Credit

What is debt?

• Another word for death

• Something, typically money, that is owed or due

• A loan on which you do not have to pay interest

• That which is incurred during childhood and consummated in college

Revolving credit is...

• a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.

• a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due

• a spinning door with money in it

• a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly

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

The cost of borrowing money is referred to as 

• Interest 
• Annual Percentage Rate 
• Credit 
• Credit Line 

This is a fee that some, but not all, credit card issuers charge to use their credit card.

• APR
• annual fee
• monthly fee
• non-sufficient funds fee

Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these

Which one is considered a danger of using a credit card

• no cash needed
• leads to overspending
• convenient
• earns rewards

Your credit score is not configured off of which of the following:

• Payment history
• Amount owed
• Where you live
• Length of credit history

To build a good credit history, you should

• open as much credit as possible quickly
• use the maximum credit allowed on all your credit cards
• pay on time and as much of your balance as possible
• all of these

What is credit?

• Free money
• Borrowed money
• Standard of living
• A term that causes tears