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Credit Vocab

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Credit Vocab - Page Text Content

FC: Credit Vocabulary By: Trevor Sheetz

2: Credit report | record of a persons borrowing and repaying of money

3: Creditworthy | having acceptable credit rating

4: Foreclosure | process of taking possession of a mortgaged property as a result of the mortgagers failure to pay the mortgage payments.

5: Open-end credit | pre-paid loan between a financial institution and borrow that may be used repeatably up to a certain limit and can subsequently paid back

6: Pawnshop | one where unredeemed items are sold to the public

7: Principal | total amount of money being borrowed or lent

8: Rent-to-own | items leased in exchange for a weekly or monthly payment, with option to purchase it at some point during the agreement

9: Repossession | a financial institution taking back a object that was used used as collateral

10: Secured loan | a loan that has a collateral attached to it

11: Title loan | a loan where borrower provides the car title as collateral for a loan

12: Annual percentage rate | is a way to compare costs of a loan, and allows you to evaluate the cost of a loan in a percentage

13: Bankruptcy | legal status of person or org. that cannot repay debts owed to creditors

14: Closed-end credit | loans that must be repaid by a certain date

15: Collateral | borrowers pledge of specific property to a lender against a borrowers default

16: Contract | a legal binding agreement between 2 or more parties

17: Cosigner | someone who signs for someone to get a loan

18: Credit | trust which allows 1 party to provide resources to another party, that party must reimburse or risk debt

19: Credit card | allows the holder to buy goods and services based on the holders promise to pay back

20: Creditor | party that has a claim to the services to the second party

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  • By: Trevor S.
  • Joined: over 8 years ago
  • Published Mixbooks: 1
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About This Mixbook

  • Title: Credit Vocab
  • vocab
  • Tags: personal finance
  • Published: about 8 years ago