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Gen. Business-Credit
Credit
Question | Answer |
---|---|
Annual fee | A yearly amount to pay |
A.P.R | The amount of money a company charges you at a yearly rate |
Bankruptcy | Not having money and asking for help |
Charge card | A plastic card you can use to buy things |
Character | Shows you're an honest reliable person |
Check cards | Used to buy things and is transferred from your account |
Collateral | something of value they can take if you don't pay your bills |
Co- signer | A person who signs with you to take over payments if you can't |
Credit | Your promise to pay for things in the future |
Creditor | The company that sells you things |
Debit | Used to buy things and is transferred from your account to the store |
Debt | Things you have to pay for |
Deferment | Legal right not to pay (ex. A student loan) |
Electronic banking | Transfer funds without using checks or cash |
ECOA | Your right to know why you're been turned down for credit |
Garnishment | Taking money out of your check before you get it to pay bills etc |
Grace period | Time you have to pay the bill before so you don't have to pay finance charge |
Installment | Loans for cars etc split into monthly payments |
Interest | Extra money |
Minimum | Least amount |
Repossession | Take away |
Revolving credit | A certain amount of money on a card you're allowed to spend |
Transaction | Some credit cards offer a fee for a cash advance |
Capacity | You will be able to have the money to pay back |