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Teacher Talk
A starter credit card from a credit union caught my eye this morning as I was doing my daily media surf on all things personal finance.
The Card: Northwest Federal Credit Union First Card Visa Platinum
The details: “To get your credit history off to a good start, Northwest Federal wants to make sure you know how to use credit wisely. As part of your FirstCard credit application, you’ll need to complete the 10-question online course, “Credit Matters.” At the conclusion of the course, take the short quiz and the results will automatically be sent to Northwest Federal. Click here (link no longer active) to begin the Credit Matters course now.”
Card terms: 9.99% Fixed APR
Credit limit: $250-$1,000 (lower limit applies to applicants under 18; as I mentioned this is a starter card).
Quiz notes: There are five chapters, each one page in length, that you need to read before taking the quiz. Need to answer 7/10. If you don’t, you can try again until you do pass. Here are the questions they ask (I won’t be a spoiler and provide answers!):
1. A home equity line is a/an ___________ form of credit:
Unsecured/closed-end Secured/open-end Unsecured open-end
2. Which of the following is true about general purpose credit cards?
They can be used at department stores, gas stations, and restaurants The balance must be repaid in full by the due date They are secured by a cash deposit
3. When considering you for a line of credit, the financial institution will assess:
Your past payment history Where you live The number of people in your household
4. When shopping for credit, it is a good idea to look for a card with:
A short grace period A high APR No application fee
5. One of the recommended methods to use credit wisely is:
Limiting the number of accounts you have Never using credit cards Borrowing no more than $5,000 at a time
6. If you do not pay the balance on a cosigned account, the cosigner is responsible for ___ of the debt:
Zero percent 50 percent 100 percent
7. A good debt repayment strategy is to:
Get a car title loan Not pay for six months, then ask for a settlement Pay more than the minimum required payment
8. Using home equity to repay debt can be a good option if:
You regularly spend more than you earn You do not get into debt again The lender offers it as a solution to your debt problems
9. Which law limits your liability for a lost or stolen credit card to $50 if you notify the card issuer within 30 days?:
FDCPA FCBA Credit CARD Act
10. Most creditors cannot take any of your wages, money, or property unless they have:
First won a legal judgment Notified you that they intend to sue Proof that you committed fraud
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Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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