Credit

2. A person- such as a parent, close family member or friend- who pledges to- pay back the loan if you do not
7. Interest rate that changes over time
10. Ability to borrow money and agreement to pay it back
12. A loan that doesn't require any type of collateral
13. Allows access to your credit report once a year for free
14. A record of your ability to pay back your debts, whether it be credit card bills, student loans, or a mortgage
17. A pre-approved loan that a bank for financial institution lend to a borrower
18. Detailed financial account of an individual for last seven years
20. A person who borrows money from others, and the money borrowed is called debt, which must be repaid

1. A sum of money lent or invested on which interest is paid
3. Asset accepted as security for a loan
4. Money given to another party in exchange for repayment of the loan principal amount plus interest
5. A three-digit number, typically between 300 and 850, designed to represent your credit risk.
6. Also known as lenders, a person or company to whom money is owed
8. Loans that are secured by a specific form of collateral, including assets such as property and vehicles
9. Measures your reliability;must have the ability and willingness to pay your debts
11. Percentage rate a bank or lender charges to borrow its money
15. Interest rate that stays the same for the life of the loan
16. A type of loan in which a fixed amount is borrowed and then paid back over a specified period.
19. Amount of time to pay back a loan