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Credit Cards/Report
| Question | Answer |
|---|---|
| Annual fee | A fee that a company assesses on a customer simply for being a customer. |
| Annual Percentage | It calculates what percentage of the principal you’ll pay each year by taking things such as monthly payments into account. |
| Rate (APR) | annual or annualized percentage rate, typically of interest on loans or credit. |
| Balance Transfers | moving a debt balance from one account to another account. |
| Bankruptcy | The state of being bankrupt. You have nothing |
| Cash Advances | A cash advance is a type of short-term loan, often issued by a credit card company, and usually involving high interest and fees. |
| Co-Signer | a person who signs a loan or lease jointly with another in order to guarantee payment. |
| Courtesy Checks | Courtesy Checks are credit union checks 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, financial institutions |
| 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 credit history is a record of a borrower's responsible repayment of debts. |
| Credit Limit | The term credit limit refers to the maximum amount of credit a financial institution extends to a client. |
| Credit Report | A credit report is a detailed summary of an individual's credit history |
| Credit Score | number assigned to a person that indicates to lenders their capacity to repay a loan. |
| Debt | something, typically money, that is owed or due. |
| Finance Charge | A finance charge is a cost imposed on a consumer who obtains credit. |
| Grace Period | a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation |
| Interest Rate | An interest rate is the percentage of principal charged by the lender for the use of its money. |
| Introductory Rate | An introductory rate is a low interest rate—often even a 0% rate—that applies for a limited period of time after you open your credit card. |
| Late Payment Fee | A late fee is a charge imposed on a consumer who fails to make the payment on a debt or other financial obligation by the due date. |
| Lender | A lender is an individual, a public or private group, or a financial institution that makes funds available to a person or business |
| Line of Credit | A line of credit (LOC) is a preset borrowing limit that can be tapped into at any time. |
| Over-The Limit Fee | An over-limit fee is a fee charged when your balance goes over your credit limit |
| Pre-Approved | A pre-approval letter is a first-look evaluation of a potential borrower by a lender. |
| Principle | The most commonly used refers to the original sum of money borrowed in a loan or put into an investment. Similar to the former, it can also refer to the face value of a bond. |
| Secured Loan | A secured loan is a loan that's guaranteed with collateral, such as a home or car. |
| Term | a word or phrase used to describe a thing or to express a concept, especially in a particular kind of language or branch of study. |
Created by:
Skelly2331
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