Credit Knowledge Flashcard

Front

What’s an example of bad credit? Mark only one oval. Mortgage, Car loan, Vacation, Student loans

Back

Vacation

Front

How can you raise your interest rate with credit? Mark only one oval.

Back

All of the above

Front

What is a credit report? Mark only one oval.

Back

A summary of how credit worthy you have been

Front

What is the score of a perfect credit score? Mark only one oval.

Back

850

Front

How can you prevent credit card debt from becoming too much? Mark only one oval.

Back

Pay the debt each month in full

Front

When should you get a credit card? Mark only one oval.

Back

As soon as possible

Front

About how long does a Typical Mortgage Loan last?

Back

30-40 Years

Front

About how long does a typical Auto Loan last?

Back

3-5 Years

Front

What percent of the total costs does Lil Rickie have to pay for a down payment on a house that costs 200,000 dollars?

Back

20%

Front

What type of mortgage has payments that started at $625 and increased to $950 in year 19 of a 25-year mortgage?

Back

Balloon Mortgage