Vocabulary
A plastic card issued by a bank allowing the holder to purchase goods/services on credit.
What is a credit card?
What does "ROI" stand for?
What is Return on Investment?
A measurement of risk when repaying loans.
What is a FICO score?
A fee charged if there's an unpaid balance on your account.
What is credit card interest?
A person/company that regularly collects debts owed.
What is a debt collector?
The max amount of money a card holder can borrow on a credit card.
What is Credit limit?
What does "APR" stand for?
What is Annual Percentage Rate?
What are the ranges of FICO scores?
What is 300-850?
Another word for interest rate.
What is Annual Percentage Rate (APR)?
This type of debt is often used for education.
What is student loans?
The period between the end of a billing cycle and the date your payment is due.
What is a grace period
What does "FICO" stand for?
What is Fair Isaac Corp?
Considered an exceptional score.
What is over 800?
Interest that's earned or charged on top of existing interest or principal.
What is compound interest?
Late payments stay on your credit report for this many years.
What is seven years?
Something pledged as security for repayment of a loan, to be forfeited in the event of a default.
What is Collateral?
What are the 3 C's?
What is capacity, character and collateral?
The national FICO score average.
What is 695?
A person that determines your interest rate when you apply for a credit card.
What is credit issuer?
This legal process can erase certain debts but damages your credit for up to a decade.
What is bankruptcy?
A series of fixed payments made over a set period to pay for a good/service rather than a payment upfront is called...
What is an Installment payment
What does "ACCC" stand for?
What is American consumer credit counseling?
How is your FICO score calculated?
What is through credit reports?
Interest that's only calculated in the principal amount.
What is simple interest?
This term refers to money owed that isn’t backed by collateral, credit cards are the most common example.
What is unsecured debt?