Credit Cards

Go to: www.aie.org
Click Manage Your Money$, Manage Credit and then:
Find: How to Read a Credit Card Statement and answer the following:
1. What is the minimum payment amount? $__50.00___
2. What is the required minimum payment percentage? __2___%
. !ist the tota" credit "imit a#ai"a$"e: $__2%&5.'0___
What does (tota" credit "imit a#ai"a$"e) mean?__*he amount o+ money you current"y
ha#e "e+t on your credit card a+ter su$tracting your current $a"ance_________
%. !ist the cash ad#ance ,-.: ___21.//0%______ purchases ,-.: ______15.//0%_______
5. 0escri$e what a $a"ance trans+er is and what happens? ___is charged when you
trans+er a $a"ance +rom another credit card. 1our credit card company may send you (chec2s) to
pay o3 the other card. *he $a"ance is trans+erred when you use one o+ these chec2s to pay the
amount due on the other card. ___________
&. Where shou"d the payment $e mai"ed4"ocate address5? _____-67 8,.0 9:.;<8:9 -=
6=> /// ?=@:1;<!!:A ?, /////B////________
C. What is the customerDs new $a"ance? ___$2A5%.20____________
'. Eow much was the Fnance charge? ____$%.20_____ What is a Fnance charge? ___is
ca"cu"ated $y mu"tip"ying the a#erage dai"y $a"anceA the dai"y periodic rateA and the num$er o+
days in the $i""ing cyc"e._____________
Find: Higher Payment!uicker Payo"
1. , 2% minimum paymentA $1000 at 1% interest wou"d $e paid o3 in ____12.%_____
years?
2. , 10% minimum month"y payment A $1000 at 1% wou"d $e paid o3 in _____.0_____
years?
#o to Manage Money: $hat is a Credit Score and %nd: &nteracti'e Credit Re(ort
1. Who does Gonathan ?oneyma2er wor2 +or? ______.ea""y 6ig 8ompany <nc._______
2. !ocate his "oan through !onecomet 8redit__55555B, 9,;:W,1 0. 8=<@967.GA *>
55555____________
What is his current $a"ance? ____$0____
. What was his highest $a"ance? _____$11A55/_____
%. What type o+ "oan was this? ______,utomo$i"e_____
5. <s the "oan opened or c"osed? _____c"osed________
1. What is a credit score and what does it te"" you? ______the tota" amount you can incur on
this account__
2. !ist the 5 categories and their percentage o+ impact:
8redit miHA new accounts and credit requestsA "ength o+ credit historyA tota" inde$tednessA and
record o+ paying your $i""s on time 4payment history5
. !ist % ways you can impro#e your score:
-ay your $i""s on timeA get current with missed paymentsA understand that paying o3 a
de"inquent "oan wonDt remo#e it +rom your reportA contact your creditors or a credit counse"or i+
youDre ha#ing trou$"e
%. What is the $est score range ? ____C20______ *he worst score range? ____&00___________
5. What are 2 things that create a (quic2 hit) on your credit score? ______7npaid medica"
$i""s and par2ing tic2ets can hurt you credit score and hea#y credit use can "ower your scoreA
e#en i+ you pay "arge $a"ances o3 in +u"" in a short time. __________________