Silly Little Vocabulary by Maerinn Fraser

Annual Fee

27fraserm — 2024-01-10 17:24:46 UTC

Cost you pay credit card people for having certain cards.

Annual Percentage Rate

27fraserm — 2024-01-10 17:26:18 UTC

Finance rate expressed as an annual rate;interest rate for the whole year.

Bankruptcy

27fraserm — 2024-01-10 17:27:29 UTC

When you can’t pay your debts.

Closed-End Credit

27fraserm — 2024-01-10 17:28:53 UTC

Closed-end credit is a type of credit that should be paid in full by the end of the term, by a specific date.

Open-End Credit

27fraserm — 2024-01-10 17:33:24 UTC

A loan you can repeatedly draw on, has no fixed date for repayment.

Collateral

27fraserm — 2024-01-10 17:34:32 UTC

something someone gives to make sure their debt is paid.

Collection Agency

27fraserm — 2024-01-10 17:35:24 UTC

A collection agency is a company used by lenders or creditors to recover funds that are past due or from accounts that are in default.

Co-Signer

27fraserm — 2024-01-10 17:36:57 UTC

A person who pledges to pay back the debt if you can’t.

Credit Bureau

27fraserm — 2024-01-10 17:38:11 UTC

an organization that collects and researches individual credit information and sells it to creditors for a fee

Credit Limit

27fraserm — 2024-01-10 17:39:06 UTC

maximum amount of credit extended

Credit Score

27fraserm — 2024-01-10 17:40:26 UTC

something used to track your credibility for paying stuff, range is 300-850.

Credit Report

27fraserm — 2024-01-10 17:41:08 UTC

contains information about how much debt you have, how often you pay your credit and debt bills on time, and how long you have been managing your credit accounts.

Delinquent

27fraserm — 2024-01-10 17:42:07 UTC

the state of being past due on a debt

Introductory Rate

27fraserm — 2024-01-10 17:42:58 UTC

An introductory rate is an interest rate charged to a customer during the baby phases of a loan.

Pre-Approved

27fraserm — 2024-01-10 17:43:37 UTC

means someone has reviewed your financial situation and deemed you fit for a loan.

Default

27fraserm — 2024-01-10 17:44:27 UTC

the failure to make required interest or principal repayments on a debt

Phishing

27fraserm — 2024-01-10 17:45:15 UTC

a scam people do by sending fake emails claiming to be from a bank so you pay them money

Debt Consolidation

27fraserm — 2024-01-10 17:46:38 UTC

combines all your debts into one payment, simplifying the process.

Grace Period

27fraserm — 2024-01-10 17:47:27 UTC

a period for payment of a sum due or for compliance with a law or condition, basically extra time.

Fair Credit Reporting Act

27fraserm — 2024-01-10 17:48:15 UTC

governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information