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    Credit Card Webquest: WWW - Aie.o RG

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    api-299234513
    This document summarizes information from a credit card webquest activity. It provides details about a credit card statement such as the minimum payment amount, required minimum payment percentage, total credit limit, and new balance. It also defines terms like APR, balance transfer, and finance charge. The document calculates the true costs of credit for different vacation amounts and monthly payments. Additionally, it provides details about credit reports, credit scores, and ways to improve one's credit score.

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    Credit Card Webquest: WWW - Aie.o RG

    Uploaded by

    api-299234513
    163 views3 pages
    This document summarizes information from a credit card webquest activity. It provides details about a credit card statement such as the minimum payment amount, required minimum payment percentage, total credit limit, and new balance. It also defines terms like APR, balance transfer, and finance charge. The document calculates the true costs of credit for different vacation amounts and monthly payments. Additionally, it provides details about credit reports, credit scores, and ways to improve one's credit score.

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    This document summarizes information from a credit card webquest activity. It provides details about a credit card statement such as the minimum payment amount, required minimum payment percentage, total credit limit, and new balance. It also defines terms like APR, balance transfer, and finance charge. The document calculates the true costs of credit for different vacation amounts and monthly payments. Additionally, it provides details about credit reports, credit scores, and ways to improve one's credit score.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    163 views3 pages

    Credit Card Webquest: WWW - Aie.o RG

    Uploaded by

    api-299234513
    This document summarizes information from a credit card webquest activity. It provides details about a credit card statement such as the minimum payment amount, required minimum payment percentage, total credit limit, and new balance. It also defines terms like APR, balance transfer, and finance charge. The document calculates the true costs of credit for different vacation amounts and monthly payments. Additionally, it provides details about credit reports, credit scores, and ways to improve one's credit score.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    Credit Card Webquest

    Go to: www.aie.o

    rg Click on Manage Your Money then Manage Credit Cards

    Find: Reading a Credit Card Statement and answer the following:


    What is the minimum payment amount?

    $50.00

    What is the required minimum payment

    2%

    percentage?
    What is the total credit limit available?

    $2,465.80

    What does total credit limit available

    Amount of money you currently have left on

    mean?

    your credit card after subtracting your

    What is the cash advance APR?

    current balance
    A fee is charged when you use the card for a
    cash advance; it can be a flat fee or a
    percentage of the cash advance. The APR
    for cash advances may be higher than the

    What is the purchases APR?

    APR for purchases


    Shows all the rates and fees that will be

    What is a balance transfer and what is the

    applied to the total cost of your purchases


    A fee charged when you transfer a balance

    APR?
    Where should payments be mailed?

    from another credit card. APR = 0.000%


    PBU Card Services PO Box 999 Moneyville,

    What is the customers new balance?

    MA 99999-99999
    $2,534.20

    What is a finance charge and how much was

    Is calculated by multiplying the average

    it?

    daily balance, the daily periodic rate, and


    the number of the days in the billing cycle.
    Theirs is $34.20

    Find: Calculate the True Cost of Credit


    1. A spring break vacation for $1000 at 19% interest would cost ___$3,401.47__ if you pay
    $20 per month.
    2. A spring break vacation for $1000 at 19% interest would cost __$1,211.85_______ if you
    pay $50 per month.
    3. A spring break vacation for $1000 at 19% interest would cost _$1,095.76__ if you pay $100
    per month.

    Click on Manage Your Money then Understand Credit


    Find: Your Interactive Guide to Credit Reports

    1. Who does Jonathan Moneymaker work for? Really Big Company Inc.
    2. Locate his loan through Lonecomet Credit.
    What is his current balance?

    $0

    What was his monthly

    $255 for 60 months

    payment?
    What type of loan was this?

    Automobile

    How long has this long been

    9 years

    closed?

    Find: Learn the Basics of Credit Scores


    1. What is a credit score and what does it tell you?
    Your credit score reflects your creditworthiness at a given point in time. Your credit
    score is based on information from your credit report and calculated according to your
    rating in five general categories: credit mix, new accounts and credit requests, length
    of credit history, total indebtedness, and record of paying your bills on time (payment
    history).
    2.

    List the 5 categories and their percentage of impact:

    Credit Mix 10%

    Record of paying your bills on time (payment history) 35%

    Total indebtedness 30%

    Length of credit history 15%

    New accounts and credit requests 10%

    3. List 5 ways you can improve your score:

    Subscribe to healthy repayment habits

    Manage your debt

    Be smart about credit

    Pay your bills on time

    Dont close unused credit cards

    4. What is the best score range ? _760-850_ The worst score range? 500-579_

    5. What are 2 things that can harm on your credit score?

    Unpaid medical bills and parking tickets

    Will drop if you sign up and use store cards for initial discounts

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