P F Lit Unit 3 Vocabulary & Key Concepts
0.0(0)
Studied by 0 people0.0(0)
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/18
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
19 Terms
1
New cards
Balance
The amount of money in an account (debt or assets).
2
New cards
Bankruptcy
A legal process for those who can't repay debts.
3
New cards
Credit Limit
Max you can spend on a credit card.
4
New cards
Credit Report
History used for loans, jobs, rentals—get free annually!
5
New cards
Credit Score
Number (300-850) showing creditworthiness.
6
New cards
Interest
Fee for borrowing money.
7
New cards
Creditworthiness
Factors like payment history that decide if you get loans.
8
New cards
delete me
…
9
New cards
delete me
…
10
New cards
Top Credit Score Factor
Payment history (35% of FICO).
11
New cards
Actions Raising Score
On-time payments; Low balances.
12
New cards
Actions Lowering Score
Late payments; High debt.
13
New cards
Actions No Effect
Debit/check buys; Own credit check; Stocks.
14
New cards
Bankruptcy Advantage
Stops collection calls (automatic stay).
15
New cards
Bankruptcy on Score
10 years (Chapter 7).
16
New cards
Alternatives to Credit
Cash; Debit; Save up.
17
New cards
Retirement Match Account
401(k) - Employer matches!
18
New cards
Tax-Deductible Retirement
Traditional IRA.
19
New cards
Tax-Free Withdrawal Retirement
Roth IRA.
Note 
Flashcards (53)