Types of Credit

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Across
  1. 3. A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front
  2. 5. The amount of time you have to repay your entire loan
  3. 7. Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
  4. 10. A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan
  5. 11. A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees
  6. 12. A small loan, offered through a business, lent at a high interest rate, and meant to be paid as soon as you receive your next paycheck
  7. 14. The act of transferring debt from one credit card account to another, usually for a fee
  8. 17. The cost you pay each year to borrow money, including fees, expressed as a percentage
  9. 18. An open line of credit that can be used for any purchases as long as you are under the limit; its payments vary monthly based on size of the debt
  10. 19. A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan
  11. 20. The amount you owe as the cost of borrowing money
  12. 21. A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest
  13. 23. The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender
  14. 25. A type of credit card that requires the borrower to pay the company a fixed, up-front amount of money as collateral, which becomes the credit limit of the card, thereby making it low-risk to the credit card company
  15. 26. Something valuable that the lender can take as payment if you can't or don't repay your secured loan
Down
  1. 1. Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal
  2. 2. The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest
  3. 4. A nonprofit financial institution that is owned by its members and organized for their benefit
  4. 6. A fee charged if your payment is received after the due date
  5. 8. A loan with an interest rate that does not change over the life of the loan
  6. 9. A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill
  7. 13. A yearly fee that may be charged for having a specific credit card, independent of how you use the card
  8. 15. Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
  9. 16. The maximum amount that may be borrowed on a credit card
  10. 20. The rate charged for borrowing money usually expressed as a percent of the amount borrowed
  11. 22. Original amount of money borrowed, separate from interest or fees
  12. 24. Debt not tied to a specific asset, making it difficult or impossible for the lender to repossess items if payment
  13. 27. An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest