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credit cards reports
| Term | Definition |
|---|---|
| Annual fee | An annual fee is a lump sum you have to pay every year that you're signed up for certain credit cards |
| Annual percentage rate (APR) | An annual percentage rate is expressed as an interest rate. It calculates what percentage of the principal you'll pay each year |
| Balance transfers | A balance transfer credit card is any credit card that lets you transfer balances from other accounts. |
| Bankruptcy | Bankruptcy is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations. |
| Cash Advances | A cash advance is the act of withdrawing cash against your credit limit through the use of your credit card. |
| Co-signer | A co-signer is a person who agrees to be legally responsible to pay a debt if the borrower does not pay back a loan as agreed |
| Courtesy Checks | Courtesy checks are blank checks that lenders, usually credit card issuers or home equity line of credit lenders, offer to their customers. |
| Credit bureau | A credit bureau, also known in the U.S. as a credit reporting agency, is an organization that collects and researches individual credit information |
| Credit card | A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services |
| Credit history | Credit history refers to the ongoing documentation of an individual's repayment of their debts. |
| Credit limit | A credit limit is the maximum amount of credit a financial institution extends to a client on a credit card or a line of credit. |
| Credit report | A credit report is a statement that has information about your credit activity and current credit situation |
| Credit score | A credit score is a prediction of how likely you are to pay a loan back on time based on information from your credit reports. |
| Debt | Debt is something, especially money, that is owed to someone else |
| Finance charge | A finance charge is a fee charged for the use of credit or the extension of existing credit. |
| Grace period | grace period, which is the period of time between the end of a billing cycle and when your bill is due. |
| Interest rate | The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned |
| Introductory rate | An introductory rate is an interest rate charged to a customer during the initial stages of a loan. |
| 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 organization or person that lends money. |
| Line of credit | Line of credit is an amount of credit extended to a borrower |
| Over-the-limit fee | An over-limit fee is a penalty charged by credit card companies when cardholders' purchases exceed their credit limit. |
| pre-approved | A pre-approval is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer. |
| Principle | Principal is the amount of money a company borrows when it takes a loan. |
| Secured Loan | Secured loans are debt products that are protected by collateral. |
| Term | Term is 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:
abass23
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