Tips and Tools For Financial Success - Newton Free Library

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8. All of the following appear on your credit report for 7 years except: a. Tax liens b. Chapter 13 Bankruptcy c. Chapter 7 Bankruptcy d. Collection Accounts 9. Information in your credit report may determine whether you will: a. Get insurance b. Get a job c. Rent an apartment d. All of the above 10. You may get a free credit report if: a. You are receiving public assistance b. You are unemployed and plan to look for a job within 60 days c. Your report is inaccurate because of fraud d. All of the above 101
Credit Quiz Answers 1. Correct Answer: d. All of the above Lenders use all the information above to determine your creditworthiness. 2. Correct Answer: a. American Express American Express issues credit cards and may use the services of a credit reporting agency but they are not a major credit reporting agency. 3. Correct Answer: c. 7 years After a period of 7 years a paid tax lien will remain on your credit report. An unpaid tax lien will remain for a longer period of time. 4. Correct Answer: d. All of the above Personal credit reports only contain certain pieces financial information. Your business account information, bank account balance, and income are not identified in a credit report. 5. Correct Answer: b. Marital status Lenders cannot turn down a loan based upon whether or not you are married. 6. Correct Answer: c. Past payment history 35% of your FICO score is based on your credit history.30% of your FICO score is based on amounts that are owed. The other 3 factors are length of credit history, new credit, and types of credit used. 7. Correct Answer: a. Once a year Although you may request copies of your credit report more than once a year a fee may be charged. 8. Correct Answer: c. Chapter 7 Bankruptcy Chapter 7 bankruptcy will appear on your Credit report for 10 years. 9. Correct Answer: d. All of the above Your credit report score impacts many parts of your life including rentals, jobs and insurance. 10. Correct Answer: d. All of the above The special circumstances above are all reasons that may qualify for a free credit report. Ask if there is a fee for your situation. 102
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Financial Literacy at the Library T
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Background and Acknowledgments Fina
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Chapter V. Credit Overview of Credi
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6 Newton Free Library hosted Financ
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8 © 2011 American Consumer Credit
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Goal Setting & Financial Planning (
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Financial Goals Worksheet (SMART)
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Planning For Unexpected Life Events
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1. Determine what to keep at home a
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5. Keep a close watch on your bank
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20 Kip Child, FDIC Community Affair
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Introduction to Banks (from FDIC Mo
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24 Debit Cards • Fees? • Fee wa
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Ways to Take Money Out of Your Acco
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Using Electronic Banking (from FDIC
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Activity 1: Checking Account Fees (
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Activity 3: Record Transactions in
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Sample Check Register Check Number
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Paper Money Copy, cut, and put the
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III. Budgeting Practice Good Habits
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Create a Budget—and Pay Yourself
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Household Budgeting Worksheet Housi
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Read the scenario, review the Month
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Increase Your Income How might how
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Develop a Spending Plan A spending
Page 52 and 53: Implement Your Plan Seek Assistance
Page 54 and 55: • Educate yourself and learn more
Page 56 and 57: Budgeting Quiz 1. How long should y
Page 58 and 59: Budgeting Quiz -Answers 1. Correct
Page 60 and 61: IV. Saving and Investing Preparing
Page 62 and 63: The true magic of compound interest
Page 64 and 65: 9. Pay off high-interest credit car
Page 66 and 67: Risk-Return Relationship Table (FIN
Page 68 and 69: Compounding with Tables (FINRA Inve
Page 70 and 71: Retirement Savings Vehicles (FINRA
Page 72 and 73: In most cases, you roll over a trad
Page 74 and 75: Activity 2: Savings Goals Worksheet
Page 76 and 77: Investing Quiz 1. Which of the foll
Page 78 and 79: Investing Quiz - Answers 1. Correct
Page 80 and 81: Making your First Investments http:
Page 82 and 83: V. Credit Overview of Credit What i
Page 84 and 85: What Is a Credit Report? (from FDIC
Page 86 and 87: How the Credit Report Is Used (from
Page 88 and 89: How to Get Your Free Annual Credit
Page 90 and 91: Credit Cards: What Are They Used Fo
Page 92 and 93: Credit Card Comparison Chart (from
Page 94 and 95: ACCOUNT ACTIVITY Date of Transactio
Page 96 and 97: Activity 1: Maria’s Credit Report
Page 98 and 99: Activity 3: Who Poses the Most Cred
Page 100 and 101: Credit Terms and Definitions Bankru
Page 104 and 105: VI. Borrowing Basics Types of Loans
Page 106 and 107: Car Loans (from FDIC Money Smart) T
Page 108 and 109: To Rent or To Own? (from FDIC Money
Page 110 and 111: Activity 1: Which Loan Is Best? (fr
Page 112 and 113: Activity 3: How Much Mortgage Can P
Page 114 and 115: Note: Make sure you compare loan of
Page 116 and 117: Estimated prepaid amounts for inter
Page 118 and 119: Borrowing Basics Quiz 1. Which of t
Page 120 and 121: Answers for Borrowing Basics Quiz 1
Page 122 and 123: VII. Life Skills Menu Planning Work
Page 124 and 125: Grocery Shopping Tips 1. Clean out
Page 126 and 127: Computer Terms and Definitions Comp
Page 128 and 129: Housing Terms and Definitions Appli
Page 130 and 131: 8. According to the 2010 Consumer E
Page 132 and 133: VIII. Glossary Glossary (excerpted
Page 134 and 135: Compounding: Interest paid on money
Page 136 and 137: Interest: A percentage of your bala
Page 138 and 139: Stocks: Parts of a company, called
Page 140 and 141: IX. Recommend Resources Bibliograph
Page 142 and 143: Careers and Life Skills Bostick, Na
Page 144 and 145: Heath, Julia A. Personal finance es
Page 146 and 147: Debt information for teens: tips fo
Page 148 and 149: Tutor/Teacher Cordell, Jane. Cambri
Page 150 and 151: Newton Free Library Financial Educa
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I. Learning English Online Resource
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Investor Knowledge Quiz - http://ww
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American Consumer Credit Counseling
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Nationwide Resources (from American
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