Credit Day 2.

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Presentation transcript:

Credit Day 2

Announcement Updates Test coming up! Next Thursday Also the state test on the 17th Collect the stock market game packets All late work due by the end of next week

Credit Cards – The Nitty Gritty APR- Annual Percentage Rate, the annual interest rate Grace Period- How long you have to pay before interest starts being charged Late Fees- Yes, like they sound Finance Charges- Any fee associated with taking out credit Default Rates- The interest rate you get charged on overdue payments Closing Costs- Fees paid to finish a transaction

Three Cs of Credit Character- Your reliability in paying back credit Capacity- Your ability to pay (Do you have a job?) Capital- How much stuff you have, in case you don’t have an income to repay the debt

Long Term Debt Calculations http://www.bankrate.com/calculators/mortgages/loan- calculator.aspx Take special note of the amortization schedule.

Credit Reports A summary of your credit that people giving you loans will look into Legally, you are entitled to one credit report annually Can have positive and negative information on it Negative: late fees, missed payments, collection notices, and bounced checks. Positive: Lots of credit being paid on time, many different accounts

Credit Report What are some examples (not from this specific report) of positive and negative things that are reflected on your credit report? Why do you think banks view those things as positive or negative? Ex. Public Records: If you have law suits that you’ve had to pay, or other issues the city has to keep track of, the bank might be nervous that you don’t keep your promises

Credit Score Estimation Impact: http://www.myfico.com/credit-education/calculators/loan-savings-calculator/ Why is understanding how to have a good credit score important?