click below
click below
Normal Size Small Size show me how
Credit cards/reports
Term | Definition |
---|---|
Annual fee | Yearly charge by banks |
Annual percentage | A interest rate for a whole year |
Rate (apr) | Cost paid each year to borrow money |
Balance transfer | Moving part of your debit to your credit card |
Bankruptcy | The state of being completely lacking in a particular quality or value |
Cash advances | Allows cardholders to withdraw cash |
Co-signer | Sign jointly with a borrower for a loan |
Courtesy checks | A visual inspection |
Credit bureau | A company that collects information relating to credit ratings |
Credit card | A small card issued by bank |
Credit history | A record of a borrowers repayments of debts |
Credit limit | The maximum amount of credit |
Credit report | Is a statement that has information about your credit activity |
Credit score | Is a number between 300-850 that depicts a consumer’s creditworthiness |
Debt | Deferred payment |
Finance charge | Any fee representing the cost of credit |
Grace period | A period immediately after the deadline |
Interest rate | The proportion of a loan that is charged as interest to the borrower |
Introductory rate | Interest rate charged to consumer during the initial stages of a loan |
Late payment fee | Is a charge imposed on a consumer who fails to make the payment on a debt |
Lender | A organization or person that lends money |
Line of credit | Is a credit facility extended by a bank or other financial institution |
Over-the-limit fee | Is a penalty charged by credit card companies when over the credit limit |
Pre-approved | Pre-qualification for a loan or mortgage of a certain value range |
Principle | First I’m order of importance |
Secured loan | A loan backed by collateral |
Term | A length of time between when a fixed income is offered for sale |