Credit

Credit

Credit is the ability to borrow money or goods and pay for them later instead of then.

Installment Credit

Installment Credit is a type of loan that is set over a shceduled number of payments

APR

APR(Anual percentage rate) is the yearly intrest charged in borrowed money

Revolving credit

Revolving credit is credit that renews as debt is paid off, it lets you spend and repay your credit debit

Grace period

Grace period is the time when which you can pay your credit card fees and chargers without intrest charges

Capital and collateral

Capital and collateral are personal owned items or property insured to the bank to secure a loan

Consigning

The person who signs a loan if the original person can’t pay it or doesn’t usually a parent for their kids cars

Credit score

A certain varying number that shows a person score and how worthy they are on a scale of credit

Bankruptcy

Bankruptcy is a process that try’s to elimate debt under a court and legal system

Capacity

Capcatity is when your able to repay a loan based on financial status

Character

Character is the borrowers reputation for repaying loans

Identity theft

When someone uses your personal info for their fiscal gain with permission

Intrest

intrest is the cost of browwonf money, usually shown in percentage