Jeopardy! Credit Protection Laws Secured or Unsecured Credit Bureaus Selecting a card...

Jeopardy!

Credit Protection

Laws

Secured or Unsecured

Credit Bureaus

Selecting a card

Vocabulary Mixed

100 100 100 100 100 100

200 200 200 200 200 200

300 300 300 300 300 300

400 400 400 400 400 400

500 500 500 500 500 500

Credit Protection Laws 100

• A law that bans creditors from refusing to lend money to people for something other than their ability to pay

Credit protection laws 200

Legally declaring that you have insufficient income to pay off your debts.

Credit protection laws 300

• This act puts restrictions on how and when collection agencies can contact you

Credit protection laws 400

This law requires creditors to disclose all information about costs related to the loan. For example, finance charges, APR, grace period etc.

Credit protection laws 500

• The act that says you have the right to know what is in your credit bureau file

Secured or Unsecured 100

• Collateral has been put up for loan

Secured or Unsecured 200

No specific asset was pledged at time of loan. Required a signature only.

Secured or Unsecured 300

Purchasing a home would require what type of loan

Secured or Unsecured 400

• Purchasing a car would be what type of loan

Secured or Unsecured 500

• If the person seeking a loan is under 18 or has a poor credit rating a lender may require a second person put on the loan. This person is called a ________?

Credit Bureaus 100

• Applying for as many credit cards as possible will improve your credit rating.

Credit bureaus 200

• Is there a fee to obtain your credit report? If so, how much?

Credit bureaus 300

• You are entitled to a free report if you’ve been denied credit within the past ____ days.

Credit bureaus 400

• Where do credit bureaus obtain credit information to include in their reports.

Credit bureaus 500

• Name all three of the credit bureaus discussed in class

Selecting a Card 100

• In terms of the APR on a credit card, would it be in your best interest to have a high interest rate or low?

Selecting a card 200

• Where can you find credit card applications. Be specific!

Selecting a Card 300

Debit cards are the same as credit cards.

Selecting a card 400

When looking at the grace period on a credit card. How many days would you be looking for?

Selecting a card 500

• Name three fees that some credit cards may charge their customers.

Vocabulary 100

• The amount of money borrowed

Vocabulary 200

• The charge limit on a revolving charge account

Vocabulary300

• The opportunity to obtain money, goods, and services now for a promise to pay later

Vocabulary 400

• Name and explain the “3 C’s”

Vocabulary 500

• Which of three finance charge figuring methods is the cheapest and explain why.

• Adjusted balance method

• Previous balance method

• Average daily balance

Mixed 100

Describe what the term “Revolving Charge Account” means.

Mixed 200

• List two advantages of credit use

Mixed 300

• List two disadvantages of credit use

Mixed 400

• Name three reasons that cannot be given as reasons for credit being denied.

Mixed 500

• What is the definition acceleration clause?