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The Meaning of Credit
FICO Score
Getting Your First Credit Card
Paying Your Credit Card Bills
Borrowing Money
100

A percentage of the principal charged by the creditor for lending out money

Interest

100

How many categories are used to determine your credit score?

5

100

True or False: A credit card is connected to your checking and/or savings account

False

100

True or False: When you use your credit card you aren't really paying for anything at that time

TRUE (you pay your credit card lender later)

100

Borrowing Money is a form of what

Credit (loan)

200

Credit Cards are a form of what

Loan

200

The category with the highest percentage 35%

Payment History
200

True or False: It is impossible to get a credit card if you are not at least 21 years old

FALSE

200

If you miss a payment due date you will be charged this

Late Payment Fee

200

True or False: The majority of people look towards family and friend for money towards the purchase of their home

False (only 6%)
300

The original amount borrowed (does NOT include interest owed)

Principal

300

The category with the second highest percentage 30%

Amounts owed

300

When searching for a credit card you should search for the ________ interest rate

Lowest
300
Although not advised, you do not need to pay your full balance, the credit card statement will say you only need to pay this 

Minimum Payment

300

If you don't pay your bill on time you will be charged this

Interest

400

Credit companies consider Mortgages and Student Loans to be "this", due to the fact that they are used to benefit your life and economic output.

Good Debt

400

If you have only had a credit card for a short period of time you are likely not earning a lot of points in this category

Length of Credit History

400

When you use your credit card you typically have how much time until the payment is due

30 days (1 month)

400

The total amount of money you can have charged to your credit card at any one time is referred to as this

Credit Limit

400

Two benefits to borrowing from friends and family

Flexible Options

Lower Interest Rates

No Interest Rate

Longer time to pay off

Won't go on Credit Report

500

The individual or the business that extends the credit

Lender or Creditor

500

The range that Credit scores can vary from is

300 - 850

500

Without being old enough you can get a credit card with a parent, your parent is referred to as a what

Cosigner

500
The difference between your credit limit and your balance due is referred to as this

Available Balance

500

Two Drawbacks to borrowing money from friends or family

Judgement

Not a Priority

Relationship Stress

Won't Build Credit