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Credit Basics form note taking guide

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
Closed-end Credit   show
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Open-end Credit   show
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Recommended amount to borrow   show
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Benefits of using money saved instead of credit   show
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show No "rainy day" fund  
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show Get good today, pay back another day  
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show if lenders trust you will pay back the loan as agreed  
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features of alternative credit   show
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show Borrower gives the lender their car title or personal property in exchange for cash (based on value of item)  
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show Short term loan that provides immediate cash by securing a borrower's pay check or automatic withdrawal form  
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Rent-to-own   show
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show lender gives borrower a loan based upon their anticipated tax refund  
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Credit application   show
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Why might a lender check a persons credit history?   show
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show social security number, credit history, ability to pay credit, etc.  
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What is the trade off to no credit history check?   show
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show private mortgage companies, government (student loans), depository institutions (Bank of America), etc.  
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Credit limit   show
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show pay principal plus pre-determined percentage  
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show a minimum amount of money a borrower must pay back by the due date  
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show annual percentage rate  
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late payment fee   show
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show a fee when a person spends over the credit limit  
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show higher interest charged on new transactions when the term are not met on the contract  
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show type of credit, has pre determined amount of money on it that the person holding the card has to pay back to the lender  
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debit card   show
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bankruptcy   show
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Certified Mail   show
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show A summary of a person’s borrowing and repayment history.  
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show A report on a person’s creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances.  
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show Federal law giving consumers the right to view and correct their credit information.  
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show A creditworthiness score that, like the regular FICO score, is based on nontraditional accounts and financial information sources and is designed for young persons, new immigrants, or others without a traditional credit history  
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show Credit score from 300–850 that rates how likely a person is to fall 90 days behind in a payment.  
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show When a bank takes back a property and auctions it off to recover the unpaid loan amount.  
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Installment Loan   show
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show A promise to reclaim an item bought with loaned money if the loan is not repaid.  
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Created by: itskatie_98
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