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Credit PF
Credit unit for Personal Finance
| Question | Answer |
|---|---|
| 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
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