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Fast and Furious Credit Lesson
Chpt 16 – Credit in America – take notes on listed sections below.
Pg 358, Credit Today
Pg 358-359, The use of Credit
a.
Income
b. Financial Position
c. Collateral
Pg 359, Making Payments
Pg 359-360 – Disadvantage and Advantages of Credit
Pg 363-366 Types of Credit
Open-End Credit
a.
Charge cards
b. Revolving accounts
c. Credit Card Agreements
a. Annual Percentage Rate
b. Grace Period
c. Annual Fees
Closed-End Credit
Service Credit
Name____________________________
Pg 366, Sources of Credit
Retail Stores
Credit Card Companies
Banks/Credit Unions
Finance Companies
Pawnbrokers
Private Lenders
Other Sources
Chapter 17 – Establishing Good Credit - – take notes on listed sections below
Pg 376 – Your credit File
Pg 378 – Types of Information stored
Pg 378, Creditworthiness
a.
b.
c.
d.
e.
Character
Capacity
Capital
Conditions
Collateral
Pg 379 – Getting started with Credit
a. Begin with a Savings Account
b. Open a checking Account
c. Open a Store Credit Account
d. Get a small Loan
e. Apply for a credit card
Pg 383 – Credit Rating
Pg 387, Credit Score
a. Your FICO Score
b. How errors are made
c. Improving your FICO Score
Pg 385 – Figure 17.1




800-950
700-799
500-699
Below 500
Pg 390, Equal Credit Opportunity Act
Pg 391, Fair Debt Collection Practices Act
Chapter 18 Using Credit Wisely – take notes on listed sections below
Pg 398-399 Responsibilities to Yourself and Responsibilities to Creditors
Pg 401, Avoiding Unnecessary Credit Costs
Pg 410, Credit Card Billing Methods
Adjusted balance method
Previous balance method
Average Daily balance method
Two-cycle billing
Chapter 19.1 Problems with Credit – take notes on listed sections below
Pg 418 The 20/10 Rule
Pg 419 Danger Signs
Pg 423 Credit Repair
Pg 423, Credit Scams
Pg 424 Promises and Guarantees
Pg 424 Gold and Platinum Cards
Chapter 19.2 Bankruptcy as an Option – take notes on listed sections below
Pg 427, Bankruptcy laws and their purpose
Pg 428 Type of Bankruptcy

Involuntary

Voluntary

Discharged debt
Pg 428 Chapter 7 Bankruptcy
Pg 429 Chapter 13 Bankruptcy
Pg 429-429 Causes of Bankruptcy (just list, most are self explanatory)
Pg 431 Advantages of Bankruptcy
Pg 432 Disadvantages of Bankruptcy