money
What was the highest source of money to pay for college?
Parent & Student Income and Savings
Name 3 of the 4 information types included in a credit report.
Personal Information, Credit Account, Public Records, Inquiry Information
Name at least 3 factors that can effect your credit score.
Payment history, amount of debt, inquiries from creditors, negative information.
What are the three credit reporting agencies?
"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