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Credit Cards/Reports
Credit Cards & Credit Reports
| Term | Definition |
|---|---|
| Annual Fee | A fee that the provider automatically charges once a year to your account for the benefits that come with that credit card |
| Annual Percentage Rate (APR) | Interest rate on a loan |
| Balance Transfers | method of electronic funds transfer from one person or entity to another |
| Bankruptcy | legal process when people or businesses who cannot repay debts to creditors may seek relief from some or all of their debts |
| Cash Advances | allows card holders to withdraw cash, up to a certain limit |
| Co-Signer | signing cooperatively with a borrower for a loan; an additional repayment source for the primary borrower |
| Courtesy Checks | checks linked to your credit line that can be used just like checks linked to your checking account |
| Credit Bureau | company that collects your financial information relating to your credit information, and gives it to other people |
| Credit Card | to enable the card holder to pay for goods and services based on the promise to the card issuer to pay for the amounts plus the other agreed charges. |
| Credit History | record of a borrower's responsible repayment of debts |
| Credit Limit | the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit |
| Credit Report | record of the borrower's credit history from a number of sources, including banks, credit card companies, etc. |
| Credit Score | a number assigned to a person that indicates to lenders their capacity to repay a loan |
| Debt | an obligation that requires one party, the debtor, to pay money, or other agreed-upon value to another party, the creditor |
| Finance Charge | fee representing the cost of credit, or borrowing. interest added on, and fees charged for, some forms of credit |
| Grace Period | a set length of time after the due date during which payment may be made without penalty (typically 15 days) |
| Interest Rate | portion of a loan that is charged as interest to the borrower expressed as an annual percentage of the loan outstanding |
| Introductory Rate | an interest rate charged to a customer during the beginningl stages of a loan. |
| Late Payment fee | charged to a borrower who misses paying at least their minimum payment by the payment deadline |
| Lender | an organization or person that lends money |
| Line of Credit | enables the customer to draw on the facility when the customer needs funds |
| Over-The-Limit Fee | a fee charged when your balance goes over your credit limit |
| Pre-Approved | approval at an earlier point in the process than usual, sometimes even before an application is submitted |
| Principle | The most commonly used refers to the original sum of money borrowed in a loan or put into an investment |
| Secured Loan | when borrower pledges their asset as payment for the loan, which is a secured debt owed to the creditor who gives the loan |
| Term | the management of large amounts of money |
Created by:
cschneider20
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