Credit
max amount you can borrow on a credit card
What is a credit limit?
cost of borrowing money, shown as a percentage
What is an interest rate?
legal process to eliminate or repay debts when they can't be paid
What is bankruptcy?
number representing creditworthiness based on credit history
What is a credit score?
rate that stays the same over time
What is fixed interest?
record of past payments and whether they were made on time
What is payment history?
agency that collects and reports credit info
What is a credit bureau?
rate that can change over time
What is variable interest?
credit check that doesn't affect credit score
What is a soft inquiry?
credit check that lowers credit score
What is a hard inquiry?
company hired to recover unpaid debts
What is a collection agency?