Consumer Credit Review

What may NOT impact the interest rate on your loans?

• Your relationship with the financial institution

• Your credit score

• The loan amount

• Your level of education

Tags

CCSS.7.RP.A.3

A mortgage is:

• A way to buy a car

• A way to pay for Netflix

• A way to buy a house

• A way to pay for school debt

Rent is due next week and i don't get paid until the week after. What is the best option that will cost you the least amount of interest?

• Borrow money from friend/family in the short term and then pay it back, no interest to pay.

• Take a PayDay loan with a very high interest rate that i can't afford to pay back.

• Don't pay it.

• Take a cash advance from my credit card, with an interest rate of 11.9% on all withdrawals.

What is a credit score?

• a number between 300 and 850 representing your creditworthiness

• a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

• Often referred to as a FICO score

• All of the above

What is a credit report?

• A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

• A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

• A report which shows which credit cards are better than others

• A report invented by Allan Greenspan and credited to Al Gore

What is your job as a borrower?

• To pay back your loans promptly
• To borrow as much as humanly possible
• Spend your loans and not pay them back

What type of credit is a credit card?

• Single-Payment
• Installment Credit
• Revolving Credit

True or False: Credit can lead to overspending.

• True
• False

How do you ruin your credit?

• Have someone Co-Sign your loan
• Not pay your bills
• Get a gas/Apartment card
• Cats

Which of the following would IMPROVE your credit score. 

• Closing out old credit cards. 
• Paying off your credit card bill. 
• Using a large portion of your credit limit. 
• Opening a new savings account.