FINANCIAL LITERACY- Types of Credit & Loans

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What is a credit score?

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A 3 digit number that shows your credit usage history and responsible borrowing and on-time payment.

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All of the following are part of a credit report EXCEPT: DMV reports, Payment Habits, Credit Usage, Debt Owed

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DMV reports

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Which one of the following can happen if you do not pay your minimum payment, on time, for your credit card?
Options:
Increase interest rates and late fees added,
Higher credit score and extension,
Tax and salary garnishments

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Increase interest rates and late fees added

Front

A cosigner on a loan can help by:

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Getting the loan approved

Front

Which of the following does not affect your credit score?
The amount of money you have in your account,
Amount of credit cards you have,
Having a pre-paid credit and Debit card,
Amount of loans you have

Back

Having a pre-paid credit and Debit card

Front

What is the correct range for a credit score?

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500- below: Not Good
700- 600: Average
850- 700: Great!

Front

Which one below does not impact a loan you borrow?
Current Debts, Employment and Employment History, Credit Score, Education

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Education

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What is a subsidized loan?

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Loans for students that does not have interests added to the loan while you are in school.

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What is an unsubsidized loan?

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Loans for students that starts charging interests the month after you start borrowing it.

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Which types of loan should you try to not get? Mortgage for a home, Educational loan, Car loan, Fast Pay-Day loan

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Fast Pay-Day loan