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