Credit

Ability to borrow money in return for a promise of future repayment

Charge account that allows you to carry the balance from one month to the next

Total cost a borrower must pay for a loan, including all interest and fees

Enables individuals with regular income to develop a plan to repay all or part of their debts.

Interest rate the card issuer applies to your outstanding balance to figure the finance charge

The range of FICO scores is

Property pledged to back a loan

Contract that requires you to make a final payment that is much larger than the regular payment

You should never carry your social security card in your wallet.

A measure of you credit worthiness is

If you’re a victim of identity theft you should

The time between the billing date and the payment due date is

Email messages sent to “verify” or “update” account info

A loan not back by any collateral

Finance charge calculated as a percentage of the amount borrowed

Provides for liquidation of nonexempt property and the distribution of proceeds to creditors

Credit contract that says the entire debt is immediately due if you miss a single payment

Loan backed by something of value pledged to insure payment

Loan designed to pay off smaller loans and give you one payment to make each month

The difference between the amount that is owed on a home and the home's value

An installment loan is to be repaid in a fixed number of payments with a fixed interest rate.

What is the most important factor in determining your FICO score?

What percentage of your take home pay, excluding your home, is the most debt you should have?

Legal process in which people who cannot pay their debts must surrender most of their property

What is not a factor in determining your FICO score?