Standard 4: Using Credit

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General Information
Number: SS.912.FL.4
Title: Using Credit
Type: Standard
Subject: Social Studies
Grade: 912
Strand: Financial Literacy

Related Benchmarks

This cluster includes the following benchmarks.

Related Access Points

This cluster includes the following access points.

Independent

SS.912.FL.4.In.a
Compare the cost of credit by using the annual percentage rate (APR), initial fees charged and fees charged for late payment or missed payments.
SS.912.FL.4.In.b
Discuss that banks offer a low introductory credit rate, which increases over time or when a payment is missed or late.
SS.912.FL.4.In.c
Explain the difference between secured and unsecured loans.
SS.912.FL.4.In.d
Describe the benefits of making a down payment on a loan.
SS.912.FL.4.In.e
Explain how credit bureau reports help lenders make credit decisions.
SS.912.FL.4.In.f
Explain the concept of a credit score as it applies to obtaining a loan.
SS.912.FL.4.In.g
Explain how employers, landlords and insurance companies use credit scores.
SS.912.FL.4.In.h
Explain the consequences of failure to repay a loan.
SS.912.FL.4.In.i
Discuss that consumers who have difficulty repaying debt can seek assistance through credit counseling services and by negotiating directly with creditors.
SS.912.FL.4.In.j
Discuss the bankruptcy options, benefits and consequences for consumers who are unable to repay debt.
SS.912.FL.4.In.k
Explain why people apply for a mortgage to purchase a home.
SS.912.FL.4.In.l
Explain the laws that protect consumers who use credit.
SS.912.FL.4.In.m
Explain that consumers are entitled to a free copy of their credit report annually to check for errors.

Supported

SS.912.FL.4.Su.a
Identify the cost of credit by using the annual percentage rate (APR), initial fees charged and fees charged for late payment or missed payments.
SS.912.FL.4.Su.b
Identify a bank’s introductory credit rate and penalties associated with late or missed payments.
SS.912.FL.4.Su.c
Identify the characteristics of secured and unsecured loans.
SS.912.FL.4.Su.d
Identify the benefits of making a down payment on a loan.
SS.912.FL.4.Su.e
Identify components of a credit bureau report that help lenders make credit decisions.
SS.912.FL.4.Su.f
Identify the benefits of a higher credit score as it applies to a loan.
SS.912.FL.4.Su.g
Identify the importance of a preferred credit score in obtaining housing and employment.
SS.912.FL.4.Su.h
Identify the consequences of failure to repay a loan.
SS.912.FL.4.Su.i
Identify that consumers who have difficulty repaying debt can seek assistance through credit counseling services.
SS.912.FL.4.Su.j
Discuss that bankruptcy may be an option for consumers who are unable to repay debt.
SS.912.FL.4.Su.k
Discuss reasons people apply for a mortgage to purchase a home.
SS.912.FL.4.Su.l
Discuss how consumers who use credit are protected by law.
SS.912.FL.4.Su.m
Discuss that consumers are entitled to a free copy of their credit report annually.

Participatory

SS.912.FL.4.Pa.a
Recognize that credit has additional costs.
SS.912.FL.4.Pa.b
Recognize that if credit payments are late, banks will charge additional fees.
SS.912.FL.4.Pa.c
Identify the characteristics of a secured loan.
SS.912.FL.4.Pa.d
Identify the term “down payment.”
SS.912.FL.4.Pa.e
Recognize that credit bureau reports give lenders information to make lending decisions.
SS.912.FL.4.Pa.f
Recognize a preferred credit score.
SS.912.FL.4.Pa.g
Recognize the impact of a nonpreferred credit score.
SS.912.FL.4.Pa.h
Recognize that there are consequences to not repaying a loan.
SS.912.FL.4.Pa.i
Recognize that consumers who have difficulty repaying debt can seek assistance.
SS.912.FL.4.Pa.j
Identify the term “bankruptcy.”
SS.912.FL.4.Pa.k
Identify the term “mortgage.”
SS.912.FL.4.Pa.l
Recognize that consumers who use credit are protected by law.
SS.912.FL.4.Pa.m
Recognize that consumers are entitled to a free copy of their credit report.

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