credit
Credit allows people to ___?
What is to spread the cost of some purchases over time?
The term for someone who you borrow money from?
What is a lender?
Credit is the borrowing of Money, ___, and Services
What is goods?
Standard credit reports must include your credit score
What is false
The person, bank, credit union, or financial company that provides the money.
What is the lender?
What are two issues that come from using credit?
What is paying interest and fees?
Banks are aware of the risks that the borrower may not pay them back, which is why they want to know as much as they can about their borrowers. They do this by looking at the borrower's what?
What is a credit report?
The ___ of the borrower:
Damaging credit score
Losing assets tied to a loan
What is the risk profile?
When buying wants, such as smart watches or consoles, with a credit card, you are allowed to pay it back whenever you want.
What is false?
APR stands for this.
What is annual percentage rate?
What’s the fourth step in getting credit?
What is the borrower receives money or access to credit?
you borrowed money by using a credit card, and you didn't pay all the money you borrowed back in time, or if you borrowed a larger amount of money spent that takes a longer period to pay it back, what else are you paying for?
What is Intrest?
Interest is one way lenders are ______ for providing credit.
What is compensated?
- Interest rate
- Amount borrowed
- Terms of the agreement
Are the ONLY all factors that effect the amount of interest.
What is false.
The maximum amount that can generally be borrowed on a revolving credit account.
What is credit limit?
The range of values a credit score has.
What is 350-850?
The amount of time given to repay a loan.
What is a term?
The lender expects to receive the _____ amount plus the agreed cost of ______.
What is borrowed/borrowing?
True of false:A strong credit history can make it easier to qualify for some types of credit benefits.
What is true?
Payment history makes up this amount of your credit score.
What is 35%?