Whether you’re new or seasoned to credit, it’s important to know common terms in the credit world. From APR to credit utilization, not knowing what these terms mean could cost you big time later. Check them out:

1. Hard Inquiry.

A hard inquiry is when you’ve done something like applied for credit and a lender “pulls” your credit report to review your credit.

• Installment Credit/Loan

An installment loan is repaid with scheduled payments. Examples of installment loans include mortgages, auto loans and student loans.