introduction to credit

_____________ is a report that details how a person has used credit in the past.

• Credit report
• Credit card
• Credit score
• Credit history

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

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

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

credit

• the ability to acquire money, goods or services from others without immediate payment; an agreement to repay the purchase price and whatever interest is incurred

• loans which will be in repayment for less than an 18 month time period

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

short-term loans

• the ability to acquire money, goods or services from others without immediate payment; an agreement to repay the purchase price and whatever interest is incurred

• loans which will be in repayment for less than an 18 month time period

• loans which will be in repayment for more than 10 years

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

long-term loans

• the ability to acquire money, goods or services from others without immediate payment; an agreement to repay the purchase price and whatever interest is incurred

• loans which will be in repayment for less than an 18 month time period

• loans which will be in repayment for more than 10 years

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

credit cards

• one of the most common types of loans; charged with debt either by passing the numeric strip through a card reader or by manually typing in the number on the front

• a measure of the cost of credit; expressed as a yearly rate

• yearly membership or participation fees

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

annual percentage rate

• one of the most common types of loans; charged with debt either by passing the numeric strip through a card reader or by manually typing in the number on the front

• a measure of the cost of credit; expressed as a yearly rate

• yearly membership or participation fees

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

annual fees

• one of the most common types of loans; charged with debt either by passing the numeric strip through a card reader or by manually typing in the number on the front

• a measure of the cost of credit; expressed as a yearly rate

• yearly membership or participation fees

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

transaction fees

• fees for getting cash advances, making a late payment or exceeding your credit limit

• number calculated by using information on a credit report which shows lenders what risk they take by loaning money to you

• to question the truth or validity or an entry on a statement

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C