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CC & Credit Reports

TermDefinition
Annual Fee Any fee that is charged on an annual (yearly) basis
Annual Percentage Rate (APR) An annual percentage rate (APR) is the annual 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 a loan
Balance Transfers Moving the outstanding debt from one piece of plastic to another card, usually a new one.
Bankruptcy The state of being completely lacking in a particular quality or value.
Cash Advantages A cash advance is a service provided by most credit card and charge card issuers
Co-Signer Cosign-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 blank checks you get in the mail
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
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 A credit report is a detailed report of an individual's credit history
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 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 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
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
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)
Pre-Approved Pre-approval has two meanings: ... Although, to a typical consumer, "you're pre-approved" means "you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply," the literal meaning is different
Principle The amount you still owe on a loan, not including interest
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: tleroyparker18