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Types of Credit
Cons of Credit
Applying for Credit
Credit Terms
Loans
100
Credit backed by a pledge of property.
What is SECURED CREDIT
100
The possibility of losing your card.
What are SECURITY CONCERNS
100
When they ask you where you work & how long you have been there.
What is EMPLOYMENT
100
What does APR stand for?
What is ANNUAL PERCENTAGE RATE
100
Installment loans for the purchase of a home
What are HOME LOANS
200
One time extension of credit for a specific amount and time period.
What is CLOSED-END CREDIT
200
Buying items in the spur of the moment.
What is IMPULSE BUYING
200
When they ask you where you live.
What is RESIDENCE
200
Period of time in which you can pay the balance in full in order to avoid charges.
What is GRACE PERIOD
200
A loan to the home owner for needed repairs.
What are HOME IMPROVEMENT LOANS
300
Also referred to as "Line of credit" and can be used repeatedly.
What is OPEN-END CREDIT
300
Spending more than you can afford.
What is OVERSPENDING
300
Owning a home is a sign of a good credit background.
What is HOME OWNERSHIP
300
Maximum amount of credit that the creditor will lend
What is CREDIT LIMIT
300
Secured loans for a purchase of a new or used vehicle.
What are VEHICLE LOANS
400
Taking out a loan and receiving cash.
What is CASH CREDIT
400
When you fail to pay for something & the merchant comes and takes it away.
What is RECLAIMED MERCHANDISE
400
People who can provide information about your character.
What are REFERENCES
400
Numerical rating based on credit report. It represents a person's credit worthiness.
What is CREDIT SCORE
400
Unsecured loan where the consumer can draw upon it when needed.
What is PERSONAL LINE OF CREDIT
500
Buying something now & Paying for it later.
What is SALES CREDIT
500
A fee paid for the use of someone else's money. $$
What are INTEREST FEES
500
Property that will serve as security for your loan.
What is COLLATERAL
500
An evaluation of a consumer's credit history.
What is CREDIT RATING
500
Loan used to pay for a higher education.
What are STUDENT LOANS