Module Resources

The purpose of this glossary is to organize resources throughout all modules.

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CREDIT 1

One of the three major credit reporting agencies.

The finance charge is the cost of credit. It includes interest, services charges, and transaction fees.

A fixed-rate loan has an APR set when the loan is opened and remains the same throughout the entire term of the loan.

An installment loan is a loan that has a set amount and loan term.

To use something to maximum advantage (as in leveraging debt).

The use of debt to amplify returns.

FICO is the most commonly used scoring model used by lenders. A FICO Score is a three-digit number based on the information in your credit reports.

Net worth is the value of an individual’s assets, minus the liabilities.

Revolving credit is a type of loan that does not have a fixed number of payments.

A secured loan is a loan guaranteed by something of value (collateral).

Financial Beginnings