Credit Flashcards by Abigail Falcon | Brainscape

Q

Inane charge

A

Interest charges

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Q

Apr

A

Interest rate

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Q

Default amount/acceleration clause

A

Speed up loan if ur not paying

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Q

3 C’s of credit

A

Character
capability
capital

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Q

Credit measures

A

700+ wonderful

620- horrible

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Q

Things to consider

A

Should I borrow
Do I need it
Can I pay later

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Q

Types of credit

A

Installment

Revolving

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Q

Character

A

Credit history

Willingness to pay back

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Q

Capacity

A

Income

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Q

Capitol

A

Value of ownings

House car

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Q

Installment credit

A

Secured
Backed by collateral
Mortgage

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Q

Revolving

A

Unsecured
High interest rate
Credit cards

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Q

Sources of credit

A

Banks

finance companies

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Q

Process for credit card

A

loan application

2. Credit bereaus

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Q

Credit bereaus

A

Trans union
Experian
Equifax

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Q

C.A.R.D.

A

Credit accountability responsibility act

Q

F.C.R.A.

A

Fair credit reporting acte

Q

E.C.O.A

A

Ethics & compliance officer association

Q

Help for credit problems

A

Debt consolidation loans

Credit counseling services

Q

Truth in lending

A

A

L banks calculate cost in same way

Q

Equality in lending

A

Illegal to refuse lending based on physical appearance

Q

Protect your credit

A

Have right to get free credit reports

Q

Resolve billing & product quality malfunctions

A

Right to correct banks mistakes