1. Credit Card Review

2. Some credit card companies charge ________ fees for the use of their card.

3. ANNUAL

4. Credit card interest rates are contained in the _________

5. APR

6. If you lose your credit card, you should immediately call your credit card ______________

7. COMPANY

8. The maximum amount a credit card holder is allowed to charge is called your ___________ ___________

9. CREDIT LIMIT

10. Bouncing a check will negatively impact your ________ ____________

11. CREDIT SCORE

12. An advantage of debit cards is that the holder is not contributing to additional _________ like credit cards.

13. DEBT

14. The most a credit card holder can be liable for lost or stolen cards is _____________ dollars if reported promptly.

15. $50

16. Credit card interest rates are _________ than bank loan interest rates. Higher / Lower

17. HIGHER

18. A danger of credit cards is ____________ buying because you don't need to have the cash available.

19. IMPULSE

20. Credit card holders have _______ days to report billing errors.

21. 60

22. In the 1900's, _________________ at general stores were a form of credit.

23. ACCOUNTS

24. The total amount that remains due on a credit card loan, including both principal and interest, is known as __________ _________.

25. BALANCE DUE

26. The use of too much credit in the 1990's led to ____________.

27. BANKRUPTCY

28. Which of the five C's is the most important to potential lenders.

29. CAPACITY

30. _____________ is property you possess that is worth more than your debts.

31. CAPITAL

32. A(n) ________ _________is money borrowed against the credit card limit, and it is one of the most expensive ways to use a credit card.

33. CASH ADVANCE

34. A loan for a specific amount that must be repaid in full, including finance charges, by a stated due date, is called a ________ ________ loan.

35. CLOSED END Note: cannot add purchases once it is set up – only for amount approved.

36. Something of value that can be sold to pay a debt is often referred to as _____.

37. COLLATERAL

38. Paying at a future date for the present use of goods and services or money is called _____.

39. CREDIT Also trust extended to borrower with the understanding that the debt will be paid back at a later date. Borrower must also have a job or income when applying for credit.

40. One who lends money or the use of goods and services for payment at a later date is known as a(n) _____.

41. CREDITOR

42. A service to customers called ____________ ___________ allows you to charge now and not be billed for several months.

43. DEFERRED BILLING

44. Since 1900, rates of interest on consumer loans have _________________.

45. DROPPED

46. Small loan companies, also called _________ companies, charge higher interest rates risk.

47. FINANCE

48. The interest you pay for the use of credit is called a ________ _____________.

49. FINANCE CHARGE

50. After a purchase has been made on credit, the borrower has a period of time before payment must be made. This time period is called the __________ period.

51. GRACE

52. A loan that is paid in equal monthly installments with a fixed interest rate is an _____________ loan.

53. INSTALLMENT

54. Low APR that goes up after given period is called the _______________ rate.

55. INTRODUCTORY

56. A(n) _______ ____ ________ is a pre-established amount that can be borrowed on demand.

57. LINE OF CREDIT

58. __________ ____________ are unlicensed lenders who charge illegal rates.

59. LOAN SHARKS

60. Banks generally charge the _______________ rates allowed by law for credit card balances.

61. MAXIMUM

62. Credit unions make loans available to their ______________ only.

63. MEMBERS

64. __________ ________ credit is credit whereby you can add purchases up to a set credit limit.

65. OPEN ENDED

66. A(n) _____ is a legal business where loans are made based on the value of merchandise used as collateral.

67. PAWNBROKER

68. The amount borrowed is known as the ____.

69. PRINCIPAL

70. The most common source of cash loans is the __________ lender.

71. PRIVATE

72. Businesses called _____ stores offer goods and services directly to consumers and include department stores, drugstores, and clothing stores.

73. RETAIL

74. A __________________ credit account is a type of closed-end credit.

75. REVOLVING

76. Finance companies charge higher rates of interest on loans because they take more ________.

77. RISK

78. A manufacturer-related company, called a(n) _________ ____________ company, makes loans through authorized representatives.

79. SALES FINANCE

80. A loan on which the goods purchased with the loan serve as collateral is called a _____ loan.

81. SECURED

82. Credit debt should not exceed _______ percent of your monthly income.

83. 10% 20/10 RULE – no more than 20% of annual income; no more than 10% of monthly income

84. The process of moving an unpaid credit card debt from one issuer to another is a balance _____________.

85. TRANSFER

86. The ________-in-Lending law requires all lenders to calculate APR the same way.

87. TRUTH

88. In some states, maximum interest rates are set by _____ laws.

89. USURY If no usury laws are set, the lender can charge whatever interest rate they want.

90. The annual percentage rate (APR) is the cost of credit, expressed as a ____________ percentage.

91. YEARLY

92. You have a right to know what is in your credit file and who has accessed your file for credit purposes in the last _______ months.

93. SIX

94. Credit _______________ gather, store, and sell credit information to business subscribers.

95. BUREAUS

96. Credit _____________ will not negatively impact your credit score, but may actually help you develop a financial payment plan to get back on track.

97. COUNSELING

98. Credit _______ are updated daily by computers and search procedures.

99. FILES

100. _____________ is favor based on some factor other than individual merit.

101. DISCRIMINATION

102. Debt collectors charge creditors ________ percent of the disputed amount.

103. 50 (fifty)

104. To maintain good credit you must not only make payments on time, but you must pay ______ your debt.

105. DOWN

106. It is important to check your credit report to check for _________

107. ERRORS

108. An __________________ credit rating means you pay your bills early and pay more than the minimum.

109. EXCELLENT

110. The _________ _________ Billing Act requires creditors to resolve billing errors within a specified period of time

111. FAIR CREDIT

112. The rating assigned to consumers by the credit bureaus is called a _______ score.

113. FICO

114. A summary of a person's credit history, kept at a credit bureau is a credit __________.

115. FILE

116. The complete record of your credit performance is called your credit ___________.

117. HISTORY

118. The three types of debt are single- payment, ____________, and revolving.

119. INSTALLMENT

120. Your credit score is a number between 300 and 850. Lenders typically give their ____________ interest rates to people with credit scores that are at least a 620 rating.

121. LOWEST

122. _________________ records cannot be obtained through public records.

123. MEDICAL

124. If you charged an item that is broken, first try to settle with the _____________.

125. MERCHANT

126. Debt collectors are usually allowed to call you at home after _________ p.m.

127. NINE

128. Financial difficulties are commonly caused by ________________

129. OVERSPENDING

130. A measure of your credit worthiness is your credit __________.

131. RATING

132. If you need to reduce the number of credit cards you hold, close the most ________ ones first.

133. RECENT

134. A good way to get started with credit is to open a _______________ account.

135. SAVINGS

136. Holding a mortgage on your house is a form of ___________ debt.

137. SECURED (something of value backing the loan)

138. You have a right to know what is in your credit file and who has seen your file for credit purposes in the last _________ months.

139. SIX

140. A complaint about an error on a billing statement must be in writing and mailed within __________ days after you receive the statement.

141. SIXTY

142. Negative events or delinquencies can remain on your credit report for seven to ________ years.

143. TEN

144. A credit report that includes scores from the three major credit bureaus is called a __________credit report.

145. TRIMERGE

146. After a denial of credit, the creditor must keep for ______ months all information used to determine the denial and any written complaint from you regarding the denial.

147. TWENTY-FIVE

148. Credit scores among the three major credit bureaus do ______.

149. VARY

150. If you have a question about a possible billing error, you should never __________ directly on the bill.

151. WRITE

152. Too many _______ on your credit history will bring your credit score down.

153. INQUIRIES

154. An act giving you access to your credit file.

155. Fair Credit Reporting Act

156. An act giving rules for handling billing errors.

157. Fair Credit Billing Act

158. REMEMBER = No one can fix your credit except Y O U ! Most credit repair offers are scams