Argylls Credit CJE
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each of the black spaces below before clicking
on it to display the answer.
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| Credit | an arrangement to receive cash
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| Consumer Credit | the use of credit for personal needs
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| Creditor | an entity that lends money
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| Closed-end credit | credit as one-time loan that you will pay back over a specified period of time
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| open-end credit | credit as a loan with a certain limit on the amount of money you can borrow
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| line of credit | the max amount of money a creditor will allow a credit user to borrow
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| grace period | a time period during which no finance charges will be added to your account
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| finance charge | the total dollar amount you pay to use credit
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| Net income | the income you receive
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| annual percentage yield | the cost of credit on a yearly basis, expressed as a percentage
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| collateral | a form of security that helps guarantee that the creditor will be re payed
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| simple intrest | interest computed only on the principle
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| minimum monthly payment | smallest amount that one can pay and remain a borrower in good standing
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| credit rating | a measure of a persons responsibility and willingness to make credit payments on time
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| cosinging | you agree to be responsible for the loan payments if the other person fails to make them
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| bankruptcy | a legal process in which some or all of the assets of a debtor are distributed among the creditors the debtor is unable to pay his debts
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| what are the five C's of credit | character, capacity, capital, collateral, and conditions
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| advantage of credit | it lets you enjoy goods or services now and pay for them later
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| disadvantage of credit | the temptation of buying something you cant afford
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| whit is the (ECOA) | it keeps the consumer safe from being discriminated against
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