Credit Basics
A financial metric that compares a borrower's total monthly debt payments to their gross monthly income
What is Debt to Income ratio?
From the three credit bureaus there are, this is the one we use when decisioning loans.
What is Experian?
A loan that does NOT require collateral.
What is an unsecured loan?
A healthy credit limit usage is typically under this percentage.
This protection pays off or reduces a loan balance if the borrower passes away.
What is credit life?
A typical credit score range would be this range
What is 300-850?
Both open and ____ accounts should be considered when reviewing credit reports
What are closed accounts?
This loan allows you to borrow against your account balance while keeping your savings intact.
What is a savings or CD secured loan?
A loan preapproval is good for this amount of days.
What is 30 days?
What are optional?
The cost of borrowing money
What is interest?
The length of time negative information stays on a credit report
What is 7 years?
up to 10 years for Bankruptcy
This loan is an unsecured, fixed-term loan available for any reasonable purpose.
What is an Any Reason Any Season?
Used in a collateralized loan to determine the percentage of which the member is financing vs. how much the asset is worth.
What is Loan to Value?
This protection helps make payments if you become injured or ill.
What is disability insurance?
This is a revolving or open-ended loan that is accessed by cards issued in the borrowers name.
What is a credit card?
The length of time that inquiries will show on a credit report.
What is two years?
This type of revolving loan is used for covering unexpected expenses or making large purchases without needing to apply for a new loan each time.
What is a line of credit?
A credit file with very little history.
What is thin file?
This protection covers the difference between what the member owes and what their car is worth.
What is GAP coverage?
This factor has the biggest impact on your credit score
Someone added to an account but not legally responsible.
What is an authorized user?
This loan product come with fan Perks, earns
CURewards points for purchases, plus a nice
card design.
A notice explaining why credit was denied.
What is an Adverse Action Notice?
A vehicle service contract to members, to help in protecting them from unexpected vehicle repair costs
What is Mechanical Repair Coverage?