Credit Basics form note taking guide
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Closed-end Credit | show 🗑
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Open-end Credit | show 🗑
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Recommended amount to borrow | show 🗑
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Benefits of using money saved instead of credit | show 🗑
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show | No "rainy day" fund
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show | Get good today, pay back another day
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show | if lenders trust you will pay back the loan as agreed
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features of alternative credit | show 🗑
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show | Borrower gives the lender their car title or personal property in exchange for cash (based on value of item)
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show | Short term loan that provides immediate cash by securing a borrower's pay check or automatic withdrawal form
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Rent-to-own | show 🗑
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show | lender gives borrower a loan based upon their anticipated tax refund
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Credit application | show 🗑
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Why might a lender check a persons credit history? | show 🗑
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show | social security number, credit history, ability to pay credit, etc.
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What is the trade off to no credit history check? | show 🗑
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show | private mortgage companies, government (student loans), depository institutions (Bank of America), etc.
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Credit limit | show 🗑
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show | pay principal plus pre-determined percentage
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show | a minimum amount of money a borrower must pay back by the due date
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show | annual percentage rate
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late payment fee | show 🗑
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show | a fee when a person spends over the credit limit
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show | higher interest charged on new transactions when the term are not met on the contract
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show | type of credit, has pre determined amount of money on it that the person holding the card has to pay back to the lender
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debit card | show 🗑
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bankruptcy | show 🗑
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Certified Mail | show 🗑
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show | A summary of a person’s borrowing and repayment
history.
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show | A report on a person’s creditworthiness that includes
identifying information, credit cards, late payments,
bankruptcies, and savings balances.
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show | Federal law giving consumers the right to view and
correct their credit information.
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show | A creditworthiness score that, like the regular FICO score, is based on nontraditional
accounts and financial information sources and is
designed for young persons, new immigrants, or others
without a traditional credit history
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show | Credit score from 300–850 that rates how likely a
person is to fall 90 days behind in a payment.
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show | When a bank takes back a property and auctions it
off to recover the unpaid loan amount.
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Installment Loan | show 🗑
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show | A promise to reclaim an item bought with loaned
money if the loan is not repaid.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
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Created by:
itskatie_98
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