CREDIT TERMS

2. a charge for not making a payment on time
3. a loan without the loaner having authority over the loanee’s assets
6. a person who pledges to pay the loan if you cant
10. monthly payment: the lowest you can pay on a revolving credit account per month
12. a card that lets you access and use the money in an account
13. a business that collects info on people to create a credit report
16. a company that collects credit info and sells it
17. a number rating of how responsible you are with money
20. a card that gives you a percent back of what you spend
21. a business that collects and analyzes data to create a credit report
24. increase in the payment needed for lent money at a fixed rate
25. a debit card with free arranged overdraft
26. a credit card backed by deposits
27. a method of payment where the payers electronically transfer the money into the payee’s account
28. a short-term loan
29. the additional cost of borrowing money from someone
30. any interest charged between the billing date and due date
31. a credit line that remains available even as you pay it off

1. a scale that goes from 300 to 900 that rates how good your credit score is
4. the date that a loanee’s final payment is due
5. a cheque with a future date on it to ensure the payment is made at a specific time
7. access to money on demand, consumers can borrow amounts of money as needed and only pay interest on what they use
8. the price you pay to borrow money
9. a small amount of money lent that will be repaid by the consumers next paycheck
11. the yearly interest of a credit card
14. a reward that can be redeemed for cheaper or free travel
15. the bank that gave the consumer their card
18. a credit bureau that collects info to create a credit report
19. the time you get to pay off your credit card without any interest. This is typically 21 days
22. a buyer and seller of resources for profit
23. responsible for something by law