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credit card reports

TermDefinition
Annual fee A yearly fee that may be charged by credit card issuers. It may be thought of as a type of membership fee. However, not all credit cards require a fee. Those that do are more likely to offer rewards like travel or other perks.
Annual percentage 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.
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 It is where part or all of a debit balance (or debt) you owe to another lender is transferred from one credit card to another, usually to save money on interest rates.
Bankruptcy the state of being bankrupt.
cash advances This 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 Checks linked to a credit card account that can be used for purchases or cash advances, as long as the credit limit on the card is not exceeded.
Credit bureau This is an agency that researches and collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans.
credit card a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
credit history This is a record of a borrower's responsible repayment of debts.
credit limit the maximum amount a credit card company will allow someone to borrow on a single card.
credit report A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness
credit score a number assigned to a person that indicates to lenders their capacity to repay a loan.
debt the state of owing money
finance charge It 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 A provision in most loan and insurance contracts which allows payment to be received for a certain period of time after the actual due date.
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 This is an interest rate charged to a customer during the initial stages of a loan.
late payment fee It is 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 an amount of credit extended to a borrower.
over-the-limit fee charged by a credit card company if a credit card user exceeds the card's credit limit.
pre-approved 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 The amount borrowed or the amount still owed on a loan, separate from interest.
secured loan This is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
term loan A loan from a bank for a specific amount that has a specified repayment schedule and a floating interest rate.
Created by: moconnor16