Unit 3 Vocabulary

The total dollar amount of all interest and fees you pay for the use of credit.

• Finance Charge
• Billing Statement
• Creditor
• Line of Credit

The least amount you may pay each month under your credit agreement.

• Capacity
• Creditor
• Collateral
• Minimum Payment

The value of property you possess after deducting your debts.

• Debtor
• Capital
• Character
• Credit

A determination that you are a good credit risk.

• Grace Period
• Credit Report
• Creditworthy
• Credit Bureau

The complete record of your borrowing and repayment performance.

• Finance Charge
• Credit Report
• Open-End Credit
• Closed-End Credit

A loan for a specific amount that must be repaid in full, including all finance charges, by a stated due date.

• Finance Charge
• Creditor
• Character
• Closed-End Credit

A credit arrangement that enables a borrower to use credit up to a stated limit.

• Debtor
• Capital
• Open-End Credit
• Credit Bureau

The total of assigned points based on several factors that tells potential creditors the likelihood that you will repay debt as agreed.

• Finance Charge
• Capital
• Credit Score
• Credit Bureau

An itemized bill showing charges, credits, and payments posted to your account during the billing period.

• Finance Charge
• Billing Statement
• Creditworthy
• Credit History

A business that gathers, stores, and sells credit information to other businesses.

• Debtor
• Capital
• Character
• Credit Bureau