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Credit Cards/reports
| Term | Definition |
|---|---|
| Annual Fee | A sum that needs to be paid every year that you're signed up for certain credit cards |
| Annual Percentage Rate (APR) | The yearly interest rate you'll pay if you carry a balance on your credit card |
| Balance Transfers | Moving debt from one account to a new one with a low or 0% interest rate. |
| Bankruptcy | Helps people who can no longer pay their debts (who are completely lacking in money/ value) get a fresh start by liquidating assets to pay their debts or by creating a repayment plan |
| Cash Advances | 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 is legally obligated to pay back the loan just as the borrower is obligated to pay. |
| Courtesy Checks | Blank checks that lenders offer to their customers |
| Credit Bureau | A company that collects information relating to the credit ratings of individuals, and makes the information available to credit card companies and financial institutions. |
| Credit Card | a small plastic card issued by a bank, allowing the holder to purchase goods or services using credit, and pay it back after |
| Credit History | A record of a persons ability to repay debts and demonstrates responsibility in repaying them. |
| Credit Limit | The maximum amount of money a lender will allow you to spend on a credit card or a line of credit |
| Credit Report | A 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 | A number rating representing the ability of a person to fulfill their financial commitments |
| Debt | something, typically money, that is owed or due. |
| Finance Charge | a fee charged for the use of credit or the extension of existing credit. |
| Grace Period | a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken |
| Interest Rate | the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding. |
| Introductory Rate | an 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 | someone or something that lends money |
| Line Of Credit | an amount of credit extended to a borrower. |
| Over-The-Limit-Fee | a penalty charged by credit card companies when cardholders' purchases exceed their credit limit. |
| Pre-Approved | you are already set in terms of the amount you are borrowing, your interest rate and loan term. |
| Principle | the amount of money a company borrows when it takes a loan. |
| Secured Loan | debt products that are protected by collateral. |
| Term | Time period of an investment, the provisions of an agreement or contract, and lifespan assigned to an asset or liability. |
Created by:
pwood24
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