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Credit Study Notes

Credit Study Notes. By: Your Name. Debit Card. Credit Card. A promise to: Buy Now, Pay: Charges: Mastercard or:. Charge Card. A good example of a Charge card is: After grace period, you must pay:. Grace Period. Usually ranges about: If you pay within this time, NO:. APR.

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Credit Study Notes

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  1. Credit Study Notes By: Your Name

  2. Debit Card

  3. Credit Card • A promise to: • Buy Now, Pay: • Charges: • Mastercard or:

  4. Charge Card • A good example of a Charge card is: • After grace period, you must pay:

  5. Grace Period • Usually ranges about: • If you pay within this time, NO:

  6. APR • APR STANDS FOR: • When searching for a credit card or loan a person wants a_______rate.

  7. Minimum Payment • Paying Min does not _______your credit score. • It will, however, _________the time you have to pay if you do this repeatedly.

  8. Large Purchases • Large purchases that require a person to buy on credit would be: • Example 1) • Example 2) • The better your credit is, the _________the interest rate you will receive.

  9. Credit Score • The reporting bureaus make money from sharing these numbers with lenders, banks, creditors, etc. The way a FICO highest credit score is broken down is simple. Thirty five percent is attributed to having a record of paying bills on time, thirty percent for total balance on credit cards and other loans compared to total credit limit, 15% for length of history, 10% for new accounts or recent applications for financing, and 10% mix of credit cards and loans. The highest credit scores will result in an individual having a lower balance to limit ratio and a balance of revolving accounts with installment loan accounts. • THE HIGHEST SCORE YOU CAN EARN IS:____________

  10. CREDIT/CHARACTER/CAPACITY • Have you paid your bills in the ____________. • Have you paid your bills on___________> • Have you had a steady__________with steady income. • How much __________do you have to pay the bill when it comes in.

  11. Avoid these things!!! • Applying for __________loans at once. • Making the _________payment every month. • Charging ________things on your card. • Throwing out statements and offers with ____________information on them.

  12. Names You Should Know • Expe____________ • Equi____________ • Trans___________ are the 3 credit reporting bureaus that can provide you w/your credit report. • The FTC stands for the __________________.

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