credit

What is a credit score?

• What lenders use to see if you are able to pay back credit
• 3 numbers
• What your score on a test is that was worth credit
• The total amount due on your credit card

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

Which of the following is not a characteristic of an installment loan?

• repaid over time

• scheduled payments

• accompanied by an interest rate

• also known as a revolving loan

A credit report is a report showing a borrower's history of how well they paid their bills.

• True
• False

Credit means you ________now and ________ it back later.

• Borrow, Pay

• Pay, Borrow

• Pay, Pay

Credit Card is a type of what?

• bond

• Loan

• savings

Types of credit include: Credit card, Installments, Mortgage and

• debit card

• rewards card

• Student Loans

What is a mortgage?

• Car loan

• business loan

• Home loan

Why should you worry about having "good credit?"

• better credit terms

• something you can brag about

• it's the adult thing to do

• bad credit is very expensive to live with

IDENTIFY the excellent credit score.

• 350-550

• 600-700

• 720-800