3.1 Consumer Credit

When you purchase something you do not pay for immediately:

• debit

• asset

• credit

• FICO

A person who uses credit

• debtor

• creditor

• auditor

• principal

A person or organization that extends credit to a consumer.

• loaner

• extender

• mom

• creitor

Everything you own. Included in your financial history when applying for credit.

• assets

• property

• earnings

• debts

Your ability to earn money now and in the future. Included in your financial history when applying for credit.

• earning power

• credit rating

• assets

• future investment

Your credit "report card". Included in your financial history when applying for credit.

• credit rating

• earning power

• assets

• progress report

The most common credit score which can range from 300-850.

• SAR

• EFC

• FICO

• FAFSA

Explain the difference between an investment plan, a deferred payment plan, and layaway.