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8 Cards in this Set
- Front
- Back
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One-time loans that the borrow pays back in a specified period of time and in payments of equal amounts
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closed end credit
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a line of credit in which loans are made on a continuous basis and the borrower is billed periodically for at least partial payment
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open end credit
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a prearranged loan from a bank for a specified amount
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revolving check credit
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a loan based on the current market value of a home less the amount still owed on the mortgage
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home equity loan
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dividing your monthly debt payments by your monthly net income
*experts suggest that you spend no more than 20 percent of your net income on consumer credit payments |
debt payments to income ratio
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regulates the use of credit reports, requires the deletion of obsolete information, and gives consumers access to their files and the right ot have erroneous data corrected
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fair credit reporting act
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What are the 5 Cs of credit
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Character
Capacity Capital Collateral Conditions |
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places the burden of proof for accurate credit information on the credit reporting agency
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consumer credit reporting reform act
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