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Houston Mortgage > Glossary >
Credit Card > S 1-10
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S&L
Savings and Loan Association. A state or federally-chartered depository financial institution that was primarily a provider of home mortgages but since deregulation in the 1980¡¯s to offer services similar to a commercial bank.
Savings and Loan Association
A state or federally-chartered depository financial institution that was primarily a provider of home mortgages but since deregulation in the 1980s to offer services similar to a commercial bank.
Savings bank
A type of depository financial institution, found mostly in the northeastern United States, that accepts consumer deposits and invests these funds primarily in residential mortgages and high-grade securities. Mutual savings banks are owned by their depositors, while stock savings banks issue common stock to the public.
Schumer Box
The table of information about credit card rates and terms, named after Senator Chuck Schumer (D-NY), who was the author of it. It was part of the 1988 Truth-in-Lending Act (TILA) and dictates that every credit card solicitation must include it. It took effect in 2000. Credit card companies are required to list long-term rates in at least 18-point type and all other rates, terms and conditions in at least 12-point type.
Secured card
A credit card that a cardholder secures with a savings deposit to ensure payment of the outstanding balance if the cardholder defaults on payments. It is used by people new to credit, or people trying to rebuild their poor credit ratings.
Secured credit card
A secured credit card is one in which the financial institution issues a card with a maximum that is equal to a deposit that the cardholder puts down. These cards are a good choice for people trying to establish or rebuild credit.
Secured debt
A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of nonpayment by the debtor. A common example is a mortgage loan.
Secured loan
Borrowed money that is backed by collateral.
Security
Property designated as collateral.
Security freeze
Also known as a credit freeze, a security freeze is essentially a lockdown on your credit report and score. It blocks new lenders from accessing your credit file without your permission. Since most credit issuers require a credit check before granting credit, the security freeze should block most unauthorized attempts to obtain new credit in your name.
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