Credit C's
A contract agreement in which a borrower receives a sum of money or something of value and repays the lender at a later date, generally with interest.
An amount of money. In personal banking, it refers to the amount of money in a savings or checking account. In credit balance refers to the amount of money owed.
What is Balance?
A range of scores that is determined on someones credit history. Generally ranges between 350-850.
What is credit score?
The period of time after a payment deadline when the borrower can pay back the borrowed money without incurring interest or a late fee.
What is Grace Period?
A form of virtual reality that was created by Mark Zuckerberg.
What is the Metaverse?
Any Asset that can be turned into cash to make payments: Cash Savings, Investments, Property equity, Etc.
What is Capital?
The maximum dollar amount that can be charged on a specific credit card account.
What is Credit Line?
Opening checking/savings accounts, Being consistent, Securing a credit card, Becoming and authorized user, Considering a co-signer/co-applicant.
What is establish Credit?
This account is similar to having a lock safe in your house.
What is a savings account?
A loan offered to students for education-related expenses that must be repaid.
What are Student Loans?
Any asset a borrower can offer to secure a loan: Property, Vehicles, Equipment, Personal assests.
What is Collateral?
The minimum amount of money that you are required to pay on your credit card statement each month in order to keep the account in good standing.
What is the Minimum Payment?
Late or missed payments, Using too much available credit, applying for too much credit in a short period of time, high credit account balances.
What is negatively impact credit?
The yearly interest rates charged on outstanding credit card balances.
What is Annual Percentage Rate or APR?
An interest rate offered by credit card issuers in the initial stages of a loan. (Make sure you know how long the introductory rate will last and what the standard interest rate will be once the introductory period ends)
What is Introductory Rate?
The Borrower's Personal credit history including: Total debt, Delinquent Accounts, Available credit, Payment history.
What is Character?
A reporting agency that collects information on consumer credit usage. There are currently three main credit bureaus in the United States: Equifax, Experian, and TransUnion.
What is a Credit Bureau?
The percentage of the credit line that you should not go above each much that will allow you to build credit.
What is 30%?
A retirement savings plan funded by employees and often matched by contributions from the employer; contributions are usually made before taxes and grow tax-free until withdrawn, although after-tax contributions are also allowed.
What is a 401K?
A loan secured in order to purchase property.
What is a Mortgage?
You or your Business' ability to make the revenue needed to pay back a loan.
What is Capacity?
The once-a-year cost of owning a credit card. Some credit cards offer cards without this.
What is the Annual-Fee?
When buying a car dealers will ask you a lot of questions. This one specific question you should answer with "no" until you are fully prepared to buy the vehicle you want.
What is run your credit?
A banking service that allows you to link your checking account to your credit card, thereby protecting you from overdraft penalties or bounced checks in the case of insufficient funds.
What is Overdraft Protection?
Receiving a loan for a vehicle and paying it off over time. Generally in month to month payments.
What is financing a vehicle?