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Credit cards/reports

TermDefinition
Annual fee Yearly charge by banks
Annual percentage A interest rate for a whole year
Rate (apr) Cost paid each year to borrow money
Balance transfer Moving part of your debit to your credit card
Bankruptcy The state of being completely lacking in a particular quality or value
Cash advances Allows cardholders to withdraw cash
Co-signer Sign jointly with a borrower for a loan
Courtesy checks A visual inspection
Credit bureau A company that collects information relating to credit ratings
Credit card A small card issued by bank
Credit history A record of a borrowers repayments of debts
Credit limit The maximum amount of credit
Credit report Is a statement that has information about your credit activity
Credit score Is a number between 300-850 that depicts a consumer’s creditworthiness
Debt Deferred payment
Finance charge Any fee representing the cost of credit
Grace period A period immediately after the deadline
Interest rate The proportion of a loan that is charged as interest to the borrower
Introductory rate Interest rate charged to consumer during the initial stages of a loan
Late payment fee Is a charge imposed on a consumer who fails to make the payment on a debt
Lender A organization or person that lends money
Line of credit Is a credit facility extended by a bank or other financial institution
Over-the-limit fee Is a penalty charged by credit card companies when over the credit limit
Pre-approved Pre-qualification for a loan or mortgage of a certain value range
Principle First I’m order of importance
Secured loan A loan backed by collateral
Term A length of time between when a fixed income is offered for sale
Created by: Crosa21
Popular Finance sets

 

 



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