1. Credit Study Notes By: Your Name

2. Debit Card

3. Credit Card A promise to: Buy Now, Pay: Charges: Mastercard or:

4. Charge Card A good example of a Charge card is: After grace period, you must pay:

5. Grace Period Usually ranges about: If you pay within this time, NO:

6. APR APR STANDS FOR: When searching for a credit card or loan a person wants a_______rate.

7. Minimum Payment Paying Min does not _______your credit score. It will, however, _________the time you have to pay if you do this repeatedly.

8. Large Purchases Large purchases that require a person to buy on credit would be: – Example 1) – Example 2) The better your credit is, the _________the interest rate you will receive.

9. Credit Score The reporting bureaus make money from sharing these numbers with lenders, banks, creditors, etc. The way a FICO highest credit score is broken down is simple. Thirty five percent is attributed to having a record of paying bills on time, thirty percent for total balance on credit cards and other loans compared to total credit limit, 15% for length of history, 10% for new accounts or recent applications for financing, and 10% mix of credit cards and loans. The highest credit scores will result in an individual having a lower balance to limit ratio and a balance of revolving accounts with installment loan accounts. highest credit scores THE HIGHEST SCORE YOU CAN EARN IS:____________

10. CREDIT/CHARACTER/CAPACITY Have you paid your bills in the ____________. Have you paid your bills on___________> Have you had a steady__________with steady income. How much __________do you have to pay the bill when it comes in.

11. Avoid these things!!! Applying for __________loans at once. Making the _________payment every month. Charging ________things on your card. Throwing out statements and offers with ____________information on them.

12. Names You Should Know Expe____________ Equi____________ Trans___________ are the 3 credit reporting bureaus that can provide you w/your credit report. The FTC stands for the __________________.