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credit cards/reports
| Term | Definition |
|---|---|
| annual fee | yearly charge by banks and financial institutions to customers for use of their credit cards |
| annual percentage | expressed as an interest rate |
| rate (APR) | annual rate of interest charged to borrowers and paid to investors |
| balance transfers | transfer of the balance in an account to another account, often held at another institution |
| bankruptcy | 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 | short-term loan from a bank or an alternative lender |
| co-signer | person who signs an official document with another person |
| courtesy checks | credit union checks with funds deducted directly from the member’s account |
| credit bureau | company that collects information relating to the credit ratings of individuals and makes it available to credit card companies |
| credit card | plastic card issued by a bank, allowing the holder to purchase goods or services on credit. |
| credit history | record of a borrower's responsible repayment of debts |
| credit limit | maximum amount of credit a financial institution extends to a client |
| credit report | summary of your financial history |
| credit score | number assigned to a person that indicates to lenders their capacity to repay a loan |
| debt | typically money, that is owed or due |
| finance charge | include interest charges, late fees, loan processing fees, or any other cost that goes beyond repaying the amount borrowed. |
| grace period | beyond a due date during which a financial obligation may be met without penalty or cancellation |
| interest rate | loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding |
| introductory rate | interest rate charged to a customer during the initial stages of a loan |
| late payment fee | late fee is 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 | over-limit fee is a penalty charged by a credit card company if a credit card user exceeds the card’s credit limit |
| preapproved | preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer |
| principle | relates to business, a principal can range from a company's representative dealing with a contractor to the company's leader |
| secure loan | the borrower pledges collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan |
| term | organized efforts and activities of individuals to produce and sell goods and services for profit |
Created by:
KFarrell2021
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