Everfi Build Vocab

Match the following

• Character

• A person allowed to use a credit card account by the primary cardholder

• Authorized user

• Property or financial resources that can be used as insurance in case the loan is not repaid

• Collateral

• The interest rate you pay on balances you carry over from month to month on a credit card

• Annual Percentage Rate (APR)

• How reliable you are in repaying debts

• Annual Fee

• The fee you pay for a credit card each year

Match the following

• Cosigner

• When someone uses a minor’s personal information, such as name, address, or Social Security number to get credit

• Credit

• Restrict access to your credit report

• Child identity theft

• A card that lets you make monthly payments to repay money that you spend

• Credit card

• Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness.

• Credit Freeze

• Someone like a parent, family member, or friend who promises to pay back a loan if you don’t

Match the following

• Credit reporting companies

• Companies that maintain your credit history - Equifax, Experian, and Trans-Union

• Credit ratio

• A detailed history of how you have borrowed money in the past, including how you handled paying back loans and credit cards

• Credit report

• A number that shows how much of your overall credit you’re using (called utilization)

• Credit limit

• A number determined by your credit history. It helps lenders determine how creditworthy you are

• Credit score

• The maximum amount you can spend on a credit card before you have to start paying it back

Match the following

• Fraud alert

• How deserving you are of getting credit, according to companies that lend money

• Debit card

• Cards withdraw money already in your account

• Federal Trade Commission (FTC)

• A notice placed on your credit report that alerts credit card companies that you may have been a victim of identity theft

• Creditworthy

• A federal agency that protects consumers from deceptive and unfair business practices

• Debt collection agency

• A company hired to recover money that people haven’t paid back

Match the following

• Grace period

• When a financial institution checks your credit to make a lending decision. Hard inquiries impact your credit score.

• Hard inquiry

• The time between when you spend money using the credit card and when the company charges you interest

• Interest

• The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck

• Gross wages

• The cost of borrowing money, usually, a percentage of the loan amount

• Installment accounts

• A set amount of money given to a person, then paid off over time, like a car or student loan

Match the following

• Minimum payment

• A record of your wages supplied by an employer

• Paystub

• The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck

• Phishing

• A fee that is charged when you pay your bill after the due date

• Net wages

• The payment on a credit card that is the lowest amount of money the cardholder can pay each billing cycle to keep the account's status current

• Late payment fee

• The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers

Match the following

• Revolving accounts

• Accounts that give a borrower a maximum amount of money and are open as long as the borrower is in good standing with the lender

• Secured credit card

• A credit card offered to young people that has a lower credit limit but allows the person to build credit

• Soft inquiry

• A kind of credit card that requires you pay a cash security deposit, usually equal to the amount of credit the company is offering

• Student credit card

• Credit checks by lenders and other financial institutions to provide preapproval for credit cards and loans. Hard inquiries impact your credit score. Soft inquiries do not impact your credit score.