Credit Rating
Equifax, Trans Union and Experien
What are the three major credit bureaus?
Type of loan with collateral
What is a secured loan?
The annual cost to use a credit card.
What is APR (annual percentage rate)?
Helps you with debt repayment plans
What is the Consumer Credit Counseling Service?
You are always on time with your payments
What is Character?
Range of 350-850
What is a possible FICO Score? (Credit score)
You are a responsible party on a loan that is not yours.
What is a co-signer?
The maximum amount a creditor will allow you to borrow
What is a line of credit?
Ensures that consumers are fully informed about the cost and conditions of borrowing
What is the Truth in Lending Act?
Your job is secure and the economy is booming
What is conditions?
The measure of a person's ability to make credit payments on time
What is your credit rating?
A long term loan to purchase your house.
What is a mortgage?
A time period when no finance charge is added to your credit card account
What is the grace period?
Protects you from discrimination when applying for credit
What is the Equal Credit Opportunity Act
You give the bank the title to your car
What is collateral?
Stays on your credit report for 10 years.
What is Bankruptcy?
Something you pledge to back your loan with if you default.
What is collateral?
The entity (bank, credit union, etc) that you owe money to
What is a creditor?
A type of credit that does not have a fixed payment
What is a revolving account?
You have more assets than you have liabilities
What is Capital?
You get one free one a year
What is a credit report?
Financing with no collateral
What is an unsecured loan?
An arrangement to receive cash, goods or services now and pay in the future
What is credit?
A card that pulls directly from you bank account
What s a debit card?
You are able to pay all your debts and have a debt to income ratio of less than 30%
What is Capacity?