Credit Reports
This score can range from 0-850 and shows just how good at debt you really are
Credit Score (FICO Score)
Buying a home would be this type of asset
Appreciating Asset
These companies use deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash
Predatory Lenders
Additional Costs a lender charges for borrowing their money
Interest
Most credit cards will charge this type of fee that comes out once a year
Annual Fee
You can catch this type negative of activity quickly if you check your credit reports often
Fraudulent Activity/Identity Theft
As the value of your home increases over time, you are getting more of this in your home
Equity
You will not go into debt if you use this instead of a credit card
Debit Card
In 1972, Sallie Mae began this type of loan
Student Loans
When you miss a payment on your credit card, you will be charged this
Late Payment Fee
Companies can run credit checks on your credit report. If you have to give permission for the check, you are allowing them to run this type of check
A Hard Credit Check
When you purchase a vehicle, the moment you drive it off the lot it becomes this type of asset
Depreciating Asset
This is when you work to pay off all of your debts by rolling one paid off debt payment into the next, lowest to highest
Debt Snowball
When you have put down a security deposit or collateral for a loan, you will have this type of credit
Secured Credit
Your credit card will come with these fees, which come about when you spend more than the credit card company allows
Over-The-Limit Fees
Putting up this may allow you to obtain larger loans, or loans when you have a low credit score or a bad debt track record
Collateral
You will have this if the value of one of your assets falls below what is still owed on it's loan
Negative Equity
In getting a car loan, you will probably end up with a car that is worth less than what you are still paying into it, which means you will be this
Upside Down
This type of credit automatically renews whenever a payment is made to reduce the debt
Revolving Credit
Every transaction made with a credit card will charge you this type of fee, which usually also is incorporated into the cost of what you're purchasing on top of the fee itself
Merchant Fees
These types of companies collect the credit rating information that makes up your credit report
Credit Bureaus
This is a legal claim against your asset until your loan is paid in full
Lien
If you fail to repay your loan on time, you are in this
Default
This type of credit is a loan for a fixed amount of money that is paid back monthly
Installment Credit
Cash-Advance Fee