Across
- 1. A document with information about a person’s credit activity and history
- 3. 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
- 4. A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first
- 6. A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase upfront
- 9. A loan with an interest rate that does not change over the life of the loan
- 12. A fee charged if your payment is received after the due date
- 14. The amount you owe as the cost of borrowing money
- 16. The maximum amount that may be borrowed on a credit card
- 17. 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
- 18. An inquiry into your credit history, typically in advance of applying for a loan. Hard inquiries can negatively affect your credit for 12 months and remain on your credit history for two years
- 21. Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
- 22. 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 interestgrace/period The number of days between a borrower's statement date and when payment is due, often without accruing interest
- 24. A yearly fee that may be charged for having a specific credit card, independent of how you use the card
- 25. Original amount of money borrowed, separate from interest or fees
- 28. A consumer-reporting company that collects and sells information about how individual people manage their credit (e.g. Equifax)
- 29. A term used to describe someone with little to no credit history
Down
- 2. A history of the payments you have made on all credit you have obtained; 35% of your credit score is based on this
- 5. Something valuable that the lender can take as payment if you can't or don't repay your secured loan
- 7. 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
- 8. Debt tied to a specific tangible asset that can be used as collateral and repossessed if payments are not made
- 10. A record of a person's use of credit over time; 15% of your credit score is based on the length of this
- 11. The rate charged for borrowing money usually expressed as a percent of the amount borrowed
- 13. A measurement of your outstanding debt divided by your total available credit; a general rule of thumb is to keep this under 30%
- 15. The amount of time you have to repay your entire loan
- 19. The cost you pay each year to borrow money, including fees, expressed as a percentage
- 20. A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan
- 23. Something, typically money, that you owe to a person or a business
- 26. A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first
- 27. A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report