Managing Credit
A record of a person's use of credit over time; 15% of your credit score is based on the length of your credit history
What is Credit History
A card used when cash or debit is not available to you
What is a credit card
Something valuable that the lender can take as payment if you can't or don't repay your secured loan
Collateral
To put out money in order to gain profit
What is investing
A document with information about a person’s credit activity and history
What is a Credit Report
The amount of money that must be paid by the due date without penalty.
What is the minimum amount
The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest
What is Amortization
The amount of money you earn on your savings account balance
What is a Simple Interest
A U.S. government agency that helps protect consumers by regulating financial products and services, like mortgages, credit cards, and student loans
What is a Consumer Financial Protection Bureau (CFPB)
The number of days the card balance accumulates
What is the payment period
Interest that is accumulated and grows with savings
What is compound interest
How much your investment is worth
What is investment value
Annual Percentage Rate (APR)
The cost you pay each year to borrow money, including fees, expressed as a percentage
An attempted recovery of a past-due credit obligation or debt by a collection department or agency
Collections
A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill
What is Authorized User
A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month
What is Adjustable-Rate Mortgage (ARM)
All of the shares into which ownership of the company is divided
What is Stocks
To ensure financial security
What is the importance of a budget
The interest rate per year /12 x balance owed
What is the interest charged per month
A credit card service that allows cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank, typically at a high interest rate or for a fee
What is Cash Advance。
A loan to a company or government that pays back a fixed rate of return
What is Bonds