7.3-7.4 Loans, Insurance, & Credit Cards

Front

What is important in establishing good credit?

Back

Making payments on time

Front

FICO Scores range from: 0-1000, 0-850, 300-800, 300-850

Back

300-850

Front

Opening many credit accounts in a short period of time is actually good for your Credit Score

Back

False

Front

How can a good credit report benefit you when applying for a loan?

Back

It increases chances of approval and better interest rates.

Front

The amount of money someone is willing to loan you. Also the amount that is still owed on a loan.

Back

Principal

Front

What is a lower interest rate offered on a new credit card, usually the first 6 months, after which the interest rate increases?

Back

Introductory Rate

Front

A fixed table that shows how much of your fixed monthly loan payment goes toward interest and goes toward the principal until the loan is paid off.

Back

Amortization Table

Front

The interest rate charged on a yearly basis. Usually, the lower the APR, the lower the cost of the credit.

Back

Annual Percentage Rate ( APR)

Front

Why do lenders charge interest?

Back

To make money

Front

What is an unsecured loan?

Back

A loan without collateral.