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Get and Keep Credit

26.1 and 26.2 Madi Gordon

Determines the cost of credit on a yearly basis Annual Percentage Rate
A loan given in cash by a credit card company Cash Advantage
someone who agrees to be responsible for a debt if the main applicant does not repay it. Cosigner
amount of time allowed to repay a debt without having to pay interest charges. Grace Period
maximum amount a card holder can charge on a credit card. Credit Limit
an interest rate that fluctuates or changes over the life of the loan. Variable Rate
the interest rate always remains the same Fixed Rate
a portion of the total cost that is paid when a product or service is purchased. Down Payment
the amount of borrowed money that is still owed and on which interest is based. Principal
total amount it costs the borrower with the APR and all the finance charges of the loan. Finance charge
Backed by collateral Secured Loan
Not backed by collateral Unsecured Loan
Court order to take all or part of a debtor's paycheck if he or she stops making payments. Garnishment of Wages
If you stop making payments the creditor has legal rights to take it back. Repossess
A significant or major affect. Impact
The act of looking forward Anticipation
Present or propose to another for review, consideration, or decision Submit
The least quantity assignable, admissible, or possible. Minimum
Having characteristics in common. Similar
A part or share of something Portion
Keep in an existing state Maintain
Gain or attain, usually by planned action or effort. Obtain
applicants ability to repay the loan Capacity
money lent by one party to another at interest Loan
a loan agreement secured by property Mortgage
interest based on the original principle alone. Simple Interest Loan
amount of money the applicant has beyond his or her debts. Capital
Whether he or she has proven to be trustworthy in repaying debts. Character
Created by: madilyn_gordon