1. Test over Credit tomorrow
Bingo review
Test over Credit tomorrow
You have 3 Notes sheets that you could study from and any other worksheets you have. Also, my power points are on my website.

2. Credit Review
Spring 2014

3. Late Payment Fee
Fee charged when the payment made is not made by the due date

4. Truth in Lending Act
This states: the cardholder is only liable up to $50 if the card is stolen; if the number is stolen (but not the card) the cardholder has $0 liability and states the cardholder must submit a letter within 60 days of fraud.

5. Finance Charge
Charges to a credit card when you do not pay the full amount due on your bill.

6. Credit Worthiness
Checking someone’s credit history helps a lender determine their ____________.

7. Minimum Payment
Smallest amount that can be paid on a credit payment

8. Credit Limit
The maximum amount of charges allowed to an account.

9. Installment Credit
Borrowing a set amount with equal monthly payments

10. Capital
Savings, investments, IRA, 401 K plan, are examples of things which are liquid and can be accessed to pay off debt.

11. Interest
The charge for borrowing money

12. Credit
Receipt of money to buy good or services in the present with the promise to pay for them in the future.

13. Annual Fee
Fee charge once a year for credit card ownership

14. Credit Reporting Agency
The best place for a consumer to acquire a credit report and this can be done 1 time per year per agency.

15. Revolving Credit
Pre-approved credit up to a certain limit that you can use at any time.

16. Secured Loan
This backed up by collateral and the collateral can be the item you are purchasing

17. Credit Report
A record of a consumer’s credit history

18. Collateral
Having something of value that can be sold or used to help pay off a debt i.e. house, art, jewelry

19. Credit Score
A number that summarizes an individuals’ credit history

20. Cosigner
A person besides the borrower who signs a credit agreement and is legally obligated to repay the loan if the borrow does not make payments.

21. Capacity to Pay
Stable job history and having the ability to pay for the item you purchases

22. Condition
Adverse changes to the industry you work in, adverse property changes, pending lawsuits are all example of ???

23. Annual Percentage Rate
Cost of credit expressed as a yearly percentage

24. Bankruptcy
Not having enough income to pay for all of your expenses and being in debt to the point of never being able to pay.
Remains on your credit for 10 years

25. Due Date
Date the payment is due

26. Character
Having good or bad payment history

27. Additional things to look at…
Advantages and Disadvantages of Credit
Review vocabulary
Credit Card Safety Tips
Debit and Credit Cards (Differences & Similarities)
Credit Scores (effect to you – and how you affect it)
Identify the 5 C’s of credit
Comparing credit card offers