Credit

Question 0

What is character?

Answer 0

Have you used credits before? have you paid your bills on time? how long have you lived at your present address?

Question 1

What is capital?

Answer 1

Do you have a savings account or any investments?

Question 2

What is capacity?

Answer 2

Do you have a steady job? do you own a house? how much is it worth?

Question 3

What is single payment credit?

Answer 3

The trio bill that comes from crossing the Port Mann Bridge

Question 4

What is instalment credit?

Answer 4

Buying a car with monthly payments

Question 5

What is revolving credit?

Answer 5

Using your Visa to pay for a trip to Jamaica when you don’t have enough money

Question 6

What is single payment credit

Answer 6

Your TELUS phone bill

Question 7

What is single payment credit?

Answer 7

Paying for a video game with a credit card than paying it off within the grace period

Question 8

What is revolving credit

Answer 8

Paying for a video game with a credit card then paying off the total amount over the next few months

Question 9

What does APR stand for

Answer 9

The annual percentage rate

Question 10

What is your current balance

Answer 10

It’s a name for how much you currently owe to your creditors

Question 11

What is your credit limit

Answer 11

The maximum amount of credit that your credit card company will allow you to use in total

Question 12

Available credit

Answer 12

The word that describes how much credit you have left

Question 13

What is a cash advance

Answer 13

The term that is used to describe when youse your credit card to aka out money from an ATM ( and pay through the nose for it!)

Question 14

What is a periodic rate?

Answer 14

The amount of effective interest ( how mush you will pay per month)

Question 15

What is the most common reason that people miss payments, it can include loss of job, injury, death or divorce

Answer 15

Loss of income

Question 16

Two ways that people can overextend themselves financially

Answer 16

Spending too much/impulse buying, or emergencies

Question 17

When you can no longer pay debts, your assets are liquidated and your credit history is heavily impacted

Answer 17

Bankruptcy

Question 18

What is the term for when the court orders that part of your paycheque be deducted and given directly to your creditors

Answer 18

Wage Garnishment

Question 19

When a debtor does not have a job, so creditors repossess their assets

Answer 19

Wage attachment

Question 20

History that shows all loans that you have taken out, along with any delinquencies

Answer 20

Credit report

Question 21

The maximum amount of your monthly income (after rent) that you should be spending to service your credit

Answer 21

10%

Question 22

Loans taken out for school, these will follow you through bankruptcy

Answer 22

Student loans

Question 23

The name of a home loan that comes from the French word for death

Answer 23

Mortgage

Question 24

The term for someone who vouches for someone else’s credit ( your parents will need to do THIS for you if you get credit before you are 19)

Answer 24

A co-signer