Studied by 5 people
Credit
An arrangement to receive cash, goods, or services now and pay for them in the future.
Credit History
A summary of a person's borrowing and repayment history
Credit Score
A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower.
Credit Report
a report on a person's creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances
Credit Bureau
company that collects information about your credit history and sells it to lenders
Creditworthiness
a measure of your ability and willingness to repay a loan
FICO
Fair Isaac Corporation
Credit Inquiry
a lender's check of your credit rating
Installment Loan
Loan with equal number of payments of the same amount over a fixed period of time.
Revolving Credit
a type of open credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card.
Credit Utilization
The ratio of your credit card balances to credit limits. This impacts your credit score.
Payment History
A history of the payments you have made on all credit you have obtained, which affects your
credit score. Tracks such things as whether or not you pay your bills on time, whether or not you always pay at
least the minimum amount, etc.
New Credit
rated based on the number of recently opened accounts and the number of recent credit inquiries
Types of Credit
Credit card, installment loan, student loan, mortgage
Bankruptcy
A condition under which a person or corporation is declared unable to pay debts
Tradelines
refer to accounts listed on your credit reports
Thin file
A term used to describe someone with little to no credit history
Note 
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