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Credit Card/Score

TermDefinition
Annual percentage rate (APR) The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
Balance transfers The transfer of all outstanding balances from one credit card to a new credit card. Credit card balance transfers are typically used by consumers who want to move their debt to a credit card with a lower interest rate, fewer penalties or other benefits.
Bankruptcy the state of being bankrupt.
Cash advances A cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit.
Co-signer The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default.
Courtesy Checks Convenience checks are checks linked to your credit line that can be used just like checks linked to your checking account. Convenience checks can be made in any amount, as long as it does not surpass your credit limit.
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 DEFINITION of 'Credit History' A record of a consumer's ability to repay debts and demonstrated responsibility in repaying debts.
Credit limit Credit limit also refers to the maximum amount a credit card company will allow someone to borrow on a single card.
Credit report DEFINITION of 'Credit Report' A detailed report of an individual's credit history prepared by a credit bureau and used by a lender to in determining a loan applicant's creditworthiness, including: 1.
Credit score a number assigned to a person that indicates to lenders their capacity to repay a loan.
Debt something, typically money, that is owed or due.
Finance charge In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit.
Grace period simple elegance or refinement of movement.
Interest rate the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
Introductory rate An introductory rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan. The rate, which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply.
Late payment fee A late payment fee (a late charge) is charged to a borrower who misses paying at least their minimum payment by the payment deadline. In order to avoid late fees, ensure that you pay at least the minimum amount by the 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 Over-The-Limit Fee is the fee charged by a lender if the outstanding balance on a credit card exceeds the credit limit.
Pre-approved DEFINITION of 'Pre-Approval' An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender would be willing to lend.
Principle a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.
Term a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last.
Created by: grosario18