GA History Unit 5B Lesson 3: Types of Credit

a loan to purchase a piece of property that allows the lender to claim the property if the mortgage is not paid

• collateral

• mortgage

• credit card

• credit score

a number that banks and other lenders use to evaluate your ability to repay a loan

• collateral

• mortgage

• credit card

• credit score

an item of value pledged for the repayment of a loan

• collateral

• mortgage

• credit card

• credit score

a card used in place of money that lets the cardholder buy things and pay for them later

• collateral

• mortgage

• credit card

• credit score

a person who borrows money

• credit

• debt

• creditor

• debtor

borrowed money owed to a lender

• credit

• debt

• creditor

• debtor

a person or institution that loans money

• credit

• debt

• creditor

• debtor

money that borrowers can use immediately, but must later repay along with interest charges

• credit

• debt

• creditor

• debtor

Which type of credit typically gives debtors the most time to repay money they have borrowed?

• car loans

• credit cards

• mortgages

• personal loans

Which types of information may creditors legally consider when determining someone’s creditworthiness?

• age

• bill-paying habits

• gender

• expenses and income

• ethnicity or race