Chapter 6 Study Guide | Print out this page or write down questions below and fill them in as you read through Chapter 6
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Credit is the financial That allows us to purchase significant items such as Positive Credit scores can lead to What is credit? What Latin term does “credit” originate from? What are the 3 mentioned forms of Credit? Fill in the blank The credit system is fundamentally based on What is Revolving Credit? What does LOC stand for? Is there a perpetual borrowing option with revolving credit? What is Instalment Credit? What happens if I pay off my installment loan early? What is Open Credit? What is the penalty for not fully settling my open credit balance? Fill in the blank Your credit score is crucial in determining What are the 3 chief Credit bureaus mentioned? What does FICO stand for? What are the 5 main components of a FICO score? What is payment History? Who was the VantageScore model developed by? What are the 6 mentioned components of a VantageScore? What are the 5 mentioned key points of efficiently managing debt? What is interest? Fill in the blank Fixed interest rates Variable interest rates What does APR stand for/ What are some examples of good debt? What are some examples of bad debt? What are the 10 mentioned methods to avoid accumulating debt? What is debt management? What are the 3 mentioned building blocks of debt management? What does DMP stand for? What are the 8 mentioned methods to improve your credit score? What are the 3 key advantages of a good credit score?
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