test on thursday Flashcards
what is a rent to own loan
allows potential home buyers to move into a home right away while they save for a down payment or improve their credit score.
pay day loan
you ask for a certain amount of money and you later pay them back what they fave you and then a fee
title loan
borrowers can use their vehicle title as collateral
closed in credit
specific information or criteria in credit (in things like car or house loan)
open ended credit
a per-approved credit line that is established in advanced and is a free for all- you are able to withdrawal
refund anticipation loan
they estimate, you borrow the cash and then you pay back
max interest you can be charged
300%
what do you look for in a contract when applying for a loan
extra fees, when a fee is due
tax linen
a prevention that the government will make in order for you to pay back your fee (unable to do anything financial usually with car or house)
inquiry
someone who checks credit
what are CRA´s and list 3 of them
they compile your credit (places like Expedia, equafax, transunion)
what are CRA´s and list 3 of them
they compile your credit (places like Expedia, equafax, transunion)
APR
Annual Percentage Rate- the annual interest you have to pay
how can consumer avoid paying intrest on credit card
paying interest in full
how long can it take to repair bad credit
7 years
