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credit cards/reports

TermDefinition
annual fee yearly charge by banks and financial institutions to customers for use of their credit cards
annual percentage expressed as an interest rate
rate (APR) annual rate of interest charged to borrowers and paid to investors
balance transfers transfer of the balance in an account to another account, often held at another institution
bankruptcy legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts
cash advances short-term loan from a bank or an alternative lender
co-signer person who signs an official document with another person
courtesy checks credit union checks with funds deducted directly from the member’s account
credit bureau company that collects information relating to the credit ratings of individuals and makes it available to credit card companies
credit card plastic card issued by a bank, allowing the holder to purchase goods or services on credit.
credit history record of a borrower's responsible repayment of debts
credit limit maximum amount of credit a financial institution extends to a client
credit report summary of your financial history
credit score number assigned to a person that indicates to lenders their capacity to repay a loan
debt typically money, that is owed or due
finance charge include interest charges, late fees, loan processing fees, or any other cost that goes beyond repaying the amount borrowed.
grace period beyond a due date during which a financial obligation may be met without penalty or cancellation
interest rate loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding
introductory rate interest rate charged to a customer during the initial stages of a loan
late payment fee late fee is a charge a consumer pays for making a required minimum payment on a credit card after the due date
lender an organization or person that lends money.
line of credit an amount of credit extended to a borrower.
over the limit fee over-limit fee is a penalty charged by a credit card company if a credit card user exceeds the card’s credit limit
preapproved preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer
principle relates to business, a principal can range from a company's representative dealing with a contractor to the company's leader
secure loan the borrower pledges collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan
term organized efforts and activities of individuals to produce and sell goods and services for profit
Created by: KFarrell2021
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