Credit Test Review

Loan made based solely on the borrower's credit rating 

The smallest amount that one can pay on an amount owed on a credit card or account

A court ruling that requires a person to pay damages to another person

A plan to purchase an item with a set # of payments and a set interest rate

The amount of interest that a borrower will be charged on credit each year

Rewards offered by creditors to get borrowers to apply for credit with them

A fee charged for the privilege of carrying and using a particular credit card

Occurs when a creditor can take the personal possessions of a borrower in payment of a debt

A score that indicates an individual's credit worthiness

Money borrowed from a lender

Occurs when a renter must leave a rental property for non-payment of rent

To combine two or more debts into one

The time between when a customer is billed and the date a payment is due (no interest charged)

The maximum amount that a person can borrow on a credit account

Occurs when collateral for a secured loan is taken back by a lender due to nonpayment 

A listing of all activity on a credit account during a billing cycle

Credit type where borrower pays small amounts and lender keeps merchandise until its paid for

Allow a borrower to charge up to the limit, pay some and continue to charge without set ending

When a business contacts a credit bureau to get a person's credit report.

Rule that states debt should not be more than x% of yearly and x% of monthly take home pay

The legal act of asking a court to declare one unable to pay debts owed to creditors

The process a lender goes thru to take possession of a home when borrower doesn't pay mortgage

Money borrowed on a credit card for a higher interest rate than regular purchases

A court ruling that requires that money be deducted from a persons paycheck to pay a debt

The amount borrowed or deposited