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Chapter 18
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  • 1. Chapter 18 Jordan May Credit is lending money that must be repaid
  • 2. Finance Charge • interest or a fee charged for borrowing money or buying on credit.
  • 3. Interest rate • the percentage of a sum of money charged for its use
  • 4. Credit Card Companies • Visa • MasterCard • Discover • American Express
  • 5. Credit Rate • Why do I need to know – You need to know your credit score so you will know if people deny you a loan • Good score – I have had a credit card with a limit above $5,000 – I have not been more than 60 days late on any credit card, medical bill, or loan payment in the last year • Bad score – I have had my own credit card for less than three years or never had one – I have a limited credit history, for example I am a student, or new to the country, or a young person working for a living, or I have been an authorized user on someone else's credit card – I have a valid credit score that can be found at one of the major credit reporting companies. • When do I check – You check whenever you are going to apply for a loan or job
  • 6. Credit Benefits • Use someone else's money • Easy to use
  • 7. Credit Problems • You have to remember to pay the money back • Easy to lose and have stolen
  • 8. Interest • I=PxRxT
  • 9. Credit Application • an application for a line of credit • You fill one out every year
  • 10. Truth In Lending Law • protects borrowers and consumers against unfair lending practices. It requires lenders to honestly disclose all loan details, so that borrowers can efficiently compare rates with other lenders.
  • 11. Fair Credit Billing Act • is a United States federal law enacted as an amendment to the Truth in Lending Act. Its purpose is to protect consumers from unfair billing practices and to provide a mechanism for addressing billing errors in quot;open endquot; credit accounts, such as credit card or charge card account