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Credit Cards/Reports
| Term | Definition |
|---|---|
| annual fee | Any fee that is charged on an annual (yearly) basis |
| annual percentage | the interest rate for a whole year, rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate |
| rate (APR) | the amount of a charge or payment expressed as a percentage of some other amount, or as a basis of calculation |
| balance transfers | the transfer of the balance in an account to another account, often held at another institution |
| bankruptcy | a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts |
| cash advances | a service provided by most credit card and charge card issuers; 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; For a credit card, this will be the credit limit |
| co-signer | serves as an additional repayment source for the primary borrower; can help a borrower to obtain loan terms that they may have otherwise been unable to be approved for |
| courtesy checks | 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, 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 record of a borrower's responsible repayment of debts |
| credit limit | 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 | a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments |
| credit score | a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual |
| debt | the state of owing money |
| finance charge | any fee representing the cost of credit, or the cost of borrowing |
| grace period | a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during the grace period |
| interest rate | the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed |
| introductory rate | an interest rate charged to a customer during the initial stages of a loan |
| late payment fee | a charge a consumer pays for making a required minimum payment on a credit card after the due date |
| lender | an organization or person 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 | the pre-qualification for a loan or mortgage of a certain value range |
| principle | the amount that is owed on a loan before interest |
| secured loan | a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan |
| term | conditions with regard to payment for something; stated charges |
Created by:
dkaiser20
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