credit terms
what is credit?
using someone else money with an agreement to pay back.
name a type of credit
loan
what percentage of consumers have at least one credit card
72%
name a factor for getting credit
character
Do most high schoolers have a cosigner?
yes
what is a debtor?
buying on credit or receives a loan
name a type of credit
sales
Name something a business has to think about when it starts.
start up cost
you want to have a good what?
character
what does APR stand for
annual percentage rate
what is a creditor
one who sells on credit or makes a loan
name a type of credit
trade
true or false. the government borrows.
true
What is capacity?
how able you are to pay a debt on time
what is a line of credit
total amount you can have charged to the account
what is trust
belief creditor has in debtor to pay back
what is the range of credit scores
300-850
name a reward of credit
points, cash back
what is capital?
value of borrowers possessions
what is a budget
pay equal amounts over long period
amount charged to account for holding a balance
what is considered excellent credit scores
750-850
what are the three Cs
character, capacity, capital
name a credit score factor
payment history
what is the difference between single payment and installment payment.
single is when you pay all at once and installment is when you have multiple smaller payments at a specific time.