Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Credit Vocab
| Term | Definition |
|---|---|
| Creditor | one to whom a debt is owed |
| Capital | accumulated possessions calculated to bring in income |
| Collateral | informational materials (such as brochures and fact sheets) used in selling a product or service to a prospective customer or buyer |
| Principal | most important, consequential, or influential |
| Finance charge | the total amount of interest and loan charges you would pay over the entire life of the mortgage |
| Debt collector (collection) | a person or a company that regularly collects debts owed to others, usually when those debts are past-due. |
| Credit bureau | a private business that compiles information on consumers' creditworthiness and provides this information to lenders |
| Character | a feature used to separate distinguishable things into categories |
| Credit report | a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts |
| Capacity | the maximum amount or number that can be contained or accommodated |
| Credit History | a record of having borrowed and repaid money in the past |
| Credit Ranking | -a score or grade that a company or organization gives to a possible borrower and that indicates how likely the borrower is to repay a loan |
| 20/10 Rule | no more than 20% of your annual net income should be spent on consumer debt and no more than 10% of your monthly net income should be used to pay debt repayments. |
| Debtor | one who owes a debt |
| Bankruptcy | utter failure or impoverishment |
| Secured Loans | business or personal loans that require some type of collateral as a condition of borrowing. |
| Unsecured Loans | An unsecured loan is a loan that doesn't require any type of collateral. Instead of relying on a borrower's assets as security, lenders approve unsecured loans. |
| Reaffirmation | a second or subsequent affirmation : the act of reaffirming something or the condition of being reaffirmed |
| Involuntary Bankruptcy | bankruptcy declared upon petition of creditors |
| Voluntary Bankruptcy | bankruptcy declared upon petition of the debtor |
| Discharged debts | the cancellation of a debt due to bankruptcy |
| Liquidation | to determine by agreement or by litigation the precise amount of (indebtedness, damages, or accounts) |
| Reorganization | the act or process of reorganizing : the state of being reorganized |
Created by:
user-1872733
Popular Business sets