Automated Clearing House (ACH) -is an electronic funds-transfer system that facilitates payments in the U.S. and internationally. The ACH is run by Nacha. Recent rule changes enable most credit and debit transactions made through the ACH to clear on the same business day.
Use a credit card for things you're going to buy any way - like gas and groceries
When using a credit card pay off the full balance every month. No interest payments if you do this
Debit cards do not build your credit score, credit cards do.
Credit cards put you in driver's seat in a dispute.
A credit limit is a ceiling on what you can until next payment credited
Bankruptcy won't get you out of Alimony or child support or Student loans - any government backed loan
Bankruptcy will stay on your credit reports for 10 years.
One of your rights if you file for bankruptcy, automatic stay is most collection actions, such as repossession, wage garnishment, and foreclosure, are stopped while you file for bankruptcy. However, there are some exceptions, such as evictions based on illegal drug use or danger to property.
One of your rights if you file for bankruptcy, discharge, is if your filing is approved, you may be discharged from some or all of your debts, meaning you won't have to repay them.
One of your rights if you file for bankruptcy, trustee, is a court-appointed trustee manages your case and communicates with your creditors.
The Federal Reserve is the central banking system of the United States.
National Credit Union Administration (NCUA) insures credit union deposits.
The Federal Deposit Insurance Corporation (FDIC) insures bank deposits.
What does FICO stand for: Fair Isaac Corporation
What does the FICO score range from? 300 - 850
monetary policy is designed to affect interest rates, it has a strong effect on bonds, lesser effect on stocks
Monetary policy's effect on interest rates affects biggest investment for most Americans - their house Monetary policy's interest rates will impact foreign currency exchange
Fiscal Policy is the federal government's level of taxation and spending. Ths is determined by Congress with (usually) Presidential involvement
Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
A garnishment is an order directing a third party to seize assets, usually wages from employment or money in a bank account, to settle an unpaid debt. The IRS may garnish wages without a court order.
A lien is a claim or legal right to a certain asset belonging to a debtor, often those used as collateral for a loan.
An overdraft fee is what your bank charges you when you make a payment or purchase against your checking account that exceeds your available funds.
Principal refers to the baseline sum in financial transactions: the initial amount invested or borrowed.
Repossession refers to the legal process by which a lender or creditor reclaims possession of a financed asset from the borrower or debtor due to non-payment or default on the loan agreement.
Annual Percentage Rate (APR)refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment.
A Bank routing number is a nine-digit number that identifies the bank or credit union in a financial transaction.
Bankruptcy is a legal process that provides relief for people or businesses struggling to repay debts. It is initiated when a person or business cannot repay outstanding debts or obligations.
Bouncing a Check is also known as a nonsufficient funds (NSF) check, is a check that cannot be processed because the payer's checking account does not have enough funds to cover the payment
Check Kiting is knowingly writing a bad check.
Collateral is a valuable asset that a borrower pledges as security for a loan. For example, when a homebuyer gets a mortgage, the home serves as this for the loan.
What are the 3 credit bureaus?
1) Equifax
2) Experian
3) TransUnion
A Credit score (FICO score)ranges from 300 to 850 and is used by lenders to assess borrowers' creditworthiness. A FICO score is a type of credit score based on information in a borrower's credit report that lenders use to assess credit risk and determine whether to extend credit.
Using a credit card is a loan.
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