1.
– Paying a loan off in installments, rather than one lump sum
2.
– The abbreviation for annual percentage rate
3.
– A request submitted to your insurance provider to help pay for covered expenses
4.
Coverage – Auto insurance that protects against damage costs accrued by the policyholder
5.
Coverage – Car insurance that protects against damage that isn't caused by a collision
6.
Report – A detailed list of the factors contributing to your credit score, including open accounts and payment histories
7.
Score – A number assigned to an individual that quantifies their ability to use and pay back credit
8.
Ratio – A calculation that divides your debt by your income to produce a percentage used by lenders
9.
– The amount you pay before insurance covers the rest of your costs (per claim)
10.
Entry Accounting – A budgeting method where you record earnings twice: once in your account and once in your budget
11.
Payment – An amount paid before a large purchase to reduce the loan amount and show ability to pay
12.
– A deduction that lowers your taxable income
13.
– Anything you spend money on, whether a necessity or luxury
