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9 Cards in this Set
- Front
- Back
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Credit Report |
A detailed report of an individual's credit history. |
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Loan Term |
Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term. |
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Depreciation |
A decrease or loss in value |
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Credit Score |
A measure of an individual's credit risk: calculated from a credit report using a standardized formula. |
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Debt Snowball |
Preferred method of debt repayment; includes a list of all debt organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments. |
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Annual Percentage Rate |
Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan. |
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Credit Card |
Type of card issued by a bank that allows users to finance for a purchase. |
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Annual Fee |
A yearly fee that's charged by the credit card company for the convenience of the credit card. |
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Credit Bureau |
An agency that researches and collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. |
