Credit part 1

Question 1

A person who is obligated to pay back the loan just as you, the borrower, are obligated to pay?

Accepted Answer

Co Signer

Question 2

# 300-850 that depicts a consumer's creditworthiness. The higher the credit score, the better!

Accepted Answer

Credit Score

Question 3

The Lowest amount of money that a person must pay on the credit card each billing cycle?

Accepted Answer

Minimum Payment

Question 4

detailed report of an individual's credit history?

Accepted Answer

Credit Report

Question 5

is a fee charged for the use of credit or the extension of existing credit

Accepted Answer

Finance Charge

Question 6

# of days between a credit card statement date and payment date when interest doesn't accrue?

Accepted Answer

Grace Period

Question 7

The amount of credit that a financial institution extends to a client?

Accepted Answer

Credit Limit

Question 8

A loan that is repaid by the borrower in regular iintervals?

Accepted Answer

Installment Loan

Question 9

Imposes unfair, deceptive or abusive loan terms on a borrower?

Accepted Answer

Predatory Lending

Question 10

What is property or other assets that a borrower offers a lender to secure a loan?

Accepted Answer

Collateral

Question 11

A Loan where a lender will extend high interest credit based on a borrower’s credit profile?

Accepted Answer

Payday Loan

Question 12

The Annual rate charged for borrowing?

Accepted Answer

APR

Question 13

A business that offers secured loans, with items of personal property used as collateral.

Accepted Answer

Pawnshop

Question 14

Credit that fluctuates each month based on the consumer's spending?

Accepted Answer

Revolving Credit

Question 15

House payments you are obliged to pay back with a predetermined set of payments?

Accepted Answer

Mortgage

Question 16

A Lender seizes and sells a home or property after its buyer is unable to fulfill their payment

Accepted Answer

Foreclosure

Questions 16