Consumer Credit

________allows you to purchase something right now that you are unable to pay for upfront. You have to borrow money from a lender and pay it back

• Credit
• interest 
• principle 
• capital 

A number that represents the risk a financial institution will take in loaning a person money 

• credit card
• credit report
• credit score
• credit counsel

A credit report can determine whether you can purchase items.

• True 
• False

A credit report can't determine your financial future

• True
• False

Who determines your credit score?

• credit couselor
• credit cards
• credit bureaus
• credit collectors 

The three major credit bureaus are Equifax, Experian, and TransAmerica

• True
• False

Bureaus consider the number of credit accounts, outstanding debt, collections accounts, and bill paying habits to create your score.

• True
• False

Whether you will be approved for credit, and how much credit will be awarded is determine by your credit reports.

• True
• False

An example of a revolving account is ______

• student loan
• consumer loan
• credit card
• car loan

An example of an installment account

• car loan
• credit card
• Visa card
• debit card