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Credit Score
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Lets lenders know how risky it is to lend to a borrower.
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Terms in this set (32)
Credit Score
Lets lenders know how risky it is to lend to a borrower.
Payment History
Whether or not you pay your bills on time.
Credit
Borrowing or buying with an agreement to pay later.
Credit Report
A report detailing a person's financial history specifically related to their ability to repay borrowed money.
Lending Credit
Loaning our money, clothes and cars.
Credit Card
is borrowing or buying with an agreement to pay later.
Annual Fee
The once-a-year cost of owning a credit card. Some credit card provide cards with no annual fees.
Annual Percentage Rate (APR)
The yearly interest rate charged on outstanding credit card balances.
Credit Bureau
A reporting agency that collects information on consumer credit usage.
Credit Line
The maximum dollar amount that can be charged on a specific credit card account.
Credit Rating
A financial institution's evaluation of an individual's ability to manage debt. It is necessary to have a good credit rating of you intend to borrow money or have credit cards.
Interest
Money paid regularly at a particular rate for the use of money lent, or for delaying the payment of a debt.
Introductory Rate
Credit card issues may offer low introductory annual % rate as special promotions. Be sure to fully understand how long the introductory rate will last and what the standard rate will be.
Minimum Payment
The lowest amount of money that you're required to pay on your credit card statement each month in order to keep the account in good standing.
Overdraft Protection
A banking service that allows you to link your checking accounts to your credit card, thereby protecting you from overdraft penalties or bounced checks in case of insufficient funds.
