5.2 - Debt Vocab and Credit Utilization Math Review

A ______________ ______________ is a multi-page report with information about a person’s credit activity and history.

• Credit Report

• Loan Agreement

• Credit Card Statement

• Bank Statement

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A record of a person's use of credit over time; 15% of your credit score is based on the length of your ______________ ______________.

• credit history

• loan history

• credit report

• credit profile

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report is called your ______________ ______________.

• credit score

• FICO score

• credit report

• debt ratio

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A measurement of your outstanding debt divided by your total available credit is called a ______________ ______________ ______________; a general rule of thumb is to keep this under 30%.

• credit utilization ratio

• credit score factor

• debt ratio percentage

• credit limit multiplier

Tags

CCSS.6.RP.A.3C

If a debt becomes past-due and you don’t pay it, your creditor may send it to a ____________________ agency to recover the amount you owe.

• collection

• credit

• repossession

• settlement

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A history of the payments you have made on all credit accounts you have;

 35% of your credit score is based on this.

• Default

• Payment History

• Credit Score

• Credit Report

Long-term failure to repay a loan according to the agreement, which has a very bad impact on the borrower's credit score.

• Credit Utlization

• Truth in Lending Act

• Default

• Good debt

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A law that requires lenders to share specific loan cost information and notify borrowers of changes

• Credit History

• Credit Report

• Credit Utilization Rate

• Truth in Lending Act

A debt that is likely to increase a person’s net worth or generate future income

• Good debt

• Default

• Foreclosure

• Collection

A legal action where a lender takes your property or forces you to sell it, because you stopped  making payments on the mortgage loan

• Bad debt

• Collection

• Default

• Foreclosure

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C