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credit cards

credit card notes

TermDefinition
credit a promise to pay a definite sum of money at a future date
lender Person or Organization that provides the loan. Bank, Credit
Borrower Person who get the money on as a loan
Creditworthiness ability and willingness to pay money back
Principal The amount of money you borrow ($1,000)
Interest The price a lender charges you to borrow money (20%)
Closed Ended Credit Borrower must repay in specified number of payments. 5 years for a car, 30 years for house
Installment credit # of payments (5 years 60 months) + Interest (APR or rate)
Character The way you handle money and have repaid debt in the past.
Capacity Your ability to pay the debt after considering other monthly expenses.
Capital The value of your assets or what you own.
Created by: kingbreezy