Ch.4 and Ch.7 review

A detailed report of an individual's credit history.

• Credit report

• Credit score

• Loan term

• Credit Karma

Time frame that a loan agreement is in force and at the end of which the loan should be repaid.

• Annual fee

• Loan term

• Annual Percentage Rate

• Cycle of debt

A measure of an individual's credit risk. Calculated from a credit report using a standardized formula.

• Credit report

• Credit karma

• Credit score

• EZ Credit

A yearly fee that is charged by the credit card company for the convenience of the credit card.

• Annual fee

• Annual Percentage Rate

• Cash back

• Rewards

Tags

CCSS.7.RP.A.3

A debit card allows for an immediate electronic transfer of money from a cardholder's savings or checking account.

• True

• False

Lenders use credit agencies to determine:

• An applicant's credit score

• An applicant's credit history

• Whether an applicant has any outstanding debt or defaults

• All of the above

A car loan is an example of 

• unsecured debt 
• mortgage
• lease
• installment loan

Collateral is:

• something of value that secures a loan to protect the lender

• a department store charge card

• open-ended credit

• a personal loan

A loan that is repaid in regular payments over a period of time is called a(n):

• installment loan

• pawnshop loan

• payday advance loan

• line of credit

A creditor determines your creditworthiness based on:

• character, collateral, and capacity

• address

• gender

• level of education