Everfi Lesson 5 Review

better interest rates on your loans

benefit of having a good credit score

APR (Annual Percentage Rate), credit limit, and penalties and fees

items that are important to consider when selecting a credit card

education

loans are an option to use for

Not having late fees

Benefit to paying the full balance of your credit card each month

build your credit history

Credit cards can help _____ when paid off on time regularly.

They usually have a lower interest rate.

Secured loans are less costly than unsecured loans because

Your credit score will go down

This happens to your credit score if you do not manage your debt wisely

Regularly monitor your credit report

This will help you protect yourself from identity theft and fraud

manage your debt wisely

To maintain a good credit score you must ______.

a house

Using a loan could help with the purchase

compare pre-approval offers and select the one that is best for you.

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

Airline tickets to your dream vacation

You should NOT use a loan to purchase

financial institution may offer for you to pay a little now and pay the rest after your next pay day

a good option available to you if you are behind on loan payments