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credit cards, report
| Term | Definition |
|---|---|
| annual fee | Fee charged by a credit card company each year for use of a credit card |
| annual precentage | rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual yearly cost of funds over the term of loan. |
| rate (APR) | Annual percentage rate describes the interest for a whole year, rather than just a monthly fee. |
| Balance transfers | When you pay off the balances on existing cards or loans by transferring them to another credit card account. |
| bankruptcy | A legal status of a person or other entity that cannot repay the debts it owes to creditors. |
| cash advances | A service provided by most credit card and charge card issues. The service allows cardholders to withdraw cash. |
| co-signer | Someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt. |
| courtesy checks | Credit card account that can be used for purchases or cash advances, as long as the credit limit on the card not exceeded. |
| credit bureau | collection agency that gathers account information from various creditors and provides that information to a consumer. |
| credit card | Enables the cardholder to pay a merchant for goods and services , based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus other agreed charges. |
| credit history | Record of a borrower's responsible repayment of debts. |
| credit limit | Maximum amount of credit a financial institutuion extends to a client. |
| credit report | Detailed report of an individual's credit history. The reports are based on credit history. |
| credit score | Numerical expression based on a level analysis of a person's credit files. |
| debt | Money that is owned or due. |
| finance charge | Any fee representing the cost of credit, or the cost of borrowing. |
| grace period | A period allowed for payment of a sum due or for compliance with law or condition. |
| interest rate | The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan. |
| introductory rate | A interest charged to a costumer during the initial stages of a loan. The rate can be as low as 0%. |
| late payment fee | Charged to a borrower who misses paying minimum payments by the deadline. |
| lender | A person or organization that lends money. |
| line of credit | An amount of credit extended to a borrower. |
| over-the-limit fee | A fee charged when your balance goes over your credit limit. |
| Pre- approved | Evaluating a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender. |
| principle | A proposition that serves as the foundation for a system of behavior for a chain of reasoning. |
| secured loan | loan in which the borrower pledges some asset as collateral for the loan, which later becomes a secured debt owned to the creditor who gives the loan. |
| term | Fixed period for something. |
Created by:
jeik17
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