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PF 6.01
| Question | Answer |
|---|---|
| Borrower | Someone who takes out a loan and pays it back |
| Closed-end Credit | A car loan. Take a certain amount of money and pay it back. DOESN'T CHANGE AT ALL!! |
| Collection Agnecy | Loan sharks. When you don't pay back a bill and they will kick you out. |
| Co-signer | Responsible for paying back debt for credit. SIGN WITH YOUR PARENTS!! |
| Credit | A loan. |
| Credit History | A record of what I have done in the past for paying back loans |
| Credit Limit | Maximum amount that can be borrowed |
| Credit Report | Record of how you pay back loans |
| Credit reporting agencies | Agencies that create reports based on the information they receive from lenders regarding the borrower's account history. |
| Credit Score | The number to tell if you are paying back a loan |
| Foreclosures | The bank owns your house if you don't pay the mortgage payments. |
| Lender | Whoever gives you money |
| Open-end Credit | Credit Card. CHANGES ALL THE TIME!!! |
| Tax Lien | If you don't pay your taxes and the government will put a tax lien until you pay. |