| A | B |
|---|
| Getting a personal loan from a bank, using credit cards, taking out a mortgage on a house | factors that help determine FICO score |
| takes money directly out of your account in real time and does not let you spend more than you have unless you overdraft | debit card |
| a payment method that allows you to swipe now and pay later | credit card |
| type of debt, duration of debt, new debt | factors that affect credit score |
| these are not free unless you are denied for a loan or credit card | credit report |
| explore these type of dealerships when trying to "drive free" | used dealership |
| 100% down; if that is not an option, you should get no more than a 15-year, fixed rate mortgage with a down payment of at least 10%. | most ideal way to buy a house |
| recommended in the debt snowball method of getting out of debt | pay debts smallest to largest but NEVER throw all money at largest debt |
| A court-ordered attachment that allows a lender to take monies owed directly from a borrower's paycheck | wage garnishment |
| can have serious consequences and prevent you from building wealth | borrowing money |
| w/o a FICO score you must have one of these two things to qualify for a mortgage loan | history of rental and utility payments, a down payment and employment history |
| Studies show that consumers typically spend more when using | credit instead of cash |
| intended to measure the risk of your not repaying debt | credit score |
| A call from a collection agency about a debt you didn't incur,Bank and billing statements don't arrive on time,Your credit report shows accounts you didn't openYour credit report shows accounts you didn't open | signs that your identity may have been stolen |
| Chapter 7 bankruptcy stays on your credit report for this long | 10 years |
| ou are a victim of identity theft, you are only responsible for paying back | $0 of the amount |
| Experian, TransUnion, and Equifax | 3 credit bureaus |
| you do not need a credit card to | check into a hotel or rent a car |
| it is best to avoid these COMPLETELY | credit cards |
| one of many U.S. federal agencies that regulate the consumer credit system and enforce the laws related to it | FTC Federal Trade Commission |
| states that ONLY person/organization with legitimate need may check a person's credit info | Fair Credit Reporting Act (FCRA) |
| group that is a huge target of credit card companies | teenagers |
| is dangerous because you can never be sure someone will pay back a loan completely and if they do not then you will be held responsible | co-signing a loan |
| Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments | Debt Snowball |
| A detailed report of an individual's credit history | Credit Report |
| Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated | Loan Term |
| Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan | Annual Percentage Rate (APR) |
| A decrease or loss in value | Depreciation |
| A yearly fee that's charged by the credit card company for the convenience of the credit card | Annual Fee |
| An interest rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time | Introductory Rate |
| A long-term rental agreement on a car; a form of secured long-term debt | Lease |
| When a person owes more on an item (like a car or house) than it is worth, the person is said to be | Upside Down |
| A card issued by a bank that allows users to finance a purchase | Credit Card |
