All About Credit

What is credit?

• Anyone who buys on credit.
• The one who sells credit.
• Privilege of using someone's money for a period of time.
• Borrowing money.

Who is a creditor?

• Institutions that give out loans.
• Anyone who buys on credit.
• A business who receives credit.
• Privilege of using someone else's money.

Who is the debtor?

• Charging a purchase on credit.
• Anyone who takes on debt.
• Borrowing money.
• Using someone else's money.

What is a loan credit?

• The one who sells credit.
• The one who takes on debt.
• Using someone else's money.
• Borrowing money for a specific purpose (cars, house, student loans).

What are the three C's of credit?

• Character, Capacity, Capital.
• Chocolate cake, Cookies, Capital.
• Capacity, Credit, Capital
• Capital, Character, Credit.

Which of the following is a benefit to using credit?

• Overbuying
• Higher prices
• Establishes credit
• Free money

Which of the following is a concern of using credit?

• Convenience
• Savings
• Immediate possession
• Careless buying

What is the range for a credit score?

• 300-850
• 300-760
• 300-595
• 330-625

When looking for a credit card, should it have a high APR or a low APR?

• High
• Low

When paying off your credit card balance, should you pay if off right away after 30 days, or should you stretch your payments out and only pay the minimum balance, maybe a little more?

• Pay it off right away.
• Stretch out your payments, only making the minimum payment or a little more.
• Both are okay.
• Neither. Don't pay a dime, just rack up that bill!! #YOLO