| A | B |
|---|
| Credit Report | A record of your use of credit and any court legal action |
| Paying bills on time and keeping balances low | Habit that will earn you excellent credit rating |
| Experian, TransUnion,Equifax | The big 3 credit bureaus |
| Phishing | A scam that involves pop-up messages or e-mail |
| Grace Period | Usually 20-25 days before interest is added |
| Two-cycle balance method | Most expensive way to figure the finance charge |
| 20/10 Rule | never borrow more than 20% of yearly pay or 10% of monthly |
| Bankruptcy | Most serious step in dealing with credit problems |
| Chapter 13 bankruptcy | Reorganize your personal debt |
| Chapter 7 bankruptcy | Total bankruptcy where debtors give up all property except those that are exempted |
| Minimum time bankruptcy stays on credit report | 5 years |
| Chapter 11 bankruptcy | Businesses restructure their debt |
| Tenant | The person who is renting the property |
| Landlord | The person who owns property and is renting it to someone else |
| Lease | Legal agreement that states the amount of time you agree to rent the property |
| 30 days | Amount of notice required if you plan to vacate a rental unit |
| Depreciation | Value goes down over time |
| Appreciation | Value goes up over time |
| Property taxes | Paid based on the value of the land and building |
| Equity | Difference between the amount owed on the home and the market value |
| Finance charge equal to 1% of loan amount | Point |
| Earnest Money | Amount put down when an offer is made on a home |
