Line of credit that requires periodic payments of part or all of the total, and lets you borrow UP TO a certain amount EACH MONTH

Closed-Ended Credit Example

Loans are an example (Closed-Ended OR Open-Ended?)

Open-Ended Credit Example

Credit Cards are an example (Closed-Ended OR Open-Ended?)

Credit card that can only be used to buy goods/services at the business that issued the card

Credit card that can be used at many different stores and businesses for many reasons

Interest rate charged on credit card balances and dollar amounts borrowed as loans

Flat fee charged each year to use your credit card

Amount charged by the credit card company for not paying your payment by the due date.

Total dollar cost of credit, including interest and all other charges.

Amount of time given to pay off credit card debt without having to pay interest.

The maximum amount of money that can be charged to a credit card.

The smallest amount of payment required on your credit card bill each month.

Individuals or businesses who can help verify your credit record.

Honesty and willingness to pay debt when it is due.

Ability to pay debt when it is due.

Value of borrower's possessions.

How long have you been employed by your current employer?

What is the balance of your Savings Account?

What do your credit references say about you?

A profile of a person's debt and repayment habits.

Credit Utilization Rate

The amount of your credit limit that is currently being used. (Calculated by dividing the credit card balance by the credit limit.)

A calculated number that measures how likely you are to pay back a loan on time.

A statement that contains information about your credit activity and current situation.

The number of years that you have to pay off a loan (in closed-ended credit).

The dollar amount of the loan (in closed-ended credit).

Someone who becomes responsible for payment of a loan if you do not pay as promised.

The likelihood of whether or not a person will pay their loan back as promised.

Credit Card Statement

A summary showing how you have used your credit card during a billing cycle and listing each transaction made during the billing cycle. It also includes your monthly bill.

Transferring debt from one credit card to another.

Getting a cash loan from your credit card company by using your credit card at an ATM.

Payment History Category

35% of credit score calculation – Making payments on time.

Credit Utilization Category

30% of credit score calculation – Balances of credit cards compared to credit limits on those cards.

Length of Credit History Category

15% of credit score calculation – Length of time of using credit.

10% of credit score calculation – Opening new sources of credit in a short period of time.

Mix of Credit Category

10% of credit score calculation involves having a variety of types of credit, such as credit cards and loans. This includes both open-ended and closed-ended credit.

Credit Vocabulary Flashcards

Student preview

42 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Credit

Back

The privilege of using someone else's money for a period of time

2.

FLASHCARD QUESTION

Front

Debtor

Back

Anyone who buys on credit or receives a loan

3.

FLASHCARD QUESTION

Front

Creditor

Back

One who sells on credit or makes the loan

4.

FLASHCARD QUESTION

Front

Loan Credit

Back

Borrow a specific amount of money for a specific purpose

5.

FLASHCARD QUESTION

Front

Sales Credit

Back

Charging a purchase at the time you buy the good or service

6.

FLASHCARD QUESTION

Front

Closed-Ended Credit

Back

One time loan for specific dollar amount, for specific time period, and with specified payment amounts

7.

FLASHCARD QUESTION

Front

Down Payment

Back

When receiving a loan, the payment of part of the purchase price up front

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