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20 Cards in this Set
- Front
- Back
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Definition of Credit
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Based on trust, someone gives you something in advance for you paying for it and you pay them back over time
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Definition of Credit Rating
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Rating of how well you make your credit payments (how much credit you have, how good you are at paying it back, etc.) and has a 40% max credit debt for banks
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The 3 C's Used to Determine Amount of Credit Given
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Character (refers to your credit history of buying, spending, loaning, etc.)
Capacity: your ability to pay back credit/debt (do you have a good job) Collateral: what do you have that the bank can take away if you dont repay them |
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How to Establish a Credit Rating
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Make sure utilities are under your name, get a loan, get a credit card, accumulate credit and pay it off in a timely fashion
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Factors Banks Consider When Determining What Interest Rate to Charge
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History and experience, employability, education, how long you've been working, how long you've been with your employer, how much money you make, any history you have on credit (high vs low credit score)
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Factors to Consider When Choosing a Bank
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Interest rates offered, service charges, customer service, ease of access to any services, dont always have to have 1 bank
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What is a Certified Cheque?
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Money is immediately put aside to guarantee the recipient the money
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Ending a Renting Contract Prior to Expiration
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May have to pay the rest off (remainder of agreement), mutual agreement between landlord and tenant must be reached, tenant must give 30 days written notice, landlord must give 90 days written notice
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How Much Notice Must Be Given For the Landlord to Enter Your Apartment
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24 hours written notice must be given, unless in case of an emergency
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Damage Deposit
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In case you break something, in case you can't pay rent for a month, can get it back by proving you have not broken anything (proved by an inspection before and after), interest must be given with damage deposit as it must be placed in a trust account, must get all of damage deposit back unless something is broken
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Home vs Tenant Insurance
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Home is when you own property and tenant is when you rent, home covers the structures and contents and within the policy covers fire, theft, etc. while tenant only covers contents and has a 3rd party liability
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Replacement Value vs Cash Value
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Replacement is how much it would cost to replace the item as if it were new and is usually a part of homeowners unsurance, actual cash value is how much an item is worth used and is usually used for auto insurance
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Three Types of Auto Insurance
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Third Party Reliability (required by every vehicle on the road), Accident Benefits (traditionally collision comprehensive, anything outside of the car) and Physical Damage (collision, damage to the car itself)
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Factors That Affect Insurance Premiums
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Drivers ed courses, speeding tickets, DUI's, experience, crash history/history of claims, type of car
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Deductible
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How much of the repair/replacement cost you pay, typically starting at $500, higher the deductible the lower the insurance rate
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6 Types of Identity Theft
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Credit card theft, dumpster diving, phishing, skimming, shoulder surfing, mail theft
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Ways to Protect Against Identity Theft
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Hide pin number, change pin number, shred important papers, confirm via phone or call in person, keep track of credit card, check credit rating/credit report, check your statements
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Net Pay vs Gross Pay
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Net pay is income after deductions (take home) and gross pay is before taxes/deductions
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Pay Deductions
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CCP, EI, income tax, charitable donations, union dues, extended medical plans, dental plans, extra pension plans
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Minimum Wage
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$9.75, if in a bar $9.50 under the assumption of a lot of tips
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