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Credit Card Review
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Some credit card companies charge ________ fees for the use of their card.
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ANNUAL
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Credit card interest rates are contained in the _________
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APR
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If you lose your credit card, you should immediately call your credit card ______________
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COMPANY
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The maximum amount a credit card holder is allowed to charge is called your ___________ ___________
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CREDIT LIMIT
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Bouncing a check will negatively impact your ________ ____________
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CREDIT SCORE
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An advantage of debit cards is that the holder is not contributing to additional _________ like credit cards.
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DEBT
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The most a credit card holder can be liable for lost or stolen cards is _____________ dollars if reported promptly.
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$50
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Credit card interest rates are _________ than bank loan interest rates. Higher / Lower
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HIGHER
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A danger of credit cards is ____________ buying because you don't need to have the cash available.
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IMPULSE
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Credit card holders have _______ days to report billing errors.
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60
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In the 1900's, _________________ at general stores were a form of credit.
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ACCOUNTS
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The total amount that remains due on a credit card loan, including both principal and interest, is known as __________ _________.
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BALANCE DUE
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The use of too much credit in the 1990's led to ____________.
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BANKRUPTCY
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Which of the five C's is the most important to potential lenders.
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CAPACITY
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_____________ is property you possess that is worth more than your debts.
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CAPITAL
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A(n) ________ _________is money borrowed against the credit card limit, and it is one of the most expensive ways to use a credit card.
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CASH ADVANCE
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A loan for a specific amount that must be repaid in full, including finance charges, by a stated due date, is called a ________ ________ loan.
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CLOSED END Note: cannot add purchases once it is set up – only for amount approved.
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Something of value that can be sold to pay a debt is often referred to as _____.
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COLLATERAL
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Paying at a future date for the present use of goods and services or money is called _____.
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CREDIT Also trust extended to borrower with the understanding that the debt will be paid back at a later date. Borrower must also have a job or income when applying for credit.
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One who lends money or the use of goods and services for payment at a later date is known as a(n) _____.
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CREDITOR
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A service to customers called ____________ ___________ allows you to charge now and not be billed for several months.
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DEFERRED BILLING
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Since 1900, rates of interest on consumer loans have _________________.
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DROPPED
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Small loan companies, also called _________ companies, charge higher interest rates risk.
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FINANCE
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The interest you pay for the use of credit is called a ________ _____________.
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FINANCE CHARGE
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After a purchase has been made on credit, the borrower has a period of time before payment must be made. This time period is called the __________ period.
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GRACE
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A loan that is paid in equal monthly installments with a fixed interest rate is an _____________ loan.
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INSTALLMENT
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Low APR that goes up after given period is called the _______________ rate.
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INTRODUCTORY
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A(n) _______ ____ ________ is a pre-established amount that can be borrowed on demand.
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LINE OF CREDIT
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__________ ____________ are unlicensed lenders who charge illegal rates.
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LOAN SHARKS
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Banks generally charge the _______________ rates allowed by law for credit card balances.
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MAXIMUM
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Credit unions make loans available to their ______________ only.
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MEMBERS
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__________ ________ credit is credit whereby you can add purchases up to a set credit limit.
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OPEN ENDED
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A(n) _____ is a legal business where loans are made based on the value of merchandise used as collateral.
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PAWNBROKER
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The amount borrowed is known as the ____.
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PRINCIPAL
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The most common source of cash loans is the __________ lender.
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PRIVATE
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Businesses called _____ stores offer goods and services directly to consumers and include department stores, drugstores, and clothing stores.
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RETAIL
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A __________________ credit account is a type of closed-end credit.
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REVOLVING
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Finance companies charge higher rates of interest on loans because they take more ________.
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RISK
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A manufacturer-related company, called a(n) _________ ____________ company, makes loans through authorized representatives.
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SALES FINANCE
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A loan on which the goods purchased with the loan serve as collateral is called a _____ loan.
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SECURED
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Credit debt should not exceed _______ percent of your monthly income.
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10% 20/10 RULE – no more than 20% of annual income; no more than 10% of monthly income
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The process of moving an unpaid credit card debt from one issuer to another is a balance _____________.
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TRANSFER
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The ________-in-Lending law requires all lenders to calculate APR the same way.
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TRUTH
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In some states, maximum interest rates are set by _____ laws.
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USURY If no usury laws are set, the lender can charge whatever interest rate they want.
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The annual percentage rate (APR) is the cost of credit, expressed as a ____________ percentage.
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YEARLY
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You have a right to know what is in your credit file and who has accessed your file for credit purposes in the last _______ months.
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SIX
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Credit _______________ gather, store, and sell credit information to business subscribers.
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BUREAUS
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Credit _____________ will not negatively impact your credit score, but may actually help you develop a financial payment plan to get back on track.
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COUNSELING
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Credit _______ are updated daily by computers and search procedures.
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FILES
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_____________ is favor based on some factor other than individual merit.
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DISCRIMINATION
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Debt collectors charge creditors ________ percent of the disputed amount.
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50 (fifty)
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To maintain good credit you must not only make payments on time, but you must pay ______ your debt.
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DOWN
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It is important to check your credit report to check for _________
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ERRORS
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An __________________ credit rating means you pay your bills early and pay more than the minimum.
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EXCELLENT
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The _________ _________ Billing Act requires creditors to resolve billing errors within a specified period of time
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FAIR CREDIT
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The rating assigned to consumers by the credit bureaus is called a _______ score.
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FICO
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A summary of a person's credit history, kept at a credit bureau is a credit __________.
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FILE
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The complete record of your credit performance is called your credit ___________.
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HISTORY
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The three types of debt are single- payment, ____________, and revolving.
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INSTALLMENT
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Your credit score is a number between 300 and 850. Lenders typically give their ____________ interest rates to people with credit scores that are at least a 620 rating.
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LOWEST
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_________________ records cannot be obtained through public records.
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MEDICAL
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If you charged an item that is broken, first try to settle with the _____________.
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MERCHANT
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Debt collectors are usually allowed to call you at home after _________ p.m.
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NINE
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Financial difficulties are commonly caused by ________________
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OVERSPENDING
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A measure of your credit worthiness is your credit __________.
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RATING
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If you need to reduce the number of credit cards you hold, close the most ________ ones first.
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RECENT
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A good way to get started with credit is to open a _______________ account.
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SAVINGS
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Holding a mortgage on your house is a form of ___________ debt.
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SECURED (something of value backing the loan)
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You have a right to know what is in your credit file and who has seen your file for credit purposes in the last _________ months.
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SIX
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A complaint about an error on a billing statement must be in writing and mailed within __________ days after you receive the statement.
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SIXTY
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Negative events or delinquencies can remain on your credit report for seven to ________ years.
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TEN
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A credit report that includes scores from the three major credit bureaus is called a __________credit report.
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TRIMERGE
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After a denial of credit, the creditor must keep for ______ months all information used to determine the denial and any written complaint from you regarding the denial.
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TWENTY-FIVE
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Credit scores among the three major credit bureaus do ______.
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VARY
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If you have a question about a possible billing error, you should never __________ directly on the bill.
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WRITE
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Too many _______ on your credit history will bring your credit score down.
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INQUIRIES
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An act giving you access to your credit file.
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Fair Credit Reporting Act
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An act giving rules for handling billing errors.
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Fair Credit Billing Act
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REMEMBER = No one can fix your credit except Y O U ! Most credit repair offers are scams
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