APR - This is the interest rate charged on the balance of a credit card or other types of credit., Co-sign - Signing a lease or a loan along with another person in order to help guarantee that the lease or loan will be paid., Credit limit - Also called “credit line”, this is the amount of money that you are able to charge to a credit card., Credit Score (ex. FICO Score) - A numerical rating of your credit-worthiness (how likely you are to pay off your debts), Credit History - A record of a person’s borrowing and repayment activity., Credit Report - A record that details a person's credit history., Down Payment - This is the initial amount that is paid when something is bought using credit, Debt - Something such as money that is owed to a lender, Mortgage - A type of loan used to finance the purchase of real estate, Secured loan - a loan backed by collateral - financial assets you own, like a home or a car—that can be used as payment to the lender if you don't pay back the loan., Unsecured loan - a loan not backed by collateral, Collateral - financial assets you own that can be used as payment to the lender if you don't pay back the loan., Credit Card Balance - the amount of money owed for purchases made on a credit card , Principle - the amount of money (minus interest) you owe on a debt.,

Credit Vocab

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