1. Credit Score: A numerical representation of an individual’s creditworthiness, based on their credit history and financial behavior.

2. Credit Report: A detailed record of an individual’s credit history, including information on their borrowing and repayment activities.

3. Credit Limit: The maximum amount of credit that a lender is willing to extend to a borrower.

4. Interest Rate: The percentage charged by a lender for borrowing money, typically expressed as an annual percentage rate (APR).

5. Annual Fee: A yearly charge imposed by some credit card issuers for the privilege of using their credit card.

6. Minimum Payment: The smallest amount a borrower must pay each month to maintain their credit account in good standing.

7. Late Payment Fee: A penalty charged to a borrower for failing to make a payment on time.

8. Balance Transfer: The process of moving an outstanding credit card balance from one card to another, usually to take advantage of a lower interest rate.

9. Credit Utilization Ratio: The percentage of available credit that a borrower is currently using, which can impact their credit score.

10. Secured Credit Card: A type of credit card that requires the borrower to provide collateral, such as a cash deposit, to secure the credit line.

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11. Unsecured Credit Card: A credit card that does not require collateral and is issued based on the borrower’s creditworthiness.

12. Credit Counseling: Professional assistance provided to individuals who are facing financial difficulties, aimed at helping them manage their debts and improve their credit situation.

13. Debt Consolidation: The process of combining multiple debts into a single loan or credit account, often with the goal of obtaining a lower interest rate or simplifying repayment.

14. Default: The failure to repay a debt as agreed, resulting in negative consequences such as damage to credit score and potential legal action.

15. Credit Bureau: An organization that collects and maintains credit information on individuals, which is used by lenders to assess creditworthiness.

16. Co-signer: A person who agrees to be equally responsible for repaying a loan or credit account if the primary borrower defaults.

17. Creditworthiness: A measure of an individual’s ability to repay debts, based on factors such as income, employment history, and credit history.

18. Revolving Credit: A type of credit that allows borrowers to repeatedly borrow and repay funds up to a predetermined credit limit, such as a credit card.

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19. Installment Loan: A loan that is repaid in fixed monthly installments over a specified period, typically with a fixed interest rate.

20. Pre-approval: A preliminary assessment by a lender indicating the maximum amount of credit a borrower may qualify for, based on their financial information.

21. Collateral: An asset that a borrower pledges to a lender as security for a loan, which can be seized if the borrower fails to repay the debt.

22. Grace Period: A specified period of time during which a borrower can make a payment without incurring late fees or penalties.

23. Foreclosure: The legal process by which a lender takes possession of a property due to the borrower’s failure to repay a mortgage loan.

24. Bankruptcy: A legal process that allows individuals or businesses to seek relief from their debts when they are unable to repay them.

25. Credit Freeze: A security measure that restricts access to an individual’s credit report, making it difficult for identity thieves to open new accounts in their name.

26. Dispute: The process of challenging inaccurate or incomplete information on a credit report, with the goal of having it corrected or removed.

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27. Credit Monitoring: A service that continuously monitors an individual’s credit report for any changes or suspicious activity.

28. Credit Card Fraud: Unauthorized use of someone’s credit card information to make fraudulent purchases.

29. Debt-to-Income Ratio: A measure of an individual’s monthly debt obligations compared to their monthly income, used by lenders to assess their ability to repay new debts.

30. Credit Repair: The process of improving an individual’s creditworthiness by addressing negative information on their credit report and adopting responsible financial habits.

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