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Credit

TermDefinition
FICO A credit scoring system which is used by the 3 major credit reporting agencies.
Ranges of FICO scores 300-850
3 C's of credit Capacity, Character, Capital
Credit Line The maximum amount of money you can charge on your credit card.
3 Credit Bureaus Experian, TransUnion, Equifax
Available credit The amount of money you still have left on your credit card.
Minimum Payment the least amount you can pay to your credit card. You can pay over the minimum amount.
High credit score, ___________ interest rate low
Low credit score, ___________interest rate high
High credit score, _______ risk low
Low credit score, ______ risk high
Credit Report A document containing data about how you use credit.
Credit History A record of your past and present loans and credit card accounts.
Credit card statements are sent monthly
What is APR? Annual Percentage Rate
When looking for a credit card, you want a ___________ APR. low
To keep your credit card account in good standing, you must pay at least the minimum payment due
Soft credit check Does not affect your credit score
Hard credit check Affects your credit score
Capital Net worth - Assets minus liabilities (what you own minus what you owe)
Character Looking at you and whether you have a job, how long you live at your address, etc.
Capacity Do you have the ability to pay back your debt?
Collateral Assets that the lender can take back and use to pay the loan off.
Credit Score This is a number that indicates how reliable you are at paying back your debts.
Credit Bureau A company that gathers information on consumers who use credit.
Equal Credit Opportunity Act (ECOA) A federal law to ensure that all consumers are given an equal chance to obtain credit.
Interest The amount of money paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time
Lender A business that makes money available for others to borrow
Loan An agreement where the borrower agrees to repay money to a lender with interest over a period of time.
Revolving Credit A type of credit allowing an individual to borrow certain amount of money, repay the money borrowed with interest when it is due, and then borrow the money again.
Created by: Nancyp28
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