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Credit PF

Credit unit for Personal Finance

QuestionAnswer
Besides Credit Cards what are two other ways to get credit? Banks, Pawn, Dealerships, government, mortgages
The most common type of credit Credit Card
What is the percentage of annual income that you should borrow? 20%
Understanding the 5 C’s of credit- this is ability to repay the loan Capacity
Using the 5 C’s of Credit was is another “C” that means Net Worth Capital
Range a credit score can fall between? 300-850
Name 2 of the three CRA’s Equifax, Transunion, Experian
The largest part of the credit score is based on credit history
The number of times you should check your credit score each year 1 time a year.
What does FICO stand for? Fair Issac’s Corporation
What areas does your credit report cover? Any area in which you borrowed money from someone
What type of information besides credit would be found on your credit report? Address of prior places lived, other names,
When you check your credit Soft check
When someone else checks your credit Hard Check
Besides you who can check credit reports? Mortgage lenders, Landlords, Utility companies Student Loan lenders, Insurance companies, Employers
Credit Cards are considered this type of Credit open-ended credit
Another name of open-ended credit is called Revolving Credit
The maximum about allowed to spend on a credit card is called Credit Limit
This is the box that must tell all information about that specific credit card Schumer Box
The basic tool used to compare one credit card to another APR
The amount you are responsible for if your credit card gets stolen $50
This is the type of loan in which you can rent a good and at the end you own it. rent-to-own
This type of credit is used when you borrow money that you have invested into something already ( mainly your home). home equity loan
This type of bankruptcy is called liquidation bankruptcy chapter 7
The law that states lenders must disclose the true cost of borrowing Truth in Lending Act
This Act State lenders cannot discriminate based on gender, age, or race Equal Credit Opportunity Act
What is the organization that deals with the laws the regulate credit. FTC – Federal Trade Commission
This is another name of a person who loans you the money creditor
What is the difference between APY and APR APY – is the amount you receive in interest APR – is the amount you pay in interest
Created by: lglenn1816