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Terms in this set (15)What are the two most important factors of your FICO Credit Score? Payment history and credit utilization What are the ranges for Bad, Fair, Good, and Excellent Credit according to your FICO Credit Score? ... What is included in your credit report? contains personal information, credit account history, credit inquiries and public records What are some negative effects of having bad credit? Credit and loan applications may not be approved. ... installment loan used to finance a specific purchase for a specific amount of time. Regular payments are made to pay the interest and the principal. revolving credit an open line of credit that can be used for any purchases as long as you're under the credit limit. Payment amounts vary each pay period based on the size of the debt. Secured debt debt is tied to a specific asset that can be used as collateral and repossessed if borrower doesn't make payments Unsecured debt debt is not tied to a specific asset; there is no collateral that can be repossessed if borrower defaults Variablerate interest rate can change during the duration of the loan based on the prime rate or an index rate Fixedrate interest rate remains constant during the duration of the loan An Autoloan with an interest rate that does not change is an example of what type of debt? Installment, secured, and could be variable or fixed What is the name of the box that has your credit card terms and information on it? schumer box Which best describes how a credit card works? You purchase "stuff" and then have the choice to pay the balance in full or a minimum payment each month. What is the advantage of paying your credit card balance in full each month? You pay only a small amount of interest. Why is it more difficult to get out of debt when only paying the minimum payment? Your entire minimum payment goes toward principal and the interest continues to compound. Students also viewedBUSINESS SPRING FINAL40 terms
haleychen23 Module 5.3: Credit Card Statement10 terms studying8888 Credit Unit Material56 terms Doug_Karsch Schumer's Box19 terms Asher_Schapira Sets found in the same folderFinancial math2 terms MarshalJR financial math unit 416 terms EriksonpittmanPlus Financial Math Test Review29 terms oliviagreen563 Financial Math Taxes15 terms Olivia_stuyck Other sets by this creatorUnit 1102 terms carsonhesse BLaw practice questions55 terms carsonhesse PC19 terms carsonhesse pc test 2283 terms carsonhesse Verified questions
linear algebra Let $T(x) = Ax$ for the given matrix A. Determine if T is onetoone and if T is onto. $$ A=\left[\begin{array}{rr} 1 & 3 \\ 2 & 5 \end{array}\right] $$ Verified answer
calculus In this exercise, solve the firstorder linear differential equation. $$ (x+3)y^{\prime}+2y=2(x+3)^2 $$ Verified answer
algebra *Simplify the given expression. Write each result using positive exponents only. See the discussed examples.* $$ \left(z^5 x^5\right)^{3} $$ Verified answer
algebra Write the first five terms of the arithmetic sequence. a$_{1}$ = 7, d = 5 Verified answer Recommended textbook solutions
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Calculus, Volume 2: MultiVariable Calculus and Linear Algebra with Applications to Differential Equations and Probability2nd EditionTom M. Apostol 1,036 solutions Other Quizlet setsEcon Chapter 1 Vocab17 terms annadaker Operations and Supply Chain Management unit 2 mod…41 terms wtfitsmeghan11Plus OBE102c FINAL60 terms Chayok121 What is the benefit of paying the full credit card balance each month?No interest charges on your balance: Most credit card issuers charge interest or APR if you carry your balance over to the next month, which means you're paying interest on top of the unpaid balance you owe. You'll avoid paying interest if you pay your credit card balance off in full each month by the due date.
Why is paying your credit card balance in full so important quizlet?Why is paying your credit card balance in full so important? You can avoid interest charges. Credit card interest rates tend to be: higher than rates on other debt.
Why should you pay your full credit card balance by the due date every month Apex?If you always pay your full statement balance by the due date, you will maintain a credit card grace period and you will never be charged interest.
Why is it important to pay off a credit card in full each month or at least more than the minimum monthly payment?While it's important to make at least the minimum payment, it's not ideal to carry a balance from month to month, because you'll rack up interest charges (unless you're benefiting from an intro 0% APR) and risk falling into debt.
