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Credit Cards/Reports
| Term | Definition |
|---|---|
| Annual Fee | A yearly charge by banks and financial institutions to customers for use of their credit cards |
| Annual Percentage Rate (APR) | The interest rate for a whole year |
| Balance transfers | the transfer of the balance in an account to another account |
| Cash Advances | service provided by most credit card and charge card issuers |
| Co-signer | person – such as a parent, close family member or friend – who pledges to pay back the loan if you do not. |
| Courtesy Checks | check issued by a credit card company that you can use to pay balances on other cards or make purchases. |
| Credit Bureau | data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency |
| Credit Card | payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges |
| Credit History | record of a borrower's responsible repayment of debts |
| Credit Limit | maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit |
| Credit report | statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts |
| Credit Score | numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual |
| Debt | obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor |
| Finance Charge | any fee representing the cost of credit, or the cost of borrowing |
| Grace period | 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 | amount of interest due per period, as a proportion of the amount lent, deposited or borrowed |
| Introductory Rate | interest rate charged to a customer during the initial stages of a loan |
| Late Payment Fee | charge imposed on a consumer who fails to make the payment on a debt or other financial obligation by the due date |
| Lender | individual, a public or private group, or a financial institution that makes funds available to a person or business with the expectation that the funds will be repaid |
| Line of credit | flexible loan from a financial institution that consists of a defined amount of money that you can access as needed and repay either immediately or over time |
| Over the-limit-fee | a cardholder account that has surpassed its credit limit with a transaction |
| Pre-approved | the pre-qualification for a loan or mortgage of a certain value range |
| Principle | The amount of money you actually charge or borrow |
| Secured loan | a loan backed by collateral—financial assets you own |
| Term | a fixed or limited period for which something |
Created by:
Rherling22
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