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Credit Basics

QuestionAnswer
Credit promising to pay back money you use
Credit availability depends on trust
3 Credit Sources *Private mortgage companies *Credit Card Resources *Pawn Shops
Financial Stress can happen when credit isn't managed responsbily
Recommended Amount to Borrow total- less than 20% of income monthly- less than 10%
3 Benefits to using money saved or invested instead of credit *Having a credit card *Purchasing a vehicle *Investing in your human capital with an education loan
Closed-end Credit Loan which the borrower must repay the amount in a specifed number of payments
Open-end Credit Extended line of credit established in advance
Payday Loan a relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck
Rent-To-Own borrower leases tangible items with the condition that the item will be owned by renter until rent is complete
Title Loan The borrower gives the lender his/her automobile title in exchange for a set amount of cash. The lender holds the title until the loan is repaid. If the loan is not repaid as agreed, the lender keeps title to the item.
Pawn Loan quick way to get money without credit but the item you are buying is taken from you and all the money is kept if the loan is not paid
Refund Lender givers borrower a loan based upon their anticipated tax refend
Credit Application A form requesting information about a credit applicant
Alternative credit combine elements of closed and open-end closed, usually has higher interest rates, & usually have higher fees
Interest price of money that is borrowed
Credit limi max that can be charged on a credit card
Minumum payment minimum amount on a bill that must be paid every month
APR Annual Payment Rage
Debit Card electronically connected to an account; apply
Late payment fee when minumum isn't paid on time
Over the limit fee transaction goes over the limit
Penalty APR higher interest charged on new transactions
Created by: stevenmziray832
Popular Insurance sets

 

 



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