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CCAS
Credit Cards and Score
| Question | Answer |
|---|---|
| Annual Fee | recurring charge applied by credit card issuers for holding a specific credit card account |
| Annual Percentage | the cost you pay each year for borrowing the money, including fees that you have to pay to get the loan, expressed as a percentage |
| Rate (APR) | total yearly cost of borrowing money expressed as a percentage including interest and extra fees |
| Balance Transfers | when you move existing debt to a new credit card |
| Bankruptcy | a federal legal process for people or businesses who cannot repay their debts |
| Cash Advances | withdraw cash against your credit limit |
| Co-signer | someone who agrees to take on the financial responsibility for another person's loan or debt |
| Courtesy Checks | the dollar value of a check |
| Credit Bureau | an organization that collects and maintains credit information |
| Credit Card | is a card that lets you borrow money from a bank to buy things now and pay for them later |
| Credit History | a record of ones ability to manage the repayment of debt such as credit cards and loans |
| 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 factual record of your credit payment history complied from information received from different credit institutions |
| Credit Score | is a prediction of your credit behavior |
| Debt | money that is owe or due |
| Finance Charge | the cost of consumer credit as a dollar amount |
| Grace Period | set time after a payments due date where you can still pay without penalties like late fees interest |
| Interest Rate | the cost of borrowing money or the rewards for saving |
| Introductory Rate | an interest rate charged to a customer during the initial stages of a loan |
| Late Payment Fee | when a person fails to make a payment by the agreed upon date |
| Lender | an organization or person that lends money |
| Line of Credit | amount of money available for borrowing with the maximum borrowing limit set by the lender |
| Over-the-limit fee | a penalty charged by credit card issuers when a users balance exceed their assigned credit limit |
| Pre-approved | when a lender has done a detailed review of your finances |
| Principle | They are responsible for setting the company’s strategic vision, managing major business relationships, and influencing daily operations. |
| Secured Loan | a type of financing backed by collateral—such as real estate, equipment, inventory, or accounts receivable—that the lender can seize if the borrower defaults |
| Term | length of time for an asset, liability, or investment |
Created by:
Gjimenez27
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