Credit Card Review Some credit card companies charge
- Slides: 158
Credit Card Review
• Some credit card companies charge ____ fees for the use of their card.
• ANNUAL
• Credit card interest rates are contained in the _____
• APR
• If you lose your credit card, you should immediately call your credit card _______
• COMPANY
• The maximum amount a credit card holder is allowed to charge is called your ___________
• CREDIT LIMIT
• Bouncing a check will negatively impact your ____________
• CREDIT SCORE
• An advantage of debit cards is that the holder is not contributing to additional _____ like credit cards.
• DEBT
• 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
• HIGHER
• A danger of credit cards is ______ buying because you don't need to have the cash available.
• IMPULSE
• Credit card holders have _______ days to report billing errors.
• In the 1900's, _________ at general stores were a form of credit.
• ACCOUNTS
• The total amount that remains due on a credit card loan, including both principal and interest, is known as _____.
• BALANCE DUE
• The use of too much credit in the 1990's led to ______.
• BANKRUPTCY
• Which of the five C's is the most important to potential lenders.
• CAPACITY
• _______ is property you possess that is worth more than your debts.
• CAPITAL
• A(n) _________is money borrowed against the credit card limit, and it is one of the most expensive ways to use a credit card.
• CASH ADVANCE
• 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 _____.
• COLLATERAL
• 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) _____.
• CREDITOR
• A service to customers called ______ allows you to charge now and not be billed for several months.
• DEFERRED BILLING
• Since 1900, rates of interest on consumer loans have _________.
• DROPPED
• Small loan companies, also called _____ companies, charge higher interest rates risk.
• FINANCE
• The interest you pay for the use of credit is called a _____________.
• FINANCE CHARGE
• 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.
• GRACE
• A loan that is paid in equal monthly installments with a fixed interest rate is an _______ loan.
• INSTALLMENT
• Low APR that goes up after given period is called the ________ rate.
• INTRODUCTORY
• A(n) _______ is a pre-established amount that can be borrowed on demand.
• LINE OF CREDIT
• ____________ are unlicensed lenders who charge illegal rates.
• LOAN SHARKS
• Banks generally charge the ________ rates allowed by law for credit card balances.
• MAXIMUM
• Credit unions make loans available to their _______ only.
• MEMBERS
• _____ credit is credit whereby you can add purchases up to a set credit limit.
• OPEN ENDED
• A(n) _____ is a legal business where loans are made based on the value of merchandise used as collateral.
• PAWNBROKER
• The amount borrowed is known as the ____.
• PRINCIPAL
• The most common source of cash loans is the _____ lender.
• PRIVATE
• Businesses called _____ stores offer goods and services directly to consumers and include department stores, drugstores, and clothing stores.
• RETAIL
• A _________ credit account is a type of closed-end credit.
• REVOLVING
• Finance companies charge higher rates of interest on loans because they take more ____.
• RISK
• A manufacturer-related company, called a(n) ____________ company, makes loans through authorized representatives.
• SALES FINANCE
• A loan on which the goods purchased with the loan serve as collateral is called a _____ loan.
• SECURED
• 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 _______.
• TRANSFER
• The ____-in-Lending law requires all lenders to calculate APR the same way.
• TRUTH
• 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.
• YEARLY
• 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.
• SIX
• Credit ________ gather, store, and sell credit information to business subscribers.
• BUREAUS
• Credit _______ will not negatively impact your credit score, but may actually help you develop a financial payment plan to get back on track.
• COUNSELING
• Credit _______ are updated daily by computers and search procedures.
• FILES
• _______ is favor based on some factor other than individual merit.
• DISCRIMINATION
• Debt collectors charge creditors ____ percent of the disputed amount.
• 50 (fifty)
• To maintain good credit you must not only make payments on time, but you must pay ______ your debt.
• DOWN
• It is important to check your credit report to check for _____
• ERRORS
• An _________ credit rating means you pay your bills early and pay more than the minimum.
• EXCELLENT
• The _________ Billing Act requires creditors to resolve billing errors within a specified period of time
• FAIR CREDIT
• The rating assigned to consumers by the credit bureaus is called a _______ score.
• FICO
• A summary of a person's credit history, kept at a credit bureau is a credit _____.
• FILE
• The complete record of your credit performance is called your credit ______.
• HISTORY
• The three types of debt are singlepayment, ______, and revolving.
• INSTALLMENT
• 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.
• LOWEST
• _________ records cannot be obtained through public records.
• MEDICAL
• If you charged an item that is broken, first try to settle with the _______.
• MERCHANT
• Debt collectors are usually allowed to call you at home after _____ p. m.
• NINE
• Financial difficulties are commonly caused by ________
• OVERSPENDING
• A measure of your credit worthiness is your credit _____.
• RATING
• If you need to reduce the number of credit cards you hold, close the most ____ ones first.
• RECENT
• A good way to get started with credit is to open a ________ account.
• SAVINGS
• 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.
• SIX
• A complaint about an error on a billing statement must be in writing and mailed within _____ days after you receive the statement.
• SIXTY
• Negative events or delinquencies can remain on your credit report for seven to ____ years.
• TEN
• A credit report that includes scores from the three major credit bureaus is called a _____credit report.
• TRIMERGE
• 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.
• TWENTY-FIVE
• Credit scores among the three major credit bureaus do ______.
• VARY
• If you have a question about a possible billing error, you should never _____ directly on the bill.
• WRITE
• Too many _______ on your credit history will bring your credit score down.
• INQUIRIES
• 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
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