Chapter 6 Flashcards
1
Q
Instalment
A
A loan provided for specific purchases with interest charged on the amount borrowed.
2
Q
Revolving open-end credit
A
Credit provided up tons specific max amount based on income, debt, and credit history
3
Q
What is a credit bureaus
A
Provided by credit bureaus that document a persons credit payment history
4
Q
What is used to calculate your credit score
A
BEACON scoring
600+’is good
Payment history, how long you have had credit, paying credit regularly, hoe many times people have accessed your credit.. Etc
5
Q
Grace period
A
Difference between when statement is received and actual minimum payment is due
6
Q
Credit
A
Funds provided by a creditor to a borrower that then they will repay with interest or fees in the future
