CREDIT REPORTS
The three credit bureaus
Experien, Equifax, and TransUnion
Balance Transfer
Transferring debt from one card to another
The most important factor to consider in a credit card if you carry a balance
APR, or interest rate
Type of credit that is paid off and then charged again
Revolving or Open-Ended
What is it called when the bank takes away your house?
Foreclosure
A number telling banks and lenders the likelihood someone is able to repay debt
What is a credit score?
Collateral
Something that guarantees the loan will be paid off or the item will be taken
How long you have to pay off your credit card before you’re charged interest
Grace Period
What are some types of installment loans?
Mortgages and car loans
Type of bankruptcy where the court seizes all your property and then erases your debt
Chapter 7
The reason you should check your credit report, even if you have no credit cards or debt.
What is fraud?
Principal
The amount of money you initially borrow
The typical minimum payment required by credit card companies
2%
What kind of card should be paid off completely at the end of the month?
Credit Cards or Charge Cards
How long does Chapter 7 bankruptcy stays on a credit report
10 Years
3 categories of people who can see your credit report
Credit Grantors, Landlords, Employers, Insurance Companies
Default Rate
The interest rate you are charged if you go over your credit limit or have late payments
How interest is charged if you don’t pay off a “90 days same as cash” promotion in time.
Going back to day 1, on the original amount borrowed
The debt you should pay off first
Highest interest debt
This is a word used for late payments or overdue taxes.
What is delinquent.
The percentage of your available credit you should use for a good credit score.
30%
What is leasing?
Making monthly payments on a car but never owning it
These sort of people pay higher interest rates on credit cards.
What are young people?
A responsible person who signs a loan with you.
What is cosigner
What is APR?
What is Annual Percentage Rate