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credit cards/reports
| Question | Answer |
|---|---|
| annual fee | a charge that's on a yearly basis |
| annual percentage | annual rate charged for borrowing or earned through an investment |
| rate APR | percentage that represents the actual yearly cost of funds over the term of a loan |
| balance transfer | the transfer of either money or credit from one account to another account. |
| bankruptcy | having no money to pay for anything |
| cash advances | a short term loan from the bank |
| co-signer | a person who signs a loan or lease jointly with another in order to guarantee payment. |
| courtesy checks | a free credit union check with funds deducted directly from the member’s account. |
| credit bureau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies |
| credit card | card that lets cardholders borrow funds to pay for goods and services |
| credit history | a record of a consumer's ability to repay debts |
| credit limit | the most that a credit card company will allow a card holder to take out at once on a card. |
| credit report | A report with detailed information on a person's credit history, including credit accounts, loans, bankruptcies and late payments. |
| credit score | a number assigned to a person that indicates to lenders their capacity to repay a loan. |
| debt | having owed money |
| finance charge | fee representing the cost of credit, or the cost of borrowing |
| grace period | a set length of time after the due date during which payment may be made without penalty |
| interest rate | the amount a lender charges for the use of assets expressed as a percentage of the principal. |
| introductory rate | The low rate charged by a lender for an initial period to encourage borrowers to accept the credit terms. |
| late payment fee | a fee for a late payment |
| 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 | means a lender has pulled your credit and verified your income and assets |
| principle | the original sum of money borrowed in a loan or put into an investment. |
| secured loan | a loan in which the borrower pledges some asset like a car or property as collateral for the loan |
| term | conditions under which an action may be undertaken or agreement reached |
Created by:
arosario20
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