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Credit Test Review. What card takes money directly from your checking or savings account?  Debit Card.

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Presentation on theme: "Credit Test Review. What card takes money directly from your checking or savings account?  Debit Card."— Presentation transcript:

1 Credit Test Review

2 What card takes money directly from your checking or savings account?  Debit Card

3 What is the numerical value applied to your credit report by a consumer credit bureau that rate an individual’s creditworthiness for lenders? FICO SCORE

4 What should you do to prevent paying more interest to the credit card company?  Pay minimum balances  Pay more than minimum balances

5 What card allows you to borrow money from a private company and to keep a revolving balance?  Credit Card

6 If you have a high credit score, which is more likely?  Your APR will be higher  Your APR will be lower

7 How long does bankruptcy stay on your credit report?  up to 10 years

8 What does APR stand for?  Annual Percentage Rate

9 What APR applies to purchases after you pay your credit card late or go over the limit?  Penalty APR

10 What term is used to describe the situation in which a person has a balance for longer than 1 month?  Revolving Balance

11 What does your credit card give you when you use it for a cash advance?  It allows you to borrow cash money

12 When you use a credit card to pay another debt such as an amount from another credit card, this is called:  Balance Transfer

13 What law protects your credit card if it is lost or stolen?  Truth in Lending Act

14 Medical Bills are examples of:  Secured Debt  Unsecured Debt

15 What are the three consumer credit reporting agencies?  Experian  Transunion  Equifax

16 What law protects your debit card if it is lost or stolen?  Electronic Funds Transfer Act

17 Car Loans are examples of:  Secured Debt  Unsecured Debt

18 Which of 3 C’s of creditapplies to the following?  what assets does the consumer have that could be taken by the creditor if the loan is not paid  COLLATERAL

19 What are the benefits of having a good credit score?  You may have more access to credit and loans with lower interest rates and fees

20 Which of the 3 C’s of credit analyzes how much does a consumer earns and would be able to afford?  Capacity

21 How can you improve your credit score?  Pay your bills on time  Show that you have the ability to pay a balance over time

22 What are the consequences of declaring bankruptcy  You debts will be written off  It will negatively impact your credit report for up to 10 years  It will limit your ability to get credit and loans  It will most likely lead to higher APRS and fees from companies willing to extend credit

23 What is an _____?  It is something of value that the consumer possesses. Examples include  House  Car  Money in bank accounts  Jewelry  ASSET

24 What is a ____?  It is an amount of money that is owed to a creditor  DEBT

25 Which law allows the consumer to see an accurate credit report that is available upon your request?  Fair Credit Billing Act

26 What is probably happening to you when these things are offered?  They charge you an up-front fee  They guarantee you money before reviewing your application  You may be a victim of a loan scam

27 Which of the 3 C’s of credit analyzes a consumer’s patterns of payment?  Character

28 Can an employer see your credit report?  Yes

29 Mandated by the Truth in Lending Act, this is the table of information that describes the terms of your credit card:  Disclosure Statement


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