Credit
Stay Out of The RED
Wild Card
100
Using someone else's money to buy something today with the intention of repaying plus interest in the future.
What is Credit
100
A legal process to get out of debt when you can no longer make all your required payments
What is bankruptcy
100
a financial institution that accepts deposits and channels the money into lending activities
What is a bank
200
A plastic card used to make purchases now and pay for them later
What is a credit card
200
A penalty for making a payment after the due date
What is a late fee
200
The smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the lender
What is the minimum payment
300
a numerical rating of your credit-worthiness
What is credit score
300
Missing a payment on a loan or bill that stays on your credit report for 7 years
What is negative credit history
300
A loan where a borrower gets a cash advanced based on his paycheck. These loans generally must be repaid on the next payday.
What is payday loan
400
a private firm that maintains consumer credit data files and provides credit information to authorized users for a fee
What is a credit bureau
400
Being late on a payment to a creditor
What is a delinquent
400
a deficit in a bank account caused by withdrawing more money than the account holds
What is overdraft
500
The Three Cs of Credit
What is character, capacity, and capital
500
When a borrower fails to keep up with mortgage payments and the lender take possession of the property.
What is foreclosure
500
the official currency issued by a government or national bank
What is money
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