You borrow money on a credit card rather than use it to make a purchase.
paying off one credit card balance by transferring it to another credit card
borrowing money and promising to pay it back later
a lender's check of your credit rating
the maximum amount you can borrow on a credit card
credit rating (history)
A detailed record of past borrowing and credit payments
Plastic cards used to pay for purchases with funds you have in a bank account
time period following your credit card statement date where no interest is charged if paid in full during grace period
a percentage rate that is charged to amount borrowed on credit
fee charged for a late payment
paying off all of your current loan balances by taking out one new, large loan
minimum payment amount
the minimum amount you must pay this month
Using a credit card to make transactions where you already have the money in the bank and will pay the bill off in full each month.
store credit cards
cards issued by specific stores, for that store only.
low, temporary interest rates offered by some credit card company
series of payments made over time instead of all at once (lump sum); makes expensive goods easier to buy but often includes interest
a number which summarizes your credit record. This number is generally between 300 and 850. You will also be given a credit rating or a "credit category" ranging from "Very Poor" to "Excellent."
This the number one factor that determines the interest rate you may be charged for credit (loan or credit card)
a summary of a person's borrowing and repayment history
A person who signs a loan or credit card agreement with the primary applicant and is responsible for repaying the balance of the loan or debt in the event that the applicant does not
Something of value that a borrower lets the lender claim if a loan is not repaid
the ability of someone to pay a lender back (do they have a job?)
A lesser used "C" for credit worthiness, students grades in high school may be used to assess this.
The guidelines of a loan. The total amount loaned, the duration of the loan, and the amount or type of interest charged. The lenders level of risk and rewards are determined by these.
interest rate that does not change from month to month
An interest rate on a mortgage that can be adjusted periodically. Typically, it starts low to attract borrowers.
home loan in which the sum of the monthly payments is insufficient to repay the entire loan; a final payment comes due, which is a lump sum of the remaining principal balance
original amount loaned , the original amount of a debt on which interest is calculated
someone who pays off his or her entire credit card balance each month
Credit history, conditions, capacity, collateral
The four main C's banks assess to determine how risky you are--to get a loan an and at what interest rate.