Borrowing Money

What form of credit has a maturity date?

• installment

• revolving

• fixed

• variable

What is NOT a dorm of the 6 C's of Credit?

• Capital/ Collateral

• Common Sense

• Character

• Capacity

• Completion

What is an example of revolving credit?

• Car Loan

• mortage

• credit card

• student loan

What should you NOT do if fraud occurs?

• report to police/ lenders

• gather evidence

• set-up alerts

• ignore it

what are you paying for when obtaining credit?

• principle & interest

• just the principle

• just the interest

• nothing

What can NOT be obtained with a low credit score?

• apartment/ house

• low interest rates on credit

• large down payments

• gain cosigners

What is a low credit score

• 300- 500

• 500-650

• 650-750

• 750-850

What is the borrowing of money?

• credit

• principle

• interest

• collateral

what is someone who takes on a loan responsibility, if the account owner does not?

• authorized user

• cosigner

• account holder

• joint account holder

What should not happen when dealing with revolving credit?

• pay only minimum balance

• high interest rates

• compound interest

• credit limits