Personal Finance JEOPARDY Credit Review

Definitions Types of Credit 4 C’s of Credit Your Rights Credit Report Potpourri F i n a l J e o p a r d y 100 100 100 100 100 100 100 100 200 200 200 200 200 200 200 200 300 300 300 300 300 300 300 300 400 400 400 400 400 400 400 400 500 500 500 500 500 500 500 500

Definitions 100 The amount of money that is loaned on trust with the expectation it will be repaid later. Question A: What is credit? 100 200 300 400 500

Definitions 200 Question The entire amount of money you owe. \\ Definitions 200 The entire amount of money you owe. Question A: What is debt? 100 200 300 400 500

Record of your behavior relates to borrowing and repaying loans. Definitions 300 Record of your behavior relates to borrowing and repaying loans. Question A: What is a credit history? 100 200 300 400 500

Definitions 400 Rating used by credit reporting companies to help lenders decide whether to extend credit to a borrower. Question A: What is a credit score? 100 200 300 400 500

Definitions 500 Allows credit card companies to increase your interest rate if you make just one late payment. Question A: What is universal default? 100 200 300 400 500

Types of Credit 100 Question . Items are paid for in a single payment after the purchase. ~Utility Companies, Medical Services . Question A: What is single payment credit? 100 200 300 400 500 100 200 300 400 500

Fixed payments – set period of time to repay. Types of Credit 200 Fixed payments – set period of time to repay. ~car/mortgage loans Question A: What is installment/closed end? 100 200 300 400 500

Types of Credit 300 Question No stated payoff time, minimum monthly payments, limit to credit, interest rates. . Question A: What is revolving credit/open end? 100 200 300 400 500

Types of Credit 400 Question Open-End Credit is also known as….. A: What is to revolving credit? 100 200 300 400 500

Types of Credit 500 Question Closed-end credit is also known as….. A: What is installment credit? 100 200 300 400 500

4 C’s of Credit 100 Question Name the 4 C’s of credit. A: What is capital, character, collateral and capacity? 100 200 300 400 500

4 C’s of Credit 200 Asset that lenders can take from you if you do not repay the loan as promised. ~home loan, car loan . Question A: What is collateral? 100 200 300 400 500

4 C’s of Credit 300 Looks at if you’ve been working regularly in an occupation that is likely to provide enough income to support your credit use. Question A: What is capacity? 100 200 300 400 500

4 C’s of Credit 400 From your credit history, does it look like you possess the honesty and reliability to pay creditor debts? Question A: What is character? 100 200 300 400 500

4 C’s of Credit 500 Do you have any valuable assets such as real estate, savings or investments that could be used to repay credit debts if income is unavailable? Question A: What is Capital? 100 200 300 400 500

Your Rights 100 Ensures customers are fully informed about the cost/conditions of borrowing. . Question A: What is the Truth in Lending Act? 100 200 300 400 500

Your Rights 200 Prohibits discrimination in giving credit on the basis of sex, race, color, religion, national origin, marital status, age, or receipt of public assistance. Question A: What is the Equal Credit Opportunity Act? 100 200 300 400 500

Your Rights 300 Sets up procedures for the quick correction of mistakes that appear on credit accounts. Question A: What is the Fair Credit Billing Act? 100 200 300 400 500

Protects the privacy and accuracy of information in a credit check. Your Rights 400 Protects the privacy and accuracy of information in a credit check. Question A: What is the Fair Credit Reporting Act? 100 200 300 400 500

Your Rights 500 Prevents abuse by professional debt collectors and applies to anyone employed to collect debts owed. Question A: What is the Fair Debt Collections Practices Act? 100 200 300 400 500

Detailed record of your personal credit transactions. Credit Report 100 Detailed record of your personal credit transactions. Question A: What is your credit report? 100 200 300 400 500

Name 3 things found in your credit file. Credit Report 200 Name 3 things found in your credit file. Question A: What is your name, addy, SS#, b-day, employer, position, income, previous addresses, previous employers, spouse (name, SS#, employer, income), rent vs. own, NSF, credit info (date, amt, terms, type of credit, payments late/missed)? 100 200 300 400 500

Name 3 ways you can get and keep a good credit score. Credit Report 300 Name 3 ways you can get and keep a good credit score. Question A: What is Make sure your credit report is accurate, Pay bills on time, Apply for credit only when needed, Lower balances on accounts, Pay off debt rather than move it around? 100 200 300 400 500

Name the 4 ways your credit score is determined. Credit Report 400 Name the 4 ways your credit score is determined. Question A: What is 1. Payment History 2. Overall Debt 3. Credit Account History 4. Types of Credit? 100 200 300 400 500

Credit Report 500 Question Name a credit bureau where you can request a copy of your credit report. Question A: What is Experian,Trans Union, and Equifax? 100 200 300 400 500

Potpourri 100 According to the rule of thumb, what percentage of your income should be designated to living expenses. Question A: What is 70%? 100 200 300 400 500

Name 2 advantages of using credit cards. Potpourri 200 Name 2 advantages of using credit cards. Question A: What is get items now, build credit history, quick source of $ during emergencies, No charge if bill is PIF, and consumer protection ? 100 200 300 400 500

Straight bankruptcy where many debts are forgiven. Potpourri 300 Straight bankruptcy where many debts are forgiven. Question A: What is Chapter 7? 100 200 300 400 500

Name 3 sources where you can obtain credit. Potpourri 400 Name 3 sources where you can obtain credit. Question A: What are banks, credit unions, department stores, auto dealerships, oil companies, life insurance companies and Federal Government? 100 200 300 400 500

Potpourri 500 Used like credit cards, but are not credit cards because the balance is due in full each month. Ex: AMEX Question A: What are Travel and Entertainment Cards? 100 200 300 400 500

Name 2 advantages and 2 disadvantages of using credit. Final Jeopardy Name 2 advantages and 2 disadvantages of using credit. Question A: Advantages: Disadvantages: Buy things now Interest Don’t have to carry cash Fees Record of purchases Financial Difficulties Arise Convenient Impulse Buying Consolidates bill 100 200 300 400 500