Credit 1
What is the "number" that measures how credible someone is to pay someone back?
Credit Score
What is the amount spent in relation to what the total credit line is?
Credit utilization.
What is the period of time for a loan?
Term
What is the type of rate loan that is fixed during the entire term?
Fixed Rate Loan
What is a budget?
Plan of income and how it'll meet/fulfill expenses.
What is the card that lets you buy now and pay later?
Credit Card.
What is the factor of a credit score that describes how often you open credit accounts?
New Credit
What is the type of rate that is flexible and can change based on different factors?
Variable Rate Loan
What is the statement that lists transactions, fees, and payments?
What is the two downsides of a commercial bank when compared to a credit union?
This term describes the money charged or earned for using borrowed funds.
Interest
What is interest earned on top of interest?
Compound interest.
What is the loan taken out for a home or investment residency?
What is the payment after the due date?
Late payment.
What is the record of your borrowing history, accounts and debts?
Credit Report
What is the original amount of money borrowed?
What is the type of loan that does not require collateral and has higher interest rates?
Unsecured loan.
What is the amount charged for late payments, exceeding credit limits, or failure to pay?
Penalty Fees
What is a person who promises to pay in case of your failure?
Cosigner
How tall is Mr. Sen?
5'9.5"
What was the suggested amount of credit utilization for a "better" score?
What happens if you have an excellent credit score?
How does bad credit affect you?
How does good credit benefit you?
Better interest rates, eligibility for better credit cards, lower insurance rates, better approval rates.
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