By: Marlo Townsend
What is Credit? What are the forms of credit? What costs are associated with credit? What determines if someone gets credit and how much they get?
Credit- The ability of a customer to obtain goods and services before payment
Credit Bureau- a company that collects info relating to the credit ratings of individuals and making it available to credit card companies
Credit Report- a record of ones past borrowing and repaying
Creditworthiness- someones record of being responsible when paying back loans.
Interest (APR)- getting money from having money in the bank or from having a credit card
Lender- someone that gives you money to pay for something.
Credit Cards- a card that holds your credit amount to pay for things you may need that you don't have the money for
Personal Loans- a loan for you to go further in life.
Character-sense on financial responsibility in a person
Capacity- financial ability to pay back a loan