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credit basics

TermDefinition
Credit Taking out a loan from the bank that you will pay back later.
Three credit sources Private morgage companies, depository institutions, automobile dealership.
Three benefits to using money saved or invested instead of credit. No contract, no interest fees, not spending future income.
recommended amount to barrow total amount should be less than 20 percent of annual net income, monthly payment should be less than 10 percent of monthly income.
closed end credit loan which borrower must repay the amount in a specified number of payments.
open end credit Extended line of credit established in advance.
alternate credit features higher interest, higher fees.
payday loan short term loan provided immediate cash by securing a borrowers written check.
rent-to-own borrower leases tangible items with the condition that the item will be owned by the renter if the term of the rent is completed
title loan pay the lender back cash and fees/interest within a specified time period
pawn laon same as title loan
refund anticpation loan lender gives borrower a loan based upon their anticipated tax refund
credit application A form requesting info about a credit applicant.
credit limit a limit on a credit card that cannot be exceeded.
minimum payment 5-3.5% of your bill
APR Annual percentage rate. interest rate charged on a credit card.
debit card electronically connected to an account, pay immediately
credit card restrictions must be 21 unless proof of income or a co-signer.
late payment fee not paid on time
over the limit fee goes over the limit
APR penalty charged on new transaction
Created by: 000943