Across
- 4. A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill
- 10. The most commonly used credit score
- 11. A record of a person's use of credit over time; 15% of your credit score is based on the length of your credit history
- 13. Something, typically money, that you owe to a person or a business
- 14. A measurement of your outstanding debt divided by your total available credit; a general rule of thumb is to keep this under 30%
- 16. A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first
- 17. The number of recently opened credit accounts and all new credit inquiries; 10% of your credit score is based on this
- 18. The rate charged for borrowing money usually expressed as a percent of the amount borrowed
- 20. A government organization whose role is to protect consumers and competition by preventing anti-competitive, deceptive, and unfair business practices through law enforcement, advocacy, and education
- 21. A type of bankruptcy for people who can afford monthly payments, which allows them to keep their assets. It is also known as “reorganization bankruptcy”
- 22. A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment
- 23. A document with information about a person’s credit activity and history
- 25. A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first
- 26. A U.S. government agency that helps protect consumers by regulating financial products and services, like mortgages, credit cards, and student loans
Down
- 1. 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.
- 2. An inquiry into your credit history as part of a background check. This does not affect your credit score.
- 3. 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
- 5. The taking back of property after a borrower has defaulted on payments
- 6. An agreement in which a borrower receives something of value now and agrees to repay the lender in the future, generally with interest
- 7. A term used to describe someone with little to no credit history
- 8. A history of the payments you have made on all credit you have obtained; 35% of your credit score is based on this
- 9. A consumer-reporting company that collects and sells information about how individual people manage their credit (e.g. Equifax)
- 12. A measurement of your assets (money you've saved or things of value you own) minus your liabilities (money you owe others); also called wealth
- 15. The cost you pay each year to borrow money, including fees, expressed as a percentage
- 19. A type of bankruptcy for people and businesses with limited incomes, which sells off their assets to repay their debts. It is also known as “liquidation bankruptcy”
- 24. A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report