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Study sets matching "credit personal finance"

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Study sets matching "credit personal finance"

11 terms
Personal Finance: Credit Cards
APR
Credit
Credit Card
Creditor
Annual Percentage Rate, or the interest rate that the user of…
Making purchases now and paying for them later; also known as…
A plastic card used to make purchases now and pay for them la…
Any bank or business that extends credit to others; a lender.
APR
Annual Percentage Rate, or the interest rate that the user of…
Credit
Making purchases now and paying for them later; also known as…
57 terms
Personal Finance - Unit 5 - Credit
banks
credit unions
finance company
consumer finance company
Financial institutions that accept deposits and make loans
a nonprofit-making money cooperative whose members can borrow…
an organization that makes high-risk consumer loans
Makes most of its loans to consumers who are buying durable g…
banks
Financial institutions that accept deposits and make loans
credit unions
a nonprofit-making money cooperative whose members can borrow…
20 terms
Personal Finance Credit Quiz
Single Purpose Definition
Multi-purpose Definition
Travel and entertainment Definition
Specific Example of Single Purpose Card
Only to be used to purchase goods or services for that business
Most common-Used at several locations
Used for specific reasons. Must be paid in full each month
Target Card
Single Purpose Definition
Only to be used to purchase goods or services for that business
Multi-purpose Definition
Most common-Used at several locations
48 terms
Personal Finance--Credit & Insurance
Credit Card
Secured loan
Credit limit
Credit report
A loan type that allows individuals to charge amounts and car…
A loan that is backed by collateral
The maximum amount an individual may borrow on a credit card
A file documenting how an individual handles the payment of t…
Credit Card
A loan type that allows individuals to charge amounts and car…
Secured loan
A loan that is backed by collateral
55 terms
Credit (Personal Finance) 2
Credit
Who is the lender?
5 Cs of credit worthiness
Character
When goods, services, or money are received in exchange for a…
Credit card company.
Character, capital, capacity, collateral, and conditions.
A person's honesty and reliability, determined by their histo…
Credit
When goods, services, or money are received in exchange for a…
Who is the lender?
Credit card company.
55 terms
Credit (Personal Finance)
Credit
Who is the lender?
5 Cs of credit worthiness
Character
When goods, services, or money are received in exchange for a…
Credit card company.
Character, capital, capacity, collateral, and conditions.
A person's honesty and reliability, determined by their histo…
Credit
When goods, services, or money are received in exchange for a…
Who is the lender?
Credit card company.
27 terms
Credit review for personal finance
Capital
Capacity
Collateral
Character
Existing cash on hand
Ability to repay debt
Possessions of value in your name
Your reputation as a borrower
Capital
Existing cash on hand
Capacity
Ability to repay debt
Personal Finance Review -- Credit
Annual Percentage Rate
Balance Owed
Bankruptcy
Cash Advance
The annual rate that is charged for borrowing. Includes any f…
The total amount of money due to a lender or credit card comp…
A legal proceeding involving a person or business that is una…
A service provided by credit card issuers that allows a cardh…
Annual Percentage Rate
The annual rate that is charged for borrowing. Includes any f…
Balance Owed
The total amount of money due to a lender or credit card comp…
13 terms
Personal Finance: Credit and Debt
closed-end credit
open-end credit
line of credit
grace period
Credit as a one-time loan that you will pay back over a speci…
Credit as a loan with a certain limit on the amount of money…
The maximum amount of money a creditor will allow a credit us…
A time period during which no finance charges will be added t…
closed-end credit
Credit as a one-time loan that you will pay back over a speci…
open-end credit
Credit as a loan with a certain limit on the amount of money…
9 terms
Personal Finance 118 - Credit & Credit Scores
borrow
credit limit
credit utilization rate
creditworthiness (credit risk)
receive and use someone else's money, with the intention of r…
maximum amount of credit a lender is willing to provide to a…
percentage of your credit limit that you have borrowed
an assessment of how likely someone is to default on a loan
borrow
receive and use someone else's money, with the intention of r…
credit limit
maximum amount of credit a lender is willing to provide to a…
31 terms
Personal Finance- Credit/ Debt
Annual Percentage Rate (APR)
Borrowing
Collateral
Co-signer
The total annual percentage amount it will cost a person to u…
Obtaining funds from a lender.
A form of security to help guarantee that a creditor will be…
Agreeing to be responsible for loan payments if the borrower…
Annual Percentage Rate (APR)
The total annual percentage amount it will cost a person to u…
Borrowing
Obtaining funds from a lender.
34 terms
Credit: Honors Personal Finance
Credit
Debtor
Creditor
Capital
The use of someone else's money, borrowed now with the agreem…
Person who borrows money from others
Person/Business that loans money to others
Value of property you possess(Bank accounts, investments, rea…
Credit
The use of someone else's money, borrowed now with the agreem…
Debtor
Person who borrows money from others
46 terms
Personal Finance Credit Unit
Define credit
List the types of credit
Revolving credit
Single-payment credit
The money a lender extends... to a buyer for a commitment... to rep…
Credit cards, installment loans, service credit, revolving cr…
Credit that does not have a fixed number of payments, such as…
Buying goods and pay them off one time at a later date
Define credit
The money a lender extends... to a buyer for a commitment... to rep…
List the types of credit
Credit cards, installment loans, service credit, revolving cr…
15 terms
Personal Finance - Credit
Borrow
Credit
Consumers
Mortgage
To receive and use something belonging to somebody else, with…
The opportunity to borrow money or to receive goods or servic…
People who use goods and services to satisfy their personal n…
A special type of loan for the purchase of a house or other r…
Borrow
To receive and use something belonging to somebody else, with…
Credit
The opportunity to borrow money or to receive goods or servic…
20 terms
Credit Terms - Personal Finance
Grace Period
Universal Default
Bankruptcy
Credit Fraud
A time period during which no finance charges will be added t…
a practice in which a credit card company changes a customer'…
A legal process to get out of debt when you can no longer mak…
the theft and illegal use of someone else's credit information
Grace Period
A time period during which no finance charges will be added t…
Universal Default
a practice in which a credit card company changes a customer'…
13 terms
Personal Finance Credit Test
Credit
Closed end credit
Open End Credit
Pay day loan
Money borrowed to buy something now, with the agreement to pa…
A loan you must repay in a specified number of equal monthly…
Extended as a line of credit established in advance
A short term loan that provides immediate cash by securing a…
Credit
Money borrowed to buy something now, with the agreement to pa…
Closed end credit
A loan you must repay in a specified number of equal monthly…
28 terms
Personal Finance Credit Terms
annual fee
annual percentage rate
credit card
credit report
a yearly fee that's charged by the credit card company for th…
cost of borrowing money on an annual basis
type of card issued by a bank that allows users to finance a…
a detailed report of an individual's credit history
annual fee
a yearly fee that's charged by the credit card company for th…
annual percentage rate
cost of borrowing money on an annual basis
18 terms
Personal Finance Credit Vocabulary
grace period
creditor
credit
line of credit
the free period that allows you to avoid a finance charge if…
someone who lends money or the use of goods and services in r…
the use of someone else's money with the agreement to pay it…
a pre-established amount that can be borrowed on demand
grace period
the free period that allows you to avoid a finance charge if…
creditor
someone who lends money or the use of goods and services in r…
40 terms
Credit/Debt Personal Finance
term
fee
credit history
credit score
how long you have to repay a loan, often expressed in months
make a payment to someone in return for services
a record of your behavior related to borrowing and repaying l…
(300-850) a rating calculated by credit reporting companies t…
term
how long you have to repay a loan, often expressed in months
fee
make a payment to someone in return for services
8 terms
Personal Finance Credit
Credit
5 Cs of Credit
FICO Score
Secured Loan
A source of revenue
Character, Capital, Capacity, Credit History and Collateral
A number based on your credit report
When an asset is taken away for not paying the loan
Credit
A source of revenue
5 Cs of Credit
Character, Capital, Capacity, Credit History and Collateral
16 terms
Personal finance Credit
Creditor
Debtor
Interest
Amount of interest based on what three…
Company that lends
Person that borrows
The periodic charge in exchange for the use of credit
Your credit store, duration, prime interest rate
Creditor
Company that lends
Debtor
Person that borrows
Personal Finance Credit terms
Alternative credit
Closed‐end credit
Open-end credit
Pawn loan
A source of credit that may combine elements of open ... and clo…
(also known as installment credit) is a loan which you ... must…
(also known as revolving credit) is extended as a line of ... cr…
A loan based on the value of personal property
Alternative credit
A source of credit that may combine elements of open ... and clo…
Closed‐end credit
(also known as installment credit) is a loan which you ... must…
Personal Finance - Credit Terms
Credit Report
Credit
Debt
Impulse Buying
a detailed report of an individual's credit history prepared…
the ability of a customer to obtain goods or services before…
something, typically money, that is owed or due.
the buying of goods without planning to do so in advance, as…
Credit Report
a detailed report of an individual's credit history prepared…
Credit
the ability of a customer to obtain goods or services before…
39 terms
personal finance credit
credit
creditor
debtor
interest
an agreement to obtain money in goods, goods, or services now…
Lends money or provides credit
borrows money or uses credit
fee which creditors charge for using their money
credit
an agreement to obtain money in goods, goods, or services now…
creditor
Lends money or provides credit
19 terms
Personal Finance Credit Unit
APR
Credit
Credit Score
Grace Period
Annual Percentage Rate- Interest %
Credit means someone is willing to loan you money—called prin…
A score that summarizes your credit risk and is used by lende…
The amount of time before interest starts accumulating... on cha…
APR
Annual Percentage Rate- Interest %
Credit
Credit means someone is willing to loan you money—called prin…
11 terms
Personal Finance Credit
Fair Credit Billing Act
Truth in Lending Act
Equal Credit Opportunity Act
Fair Credit Reporting Act
Specifies the obligations of a credit card issuer upon receiv…
Requires creditors to give you written disclosures of importa…
Prohibits the denial of credit because of gender, race, marit…
Gives you the right to learn what information is being distri…
Fair Credit Billing Act
Specifies the obligations of a credit card issuer upon receiv…
Truth in Lending Act
Requires creditors to give you written disclosures of importa…
Personal Finance Credit Test
If you plan to carry a balance on your…
Federal education loans typically offe…
A part time job often offers
Paying off college loans in exchange f…
Choose a card with a low APR
Interest rates
Wages
Loan forgiveness
If you plan to carry a balance on your…
Choose a card with a low APR
Federal education loans typically offe…
Interest rates
Personal Finance Credit test
C's of credit (4)
What is the relationship between the c…
Building credit (2)
The idea that you need to get a credit…
Credit score (FICO)... Capacity (Income & Expenses)... Capital (Ass…
The higher the creditworthiness, the lower the interest rate…
Get a job that pays well (generate income)... Make payments on t…
False
C's of credit (4)
Credit score (FICO)... Capacity (Income & Expenses)... Capital (Ass…
What is the relationship between the c…
The higher the creditworthiness, the lower the interest rate…
15 terms
Personal Finance: Credit and Debt
closed-end credit
open-end credit
line of credit
grace period
Credit as a one-time loan that you will pay back over a speci…
Credit as a loan with a certain limit on the amount of money…
The maximum amount of money a creditor will allow a credit us…
A time period during which no finance charges will be added t…
closed-end credit
Credit as a one-time loan that you will pay back over a speci…
open-end credit
Credit as a loan with a certain limit on the amount of money…
52 terms
Credit Vocabulary Personal Finance
acceleration clause
adjustable rate morage
alternative loans
annual credit report
with loans, it means that a missed payment could entitle the…
first fixed rate and then after a set period of time, the rat…
where loans can be to risky and costly so the default penalti…
scorecard used by lenders that determines creditworthiness (f…
acceleration clause
with loans, it means that a missed payment could entitle the…
adjustable rate morage
first fixed rate and then after a set period of time, the rat…
29 terms
Credit Cards-Personal Finance
Advantages of a Credit Card
Credit
Consumer Credit
Creditor
1. Reward points... 2. You can cancel it if you lose it.... 3. Good…
An arrangement to receive cash, goods, or services now and pa…
The use of credit for personal use.
An entity that lends money.
Advantages of a Credit Card
1. Reward points... 2. You can cancel it if you lose it.... 3. Good…
Credit
An arrangement to receive cash, goods, or services now and pa…
8 terms
Personal Finance - Credit and Debt
Credit scores are determined by:
The names of the three credit bureaus:
What are credit score numbers used for…
What is the "generally acceptable" top…
35% ... 30%... 15%... 10%... 10%
1)... 2)... 3)
1)... 2)... 3)
<
Credit scores are determined by:
35% ... 30%... 15%... 10%... 10%
The names of the three credit bureaus:
1)... 2)... 3)
24 terms
Personal Finance- Consumer Credit
Minimum monthly payment
Creditor
Consumer credit
Confidential
The smallest amount you can pay and remain a borrower in good…
An entity that lends money
The use of credit for personal needs
Private
Minimum monthly payment
The smallest amount you can pay and remain a borrower in good…
Creditor
An entity that lends money
10 terms
Personal Finance (Understanding Credit)
Kenya used a debit card to buy a pair…
Quincy listed information from his cre…
Tamera and Rupert each applied for the…
Lois bought clothing at a store. She d…
Kenya used money directly from her bank account to buy the je…
previous address, current address, bankruptcy, car loan payme…
Tamera's credit limit is most likely higher than Rupert's, an…
Lois used a credit card to make the purchase.
Kenya used a debit card to buy a pair…
Kenya used money directly from her bank account to buy the je…
Quincy listed information from his cre…
previous address, current address, bankruptcy, car loan payme…
16 terms
Personal finance - Credit Vocab
credit score/rating
carbon copy
collateral
character
number formed based on the 3 C's of credit
a consumers recepit
assets pledged for the payment of a loan
banks look at your credit history to judge this
credit score/rating
number formed based on the 3 C's of credit
carbon copy
a consumers recepit
20 terms
Personal Finance: Credit Unit
Amortization
Late Fees
Secured Loan
Character
Paying back what you owe from loans, or using credit over time.
A charge or fine for not paying the amount in full by the due…
Loans that are backed up by collateral. Ensuring a trust to t…
Information and characteristics about an individual's financi…
Amortization
Paying back what you owe from loans, or using credit over time.
Late Fees
A charge or fine for not paying the amount in full by the due…
50 terms
Personal Finance - Unit 5 - Credit
finance company
consumer finance company
credit score
credit card company
an organization that makes high-risk consumer loans
Makes most of its loans to consumers who are buying durable g…
A rating used by credit reporting companies to help lenders d…
examples: Visa, Mastercard
finance company
an organization that makes high-risk consumer loans
consumer finance company
Makes most of its loans to consumers who are buying durable g…
31 terms
Personal Finance: Credit
Two advantages of credit
Two disadvantages of credit
Open end credit
Closed end credit
Provides emergency funds and is convenient
purchases cost more over time and could lead to overspending
Borrower can spend up to a certain amount... Varying Payment dep…
Loan for a stated amount that must be repaid in full by a cer…
Two advantages of credit
Provides emergency funds and is convenient
Two disadvantages of credit
purchases cost more over time and could lead to overspending
29 terms
personal finance credit test
revolving account
collateral
types of credit cards
debtor
account where the balance does not have to be paid in full ev…
something of value that you put up for a loan.
bank, retail, travel/entertainment
someone who owes a sum of money, gives someone money
revolving account
account where the balance does not have to be paid in full ev…
collateral
something of value that you put up for a loan.
37 terms
Personal finance credit
• What causes debt?
- NEED TO ASK 3 QUESTIONS BEFORE MAKIN…
Is there such a thing as GOOD DEBT?
What about not paying off credit card…
- One way is to make impulsive decisions with money,... whether…
1) Can I afford it?... 2) How will I pay for it?... 3) What will th…
- GOOD DEBT is when credit is used to purchase something that…
- Increased interest payments that can cause us to fall even…
• What causes debt?
- One way is to make impulsive decisions with money,... whether…
- NEED TO ASK 3 QUESTIONS BEFORE MAKIN…
1) Can I afford it?... 2) How will I pay for it?... 3) What will th…
42 terms
Credit Card Personal Finance
Debit Card
Credit Card
FICO score
Credit
Reducted from card automatically
Buy, pay later
A persons credit score calculated with software
Add to an account (Borrowing capacity of individual company)
Debit Card
Reducted from card automatically
Credit Card
Buy, pay later
44 terms
Personal Finance - Credit
acceleration clause
annual percentage rate (APR)
balloon payment
bankruptcy
the "fine print" may state that if you miss a payment, the en…
finance chaarge calculated as a percentage of the total amoun…
low payments for the length of a loan; last payment is much h…
legal process by which the court takes possession of property…
acceleration clause
the "fine print" may state that if you miss a payment, the en…
annual percentage rate (APR)
finance chaarge calculated as a percentage of the total amoun…
Personal Finance CREDIT
closed end credit
installment loans
secured loan
open end credit
one time loan for a certain amount of money
have a set schedule of payments over time. (car loan or mortg…
putting something of value up to forfeit against loan incase…
revolving loan where you can charge an pay off and then charg…
closed end credit
one time loan for a certain amount of money
installment loans
have a set schedule of payments over time. (car loan or mortg…
38 terms
personal finance (loans & credit)
loan
principal
interest
interest rate
borrowed money
amount borrowed
money paid back beyond principal
annual percent of interest paid
loan
borrowed money
principal
amount borrowed
8 terms
Personal Finance: Fixing Your Credit
Bankruptcy
Credit Report
Fair Credit Reporting Act (FCRA)
FICO Expansion Score
When a debtor's assets are sold to settle unpaid debts and th…
A report on a person's creditworthiness that includes identif…
Federal law giving consumers the right to view and correct th…
A creditworthiness score that, like the regular FICO score, h…
Bankruptcy
When a debtor's assets are sold to settle unpaid debts and th…
Credit Report
A report on a person's creditworthiness that includes identif…
personal finance credit unit
three ways a person can qualify for cr…
two advantages of credit
two disadvantages of credit
what is open end credit
income... financial position... collateral
expands your purchasing power... raises your slandered of living
purchases cost more over time... it can lead to overspending
when the borrower can spend up to a certain amount and varyin…
three ways a person can qualify for cr…
income... financial position... collateral
two advantages of credit
expands your purchasing power... raises your slandered of living
26 terms
Personal Finance Credit/Credit Report
What is credit?
What is the Schumer Box?
What is installment credit?
What are three thing you should compar…
Buying something now and paying back later
Where all fees, terms, and conditions of the credit card are…
A one-time loan
Interest rates, APR's, rewards, annual fees
What is credit?
Buying something now and paying back later
What is the Schumer Box?
Where all fees, terms, and conditions of the credit card are…
18 terms
Personal Finance- Credit
Fair Credit Billing Act
Truth in Lending Act
Equal Credit Opportunity Act
Fair Credit Reporting Act
Designed to protect consumers from unfair credit billing prac…
Designed to promote the informed use of consumer credit
Illegal for any creditor to discriminate against any applican…
Legislation enacted to promote the accuracy, fairness, and pr…
Fair Credit Billing Act
Designed to protect consumers from unfair credit billing prac…
Truth in Lending Act
Designed to promote the informed use of consumer credit
39 terms
Personal Finance Credit Notes
Term
Cosign
Debt
APR
Length of time you will repay a low
The act of signing for another persons debt
The entire amount of money you owe
Annual % rate
Term
Length of time you will repay a low
Cosign
The act of signing for another persons debt
64 terms
Personal Finance Credit Unit
Credit limit
Grace period
annual fee
finance charge
maximum amount of credit a lender will extend to a customer
length of time you have to pay a line of credit before you st…
yearly charge for privilege of using credit
total dollar cost to use credits
Credit limit
maximum amount of credit a lender will extend to a customer
Grace period
length of time you have to pay a line of credit before you st…
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