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PF 6.01
Question | Answer |
---|---|
Borrower | Someone who takes out a loan and pays it back |
Closed-end Credit | A car loan. Take a certain amount of money and pay it back. DOESN'T CHANGE AT ALL!! |
Collection Agnecy | Loan sharks. When you don't pay back a bill and they will kick you out. |
Co-signer | Responsible for paying back debt for credit. SIGN WITH YOUR PARENTS!! |
Credit | A loan. |
Credit History | A record of what I have done in the past for paying back loans |
Credit Limit | Maximum amount that can be borrowed |
Credit Report | Record of how you pay back loans |
Credit reporting agencies | Agencies that create reports based on the information they receive from lenders regarding the borrower's account history. |
Credit Score | The number to tell if you are paying back a loan |
Foreclosures | The bank owns your house if you don't pay the mortgage payments. |
Lender | Whoever gives you money |
Open-end Credit | Credit Card. CHANGES ALL THE TIME!!! |
Tax Lien | If you don't pay your taxes and the government will put a tax lien until you pay. |