credit and debt Flashcards
1
Q
money that a lender makes available to a borrower - understanding the borrower will eventually repay
A
credit
2
Q
feed charged by lender on borrowed money
A
interest
3
Q
annual percentage rate–the rate that all the financinf costs so that borrowers know exaclty what they are paying
A
APR
4
Q
organization that collects credit info abt customers
A
credit bureaus
5
Q
fair issan corporation– ceated a model on which credit scores are calculated
A
FICO
6
Q
3 main companies for credit scores
A
equifax, transunion,experian
7
Q
documentation that is completes by an indivuidual of business seeking to apply for line of credit
A
credit application
8
Q
the amount that a bank or credit union has agreed to lend you
A
lines of credit
9
Q
no collateral
A
personal loan unsecured
10
Q
collateral
A
personal loan secured
11
Q
A
