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Published byPamela Blair
Modified over 5 years ago
Credit Card Review
Some credit card companies charge ________ fees for the use of their card.
Credit card interest rates are contained in the _________
If you lose your credit card, you should immediately call your credit card ______________
The maximum amount a credit card holder is allowed to charge is called your ___________ ___________
Bouncing a check will negatively impact your ________ ____________
An advantage of debit cards is that the holder is not contributing to additional _________ like credit cards.
The most a credit card holder can be liable for lost or stolen cards is _____________ dollars if reported promptly.
Credit card interest rates are _________ than bank loan interest rates. Higher / Lower
A danger of credit cards is ____________ buying because you don't need to have the cash available.
Credit card holders have _______ days to report billing errors.
In the 1900's, _________________ at general stores were a form of credit.
The total amount that remains due on a credit card loan, including both principal and interest, is known as __________ _________.
The use of too much credit in the 1990's led to ____________.
Which of the five C's is the most important to potential lenders.
_____________ is property you possess that is worth more than your debts.
A(n) ________ _________is money borrowed against the credit card limit, and it is one of the most expensive ways to use a credit card.
A loan for a specific amount that must be repaid in full, including finance charges, by a stated due date, is called a ________ ________ loan.
CLOSED END Note: cannot add purchases once it is set up – only for amount approved.
Something of value that can be sold to pay a debt is often referred to as _____.
Paying at a future date for the present use of goods and services or money is called _____.
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.
One who lends money or the use of goods and services for payment at a later date is known as a(n) _____.
A service to customers called ____________ ___________ allows you to charge now and not be billed for several months.
Since 1900, rates of interest on consumer loans have _________________.
Small loan companies, also called _________ companies, charge higher interest rates risk.
The interest you pay for the use of credit is called a ________ _____________.
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.
A loan that is paid in equal monthly installments with a fixed interest rate is an _____________ loan.
Low APR that goes up after given period is called the _______________ rate.
A(n) _______ ____ ________ is a pre-established amount that can be borrowed on demand.
LINE OF CREDIT
__________ ____________ are unlicensed lenders who charge illegal rates.
Banks generally charge the _______________ rates allowed by law for credit card balances.
Credit unions make loans available to their ______________ only.
__________ ________ credit is credit whereby you can add purchases up to a set credit limit.
A(n) _____ is a legal business where loans are made based on the value of merchandise used as collateral.
The amount borrowed is known as the ____.
The most common source of cash loans is the __________ lender.
Businesses called _____ stores offer goods and services directly to consumers and include department stores, drugstores, and clothing stores.
A __________________ credit account is a type of closed-end credit.
Finance companies charge higher rates of interest on loans because they take more ________.
A manufacturer-related company, called a(n) _________ ____________ company, makes loans through authorized representatives.
A loan on which the goods purchased with the loan serve as collateral is called a _____ loan.
Credit debt should not exceed _______ percent of your monthly income.
10% 20/10 RULE – no more than 20% of annual income; no more than 10% of monthly income
The process of moving an unpaid credit card debt from one issuer to another is a balance _____________.
The ________-in-Lending law requires all lenders to calculate APR the same way.
In some states, maximum interest rates are set by _____ laws.
USURY If no usury laws are set, the lender can charge whatever interest rate they want.
The annual percentage rate (APR) is the cost of credit, expressed as a ____________ percentage.
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.
Credit _______________ gather, store, and sell credit information to business subscribers.
Credit _____________ will not negatively impact your credit score, but may actually help you develop a financial payment plan to get back on track.
Credit _______ are updated daily by computers and search procedures.
_____________ is favor based on some factor other than individual merit.
Debt collectors charge creditors ________ percent of the disputed amount.
To maintain good credit you must not only make payments on time, but you must pay ______ your debt.
It is important to check your credit report to check for _________
An __________________ credit rating means you pay your bills early and pay more than the minimum.
The _________ _________ Billing Act requires creditors to resolve billing errors within a specified period of time
The rating assigned to consumers by the credit bureaus is called a _______ score.
A summary of a person's credit history, kept at a credit bureau is a credit __________.
The complete record of your credit performance is called your credit ___________.
The three types of debt are single- payment, ____________, and revolving.
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.
_________________ records cannot be obtained through public records.
If you charged an item that is broken, first try to settle with the _____________.
Debt collectors are usually allowed to call you at home after _________ p.m.
Financial difficulties are commonly caused by ________________
A measure of your credit worthiness is your credit __________.
If you need to reduce the number of credit cards you hold, close the most ________ ones first.
A good way to get started with credit is to open a _______________ account.
Holding a mortgage on your house is a form of ___________ debt.
SECURED (something of value backing the loan)
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.
A complaint about an error on a billing statement must be in writing and mailed within __________ days after you receive the statement.
Negative events or delinquencies can remain on your credit report for seven to ________ years.
A credit report that includes scores from the three major credit bureaus is called a __________credit report.
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.
Credit scores among the three major credit bureaus do ______.
If you have a question about a possible billing error, you should never __________ directly on the bill.
Too many _______ on your credit history will bring your credit score down.
An act giving you access to your credit file.
Fair Credit Reporting Act
An act giving rules for handling billing errors.
Fair Credit Billing Act
REMEMBER = No one can fix your credit except Y O U ! Most credit repair offers are scams
Teens lesson seven credit presentation slides 04/09.
Chapter 5 Credit Management
CREDIT Chapter 16.
Introduction to Business & marketing
© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 18 SLIDE Credit Fundamentals Cost of Credit.
Credit Records and Laws
Understanding Loans and Borrowing Money. Development of Credit In the Past Credit Today.
CREDIT. ADVANTAGES OF CREDIT advantages: o Able to buy needed items now o Don’t have to carry cash o Creates a record of purchases o More convenient than.
CALM. Able to buy needed items now and pay later. Don’t have to carry cash Creates a record of purchases More convenient than writing cheques.
Back to Table of Contents pp Chapter 26 How to Get and Keep Credit.
Going Into Debt Americans and Credit.
Lesson 8 Getting a Credit Card. Key Terms APR Credit Credit Card Creditor Debtor Finance Charge Interest Rate Introductory Rate Late Fees Minimum Payment.
Personal Finance Chapter 16
Credit You're in Charge What is Credit ??? Credit is an arrangement to Receive cash, goods, or services now and pay for them in the future!
PART 2: MANAGING YOUR MONEY Chapter 6 Using Credit Cards: The Role of Open Credit.
Math, Banking, and Credit Unit
Chapter 4: Going into Debt
Credit Intro to Credit & Establishing Good Credit.
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