Checking and Savings
Account for cash on hand such as bills and spending
What is a checking account?
A score given by the credit bureau to suggest how likely you are to pay a loan back
What is a credit score?
A card used for short term purchases
What is a credit card?
Money borrowed for a specific purpose with a promise to pay back with interest
What is a loan?
Credit History of the borrower
What is character?
What is a savings account?
missed payments can ___ your credit score
What is lower or hurt?
Card that uses your money for credit limit
What is a secured credit card?
Determines interest rate on loan
What is credit score?
Vehicle, house, other assests securing loan if there was a default payment
What is collateral?
Account that collects interest
What is a savings account?
Keeping low balances on revolving debt will ___ your credit score
What is raise or help?
Card that uses banks/lenders money for the credit limit
What is an unsecured credit card?
This is needed if you dont have a credit score or credit history
What is a co-signer?
Income or assets that can be sold for debt repayment
What is Capital?
What is a Checking account?
What are 1 of 3 credit bureaus that measure credit score?
What are Experian, Equifax, and Transunion?
Can drastically change your credit score
What is credit utilization?
This term refers to the length of time over which a loan must be repaid
What is the loan term?
This process involves transferring funds from one account to another, often used to move money between checking and savings accounts
What is an internal transfer?
This is the highest credit score possible
What is 850?
This term refers to the maximum amount a credit card holder is allowed to borrow on their card.
What is a credit limit?
This type of loan is typically used to purchase vehicles, where the car itself serves as collateral
What is an auto loan?
Factors like economic cycles
What are conditions?