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CreditCard n Reports
Term | Definition |
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annual fee | annual fee is the fee that is charged by some credit card companies to their credit card holders, simply for having the credit card. |
annual percentage | is the annual rate charged for borrowing or earned through an investment |
Rate (APR) | the annual rate charged for borrowing or earned through an investment. |
balance transfers | s the transfer of the balance in an account to another account |
bankruptcy | the state of being bankrupt. |
Cash advances | You pay a fee to borrow the money, even if it is for a week or two |
Co-signer | is a person who is obligated to pay back the loan just as you |
Courtesy Checks | are checks linked to your credit line that can be used just like checks linked to your checking account |
Credit bureau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions |
Credit card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. |
credit history | credit history is a record of a borrower's responsible repayment of debts |
credit limit | is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit |
credit report | is a record of the borrower's credit history from a number of sources |
credit score | are decision-making tools that lenders use to help them anticipate how likely you are to repay your loan on time. |
debt | something, typically money, that is owed or due. |
finance charge | is any fee representing the cost of credit, or the cost of borrowing |
grace period | is a period immediately after the deadline for an obligation during which a late fee |
interest rate | is the amount of interest due per period, as a proportion of the amount lent |
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 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 | are typically $25 for the first over-limit charge and $35 if you go over the limit a second time within the next six months |
pre-approved | is the pre-qualification for a loan or mortgage of a certain value range |
principle | literally means buy now, pay later |
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 | is the agreement between a seller and buyer that lists the timing and amount of payments the buyer will make in the future. |