Britt Fall Final Preview

This is the name of amount that one actually borrows for a loan.

• Stock

• Principal

• Interest

• Premium

Payment that one would make before getting a loan.

• Deductible

• Co-Pay

• Principal

• Down Payment

Information that a bank looks at to see if you might be able to get a loan is called

• Dividend Report

• Stock Report

• Credit Report

• Budget Report

What is the range on a FICO credit score?

• 300-850

• 0-800

• 350-850

• 500-1000

This is what credit card companies must tell you about the terms of the card

• Unbanked

• Conditions

• Credit Report

• Diplomacy

Which statement is true of both debit AND credit cards?

• Both can trap you in an endless cycle of debt if you’re not careful

• Both allow you to make purchases in a store or online

• Both typically have interest rates between 10-30%

• Both require you to pay a minimum monthly payment when your bill arrives

All of the following appear on your credit report EXCEPT…

• Your checking account balance

• Student loan payment history

• Balance owed on a car loan

• Number of active credit accounts

Which of the following categories make up most of your credit score? Mark only one oval.

• Number of recent hard inquiries

• Average length of your credit history

• Number of active credit accounts

• Payment history and credit utilization

It’s beneficial to use some of your available credit because…

• The interest you’ll be charged goes up for every month you don’t use any credit

• Banks require you to use some form of credit in order to have an account with them

• It shows you can responsibly use credit and builds your credit history

• Employers are less likely to hire you if you don’t have a balance on your credit card

In general, why do so many different types of companies check your credit report?

• They’re legally required to do so by the Securities and Exchange Commission (SEC)

• To determine the price of the product or service they’re selling you

• Doing business with someone with a low credit score will also lower their credit score

• They want to make sure you’re likely to make consistent and timely payments