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24 Cards in this Set

  • Front
  • Back
A "5 C": you have a job, money in bank, good income.
Annual Percentage Rate
This determines the cost of credit on a yearly basis
Credit Bureau
Agencies like TRW, Trans Union keep credit files on us
Unsecured Loan
A loan not backed by collateral
Credit Burden
This should be no more than 20% of your income
"5 C's of Credit"
The factors that determine your credit worthiness
Fixed Rate
Interest that remains the same
Installment Loan
Pay a set amount of money "up front" and the balance in equal monthly payments, which include interest
a "5 C": You're an honor student and Eagle Scout
Someone who agrees to make a loan payments if you don't
A "5 C": What you have to "put up" as security for loan
When a creditor takes all/ part of your paycheck if you miss credit card payments/ loan payments
Credit Application
Form you fill out to get a credit card or a loan
Credit History
A "5 C": Pay bills on time; have 5 credit cards
A creditor's legal right to "take back" collateral
Credit Reference
This testifies to your reliability/ ability to pay loan
Down Payment
Initial Portion of a total bill paid with cash/check
Security Agreement
Explains how interest will be charged on an account
Grace Period
Amount of time to pay debt without having to pay interest
Variable Rate
A type of loan where the interest changes
Finance Charge
Total amount it costs to finance a loan in dollar and cents
Amount of money owed on the original amount of a loan
Credit Limit
The maximum amount you can charge on a credit card
A "5 C": what you own, how much savings you have