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Credit
Qualifying
Managing Credit
Taking Out a Loan
Debt Problems
100
This is the business or organization that extends the credit
Who is a creditor?
100
One of the 3 C's of credit, this refers to a person's reputation, especially concerning repaying debt on time.
What is character?
100
Also known as a bank card or major credit card, it can be used at millions of different businesses across the country or around the world.
What is a general purpose card?
100
Businesses that specialize in making small or personal loans, they often give credit to those who can't get it elsewhere because of a negative credit history.
What are consumer finance companies?
100
When payments are overdue or late.
What are delinquent payments?
200
property that is pledged to guarantee repayment
What is it collateral?
200
Pattern of past behavior in regard to repaying debt.
What is credit history?
200
The annual rate of interest that is charged for using credit.
What is APR?
200
A portion of the purchase price paid by cash or check at the time of purchase, which reduces the amount borrowed.
What is a down payment?
200
A business that collects unpaid debt for other businesses.
What is a collection agency?
300
The total cost of using credit, including interest and any fees
What is finance charge?
300
A question you'll be asked when applying for credit, it will tell the lender where you work, how long you've been there, and how much you're paid.
What is employment?
300
A period of time during which the balance may be paid in full to avoid finance charges, usually 20 to 25 days.
What is a grace period?
300
Insurance which is designed to pay off the loan in the event of the death of the borrower.
What is credit life insurance?
300
Constantly worrying about credit cards or loans, spending more than you make, reaching the credit limit on credit cards, using credit cards to pay day-to-day purchases, skipping payments on some bills in order to pay others.
What are warning signs of debt problems?
400
A drawback of using credit, this is where you are more likely to buy things at the spur of the moment, without careful consideration.
What is impulse buying?
400
A list of businesses with which you have dealt on a credit basis. Their records are the best indication of your bill-paying habits.
Who are credit references?
400
When the APR may go up or down depending on economic factors
What is a variable rate?
400
If you are pledging your home as security for a loan or other credit transaction, this allows you to cancel the loan within three business days if you change your mind.
What is right of rescission?
400
Guidance provided by trained people who help consumers learn to live within their means.
What is credit counseling?
500
The original amount borrowed.
What is principal?
500
When deciding whether to extend credit, lenders consider these three C's of credit.
What are character, capacity, and capital?
500
The maximun amount of credit that the creditor will extend to the borrower.
What is credit limit?
500
An open-ended type of credit, where the consumer can draw on it when needed, up to a preset limit.
What is personal line of credit?
500
Legal relief from repaying certain debts which is the most nagative information possible on a credit report.
What is bankruptcy?