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credit cards&reports
| Term | Definition |
|---|---|
| Annual fee | a lump sum you have to pay every year that you're signed up for certain credit cards |
| Annual percentage | the yearly rate of interest that an individual must pay on a loan |
| rate (APR) | the cost of your mortgage credit as a yearly rate |
| Balance transfers | a type of credit card transaction in which debt is moved from one account to another |
| Bankruptcy | legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts |
| Cash advances | the act of withdrawing cash against your credit limit through the use of your credit card |
| Co-signer | a person who agrees to be legally responsible to pay a debt if the borrower does not pay back a loan as agreed |
| Courtesy Checks | blank checks that lenders, usually credit card issuers or home equity line of credit lenders, offer to their customers |
| Credit bureau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc. |
| Credit card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit |
| Credit history | the ongoing documentation of an individual's repayment of their debts |
| Credit limit | the maximum amount of credit a financial institution extends to a client on a credit card or a line of credit |
| Credit report | a statement that has information about your credit activity and current credit situation |
| Credit score | a numerical rating representing the perceived ability of a person or organization to fulfill their financial commitments |
| Debt | something, typically money, that is owed or due |
| Finance charge | a fee charged for the use of credit or the extension of existing credit |
| Grace period | a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation |
| Interest rate | interest due per period, as a proportion of the amount lent, deposited, or borrowed |
| Introductory rate | an interest rate charged to a customer during the initial stages of a loan |
| Late payment fee | charge fined against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date |
| Lender | an organization or person that lends money |
| Line of credit | an amount of credit extended to a borrower |
| Over-the-limit fee | a penalty charged by credit card companies when cardholders' purchases exceed their credit limit |
| Pre-approved | to approve (something or someone) in advance |
| Principle | a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning |
| Secured Loan | a loan backed by collateral—financial assets you own |
| Term | a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last |
Created by:
Rbeadle24
Popular Finance sets