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Strand5

Credit

QuestionAnswer
Elements of Creditworthiness Character, Capacity, Collateral, Capital, and Conditions
Outstanding Balance How much you owe after you pay the minimum monthly payment.
Deadbeat someone who never goes into debt with a credit card company.
Simple Interest Simple interest is calculated on the principal, or original, amount of a loan only.
APR The cost you pay each year to borrow money, including fees, expressed as a percentage.
Default Rates Rate of all loans issued by a lender left unpaid by the borrower. An individual loan is typically declared in default if no payments are made for an extended period as per the initial loan agreement.
Finance Charges Any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit
Late Fees A charge imposed on a consumer who fails to make the payment on a debt or other financial obligation by the due date.
Minimum Payments The lowest amount your credit card issuer will accept as payment toward your balance each month.
Grace Period A set length of time after the due date during which payment may be made without penalty.
Debt Avalanche Pay off loans with highest interest first
Debt Snowball Pay off smallest loan first
AnnualCreditReport.com Authorized by federal law and safe to use — as long as you ensure you're on the correct site.
Created by: bryson11
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