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what could be a good option available to you if you are behind on loan payments?

A financial institution may offer for you to pay a little now and pay the rest of later.

what are some disadvantages and advantages of using credit?

advantages: cash management disadvantages: cost and risk to ones financial future

what are some steps you might take to improve your credit score?

catch up on pass due payments, build your credit file, don't miss payments.

the best way to protect against identity theft is to...

check credit bureau personal credit reports regularly and keep social security card and pin information in a safe place

Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when..

choosing a credit card

when looking for pre-approval on a car loan you should...

compare pre approval offers and select the one thats best for you

credit cards can help with?

credit scores when paid on time

what is not a positive reason for using a credit card to finance purchases?

if you don't pay it on time you will be charged at this annual rate.

why is it important to check the information on your credit report regularly?

informs you what your credit score is looking like.

what are 3 types of credit?

installment, non-installment, and revolving open-end credit.

to maintain a good credit score you must

manage your debt wisely

under what conditions might a consumer find each type useful?

non-installment

paying only the minimum balance on your credit card can lead to...

paying more interest.

FICO scores are based on a model created by Fair Isaac Corporation and weight five major factors to determine the score. the action that would have the greatest negative impact on changing a persons FICO score is

paying most bills on time the minimum required each month.

recommended methods to protect yourself from identity theft and fraud include ___

placing a credit freeze with the credit bureaus

As protection from identity theft, many people do not want to receive mail or phone calls offering preapproved credit card offers because it

prevent a thief from collecting valuable personal information.

The major purpose of the equal credit opportunity act is to

prohibit creditors from using age, religion, or race to deny credit to a person.

what will happen to protect yourself from identity theft and fraud?

regularly monitor your credit report.

of the 3 types of credit, which do you think poses the greatest threat to your financial future, and why?

revolving open-end credit.

The information collected by credit bureaus such as experian is accessible to

the persons potential employers, landlords, and lenders

secured loans are less costly than unsecured loans because ___

the require collateral

what should you NOT use a loan to purchase?

Airline tickets to your dream vacation

what is important to consider when selecting a credit card?

Annual percentage rate

"phishing" is identity thief technique of

Getting information from a person online by asking her to complete a survey or provide certain information to win a free vacation or product

under the circumstances would it make financial sense for a person to make a purchase with an installment loan?

He is offered a job that requires him to have a car, which he can only afford to buy with a loan.

what factors determine your credit score?

Payment history, amounts owed, length of credit history, types of credit used, new credit.

how do you think technology had affected the problem of identity theft?

People who are looking to commit identity theft can go " dumpster diving" from their laptops.

What is interest?

The cost of borrowing money

What is identity theft?

The crime of obtaining the personal or financial info of another person to use their identity to commit fraud.

what items are NOT important to consider when selecting a credit card?

The look at the credit card.

When are loans a good option to use?

When paying for higher education

Everyone can obtain a free credit report once a year from each of the three main credit bureaus. It is

a good idea to obtain the reports and review them for accuracy and file a written complaint if the report contains mistakes.

using a long could help purchase what?

a house

Why might a person decide to take advantage of a noninstallment credit offer?

there is no interest charged on the loan if it is paid back within a very short time.

what makes a secure loan less costly than an unsecured loan ?

they require collateral

why might someone be willing to pay interest on a purchase rather than pay it in all cash?

to save cash for other purposes.

what is not an option available if you are behind on loan payments?

you can ask to get out of your loan.

what is a positive reason for using a credit card to finance purchases?

you will get charged large interest

what will happen to your credit score if you do not manage your debt wisely

you will have a decrease in credit score

what are the benefit of having a good credit score?

you'll get more job opportunites

Discuss steps you can take to safeguard your personal information.

- Dont give away your personal info - use passphrases -Review your security and privacy settings - check your mobile app permissions.

name and explain at least three tactics used by identity thieves to obtain information.

- steal your mail - steal your wallet or purse - steal your account numbers - trick you into sending personal info in a email.