Credit Cards
This is a responsible person who signs an agreement with the borrower.
What is a Co-signer?
Paying for merchandise according to a set schedule of payments is known as this type of an account?
What is an installment loan?
This type of company collects and keeps files of financial information on individual consumers.
What is a credit bureau?
This allows a person to buy how and pay later.
What is credit?
True or False. Creditors want evidence that a person can and will pay his or her debts before they grant credit.
What is True?
A way businesses extend credit to consumers without using credit cards.
What is a charge account?
The amount you borrow for your loan.
What is principal?
True or False. Job history, income and bill-paying history are all part of a credit record.
What is True?
The price paid for the use of money over a period of time.
What is interest?
The total amount borrowers must pay for the use of credit.
What is finance charge?
This is how much you own; money in the bank.
What is Capital?
The actual rate of interest charged on a yearly basis.
What is APR?
This "C" in obtaining credit allows lenders to see how much money you make.
What is capacity?
This is determined by subtracting how much is owed on a house from the amount the house is worth.
What is equity?
The creditors evaluation of a person's willingness and ability to pay back debts.
What is a credit rating?
This "C" of obtaining credit allows lenders to see if you have paid your debts in the past.
What is Character?
The 3 "C's" of obtaining credit.
What is Character, Capital and Capacity?
The number of days allowed to pay for a new purchase before interest is charged.
What is grace period?
A legal proceeding for stating a person's inability to pay back debts.
What is bankruptcy?
Something of value held by a creditor in case a customer is unable to pay a loan.
What is collateral?