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Creditcard and Score
credit-card and score
| Term | Definition |
|---|---|
| Annual fee | is a recurring yearly charge associated with certain services or memberships |
| Annual percentage | the yearly rate charged for a loan or earned by an investment and includes interest and fees |
| Balance transfers | is a transaction in which you move debt from a high-interest credit card to a card with a lower interest rate |
| Bankruptcy | a legal process that allows individuals or businesses who cannot repay their debts to seek relief |
| Cash advances | is a short-term loan |
| Co-signer | is someone who agrees to take legal responsibility for a loan or debt if the primary borrower fails to make payments |
| Courtesy Checks | blank checks provided by lenders that borrowers can use to access credit lines for purchases, transfers, or cash |
| Credit bureau | collects and stores information about individuals' credit history |
| Credit card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. |
| Credit history | is a record of an individual's borrowing and repayment behavior |
| Credit limit | is the maximum amount of money you can spend on a credit card |
| Credit report | is a detailed record of your credit history |
| Credit score | a three-digit number, typically between 300 and 850, designed to represent your credit risk |
| Debt | the state of owing money |
| Finance charge | is the total cost of borrowing money |
| Grace period | is a specified time after a deadline when a financial obligation can be met without penalty or cancellation |
| Interest rate | the amount charged by a lender to a borrower for any form of debt given |
| Introductory rate | is a temporary promotional APR offered by a credit card company |
| Late payment fee | a charge applied to a customer's account for failing to pay a bill or invoice by its due date |
| Lender | an individual, a group (public or private), or a financial institution that makes funds available to a person or business with the expectation that the funds will be repaid |
| Line of credit | is a flexible loan where you can borrow and repay money repeatedly, |
| Over-the-limit fee | is a charge assessed by a credit card issuer when a cardholder's balance exceeds their credit limit |
| Pre-approved | a lender has tentatively agreed to lend a specific amount |
| Principle | a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning |
| Rate (APR) | is the yearly cost of borrowing money |
| Secured Loan | business or personal loans that require some type of collateral as a condition of borrowing |
| Term | a fixed or limited period for which something |
Created by:
notbrian
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