What is Credit?
When you are using credit, when are you planning to pay?
Now
Never
In the future
You already payed for it
Who is more likely to receive a loan?
Stan a "Credit-Worthy" man
Uncle Phil who hasn't paid a bill since '96
What is a Credit Score?
Counts how many times you've missed a payment, therefore letting bankers know if you are trustworthy
Based on the bill you've paid on time, tells the bankers if you are trustworthy
What is considered the average Credit Score of Americans in 2016
703
652
673
540
If the lender is safe while the borrower is at risk, what type of loan is it?
Unsecured Loan
Secured Loan
Which of the following is NOT a type of credit?
Revolving Charge Accounts
Regular Charge Accounts
Unsecured Loan
Pending Loan
Regular Charge Accounts...?
You pay in full each month
The balance is carried from one month to the next
You pay it off at the end of the year
Automatically withdraw money from your account
Revolving Charge Accounts...?
You pay off at the end of the year
Automatically withdraw money from your account
You pay in full each month
The balance is carried from one month to the next
Which type of loan has a higher interest rate?
Secured Loan
Unsecured Loan
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