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credit card,score

TermDefinition
annual fee An annual (yearly) fee charged by a credit card company each year for use of a credit card. This is a separate fee from interest rate on purchases.
annual percentage An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money. The APR reflects not only the interest rate but also the points, mortgage broker fees,
rate (APR) a fixed price paid or charged for something, especially goods or services.
balance transfers A balance transfer is when you pay off the balances on existing cards or loans by transferring them to another credit card account
bankruptcy Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors.
cash advance 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 A cosigner is someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt.
courtesy checks 'Convenience Check' 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 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 A credit history is a record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.
credit limit Credit limit refers to the maximum amount of credit a financial institution extends to a client through a line of credit as well as the maximum amount a credit card company allows a borrower to spend on a single card.
credit report You are entitled to order (every 12 months) a free copy of your credit report from each of the major credit reporting agencies through AnnualCreditReport.com.
credit score A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of the person. A credit score is primarily based on a credit report information typically sourced from credit bureaus.
debt something, typically money, that is owed or due.
finance charge 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. It includes not only interest but other charges as well, such as financial transaction fees.
grace period if you have a grace period, you are entitled to at least 21 days from the time you receive your bill to pay off the new balance before incurring finance charges. The payment due date must be the same every month. The credit card company cannot change it.
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 You'll usually be charged a late fee. If you pay your credit card bill a single day after the due date, you could be charged a late fee in the area of $25 to $35, which will be reflected on your next billing statement.
lender an organization or person that lends money.
line of credit an amount of credit extended to a borrower.
over-the-limit fee An over-limit fee is a fee charged when your balance goes over your credit limit (also known as over the limit fee). When cardholders attempt to make purchases that will put them over limit, card issuers used to routinely decline the transactions.
Pre-approved '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.
priciple a fundamental source or basis of something.
secured loan A secured loan, 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 a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last.
Created by: RDeet17