Search by Keyword
All terms starting with "A"
Reductions in your taxable income that you are abl … moreReductions in your taxable income that you are able to claim regardless of whether you take a standard deduction or itemize your deductions.
Examples of above-the-line deductions include: contributions to certain savings accounts, early penalties for early withdrawal of funds from savings accounts, educational costs, self-employment taxes, and certain moving expenses.
Examples of above-the-line deductions include: contributions to certain savings accounts, early penalties for early withdrawal of funds from savings accounts, educational costs, self-employment taxes, and certain moving expenses.
Your account number is a number that uniquely iden … moreYour account number is a number that uniquely identifies your account with a bank, credit card company, etc. It's one-of-a-kind. For example, the account number on a credit card is the big number embossed on the front of your card. On loans, it can usually be found on your account statement.
This is a one-time fee that you will get assessed … moreThis is a one-time fee that you will get assessed when you are approved for a credit card or loan.
ACH:
This acronym stands for Automated Clearing House, … moreThis acronym stands for Automated Clearing House, which is an electronic payment network that processes debit and credit transactions in significant quantities. It allows people and organizations to automatically have payments taken out of their bank accounts and electronically transferred to receiving parties.
The Federal Reserve Banks collectively represent the largest ACH clearing house in the United States.
The Federal Reserve Banks collectively represent the largest ACH clearing house in the United States.
The middleman between a merchant and the credit ca … moreThe middleman between a merchant and the credit card company. The acquiring financial institution facilitates credit card transactions between the merchant and the credit card company, so that the merchant is paid when a credit card is used at the merchant's establishment.
Most new credit cards need to be "turned on" befor … moreMost new credit cards need to be "turned on" before they will work. Call the number on the sticker of your new card from your house the day you receive it. You'll be asked to provide another personal identifier (account number, birthday, last four digits of your Social Security number, or the answer to a predetermined question) to prevent the possibility of fraud.
As the name suggests, this is a one-time fee that … moreAs the name suggests, this is a one-time fee that you will get assessed when you activate your new account.
An estimate of the current market value of a car g … moreAn estimate of the current market value of a car given its age, condition, options and mileage.
The actual cash value is based the transaction prices of recent local sales of similar vehicles. References such as the NADA Guides and Kelley Blue Book can be used to determine actual cash value.
The actual cash value is based the transaction prices of recent local sales of similar vehicles. References such as the NADA Guides and Kelley Blue Book can be used to determine actual cash value.
A tax based on the assessed value of real estate o … moreA tax based on the assessed value of real estate or other personal property. It is commonly levied by local government units such as counties, municipalities and school districts. Ad valorem is Latin for â??according to value.â??
Someone who has a card in their own name, but shar … moreSomeone who has a card in their own name, but shares your account with you. The primary card holder (that's you) is ultimately responsible for all activities and debts on the account.
Additional requirements detail any other condition … moreAdditional requirements detail any other conditions that must be met in order to open or to keep open an account.
Security, collateral, or another measure provided … moreSecurity, collateral, or another measure provided by a debtor who has filed bankruptcy, that protects a claim holder from depreciation of collateral before the bankruptcy plan is approved, or during the time when the debtor still has possession or use of the collateral item/property.
A method of calculating your average daily balance … moreA method of calculating your average daily balance, by subtracting all payments made during the billing period and then adding the finance charges. This does not include purchases made during the billing period, which typically makes it the best method of balance determination for cardholders.
The money you earn from taxable sources each year, … moreThe money you earn from taxable sources each year, minus above-the-line deductions.
This is the amount from which personal and dependent exemptions and either the standard deduction or itemized deductions are taken in order to determine your final tax basis. Your adjusted gross income also determines your eligibility for tax benefits.
This is the amount from which personal and dependent exemptions and either the standard deduction or itemized deductions are taken in order to determine your final tax basis. Your adjusted gross income also determines your eligibility for tax benefits.
When the bank takes its finance charges and other … moreWhen the bank takes its finance charges and other payments before giving you a loan.
A lawsuit filed in bankruptcy court that is relate … moreA lawsuit filed in bankruptcy court that is related to a debtor's bankruptcy case, such as a dispute about terms or debt discharge ability.
A credit card offered by a company that isn't gene … moreA credit card offered by a company that isn't generally in the business of offering credit cards: non-profit organizations, universities, airlines, etc. The company markets the card to its members, and the credit-card company partner gives the marketer a small percentage or fee in return. These are also called "co-branded cards."
A legal agreement between a financial institution … moreA legal agreement between a financial institution and yourself. For example, your credit card company will send you a card holder agreement that describes the terms that apply to your card, including the interest rate charged, method of calculating interest, and any transaction fees. Sometimes called Card Holder Agreement, Terms and Conditions, or Disclosures.
A popular reward program, where cardholders earn a … moreA popular reward program, where cardholders earn a certain number of air miles in exchange for dollars spent on the card holder's account.
A set process by which data are analyzed. Often us … moreA set process by which data are analyzed. Often used to determine the credit worthiness of a person or business. A financial model that takes a number of variables and inputs and uses those to determine a score. They are used to calculate your credit score, to determine whether you'll be approved for a loan, what your APR on your credit card will be, etc.
Paying for goods and services with something other … morePaying for goods and services with something other than cash, such as: credit/debit cards; air miles or other credit card rewards; PayPal; etc.
American Express (AmEx) is one of the largest cred … moreAmerican Express (AmEx) is one of the largest credit card companies and the third largest credit card network after Visa and MasterCard. American Express is also the largest issuer of charge cards.
The manner in which payments are divided over the … moreThe manner in which payments are divided over the course of a loan's term. Amoritization is commonly considered the most straightforward repayment model because it provides for equal payments over the life of a loan, and each payment contains both a portion of the principal loan amount and interest.
Your loan documents will generally include an amortization schedule, which will indicate when payments are due and how much they are.
Your loan documents will generally include an amortization schedule, which will indicate when payments are due and how much they are.
If you are current on your credit card payments th … moreIf you are current on your credit card payments then the amount due is equal to the minimum monthly payment, which is usually between 2 and 5 percent of your credit card balance.
If you are delinquent on your credit card then the amount due is the amount that you need to pay in order to get back into good standing. More specifically, the amount due in this scenario is the sum of all the consecutive minimum payments that you have missed plus the amount of the upcoming minimum payment. For example, if you just missed one minimum payment of $30 and the upcoming minimum payment is another $30 then the amount due will be $60.
If you are delinquent on your credit card then the amount due is the amount that you need to pay in order to get back into good standing. More specifically, the amount due in this scenario is the sum of all the consecutive minimum payments that you have missed plus the amount of the upcoming minimum payment. For example, if you just missed one minimum payment of $30 and the upcoming minimum payment is another $30 then the amount due will be $60.
A number of financial products - including credit … moreA number of financial products - including credit cards, prepaid cards and HELOCs - may charge membership fees that are assessed upon account opening and every 12 months after that until you close your account. These Annual Fees are often referred to as Annual Membership Fees (AMF).
The annual growth rate determines the value of you … moreThe annual growth rate determines the value of your asset at retirement. Here are some tips for choosing an appropriate rate:
If you expect the value of your asset to stay the same, please use a rate of DEFAULT_INFLATION_RATE, which is the average inflation rate for the past 30 years, according to the U.S. Department of the Treasury.
If you expect the value of your asset to grow until retirement, please use a number higher than DEFAULT_INFLATION_RATE. For example, the S&P 500 has grown by an average of 10% per year since its inception.
If you expect your asset to depreciate in the future, please use a number lower than DEFAULT_INFLATION_RATE. You can input negative numbers as well.
If you expect the value of your asset to stay the same, please use a rate of DEFAULT_INFLATION_RATE, which is the average inflation rate for the past 30 years, according to the U.S. Department of the Treasury.
If you expect the value of your asset to grow until retirement, please use a number higher than DEFAULT_INFLATION_RATE. For example, the S&P 500 has grown by an average of 10% per year since its inception.
If you expect your asset to depreciate in the future, please use a number lower than DEFAULT_INFLATION_RATE. You can input negative numbers as well.
The income amount displayed here is based on the v … moreThe income amount displayed here is based on the value you provided in DATE_PROVIDED (INCOME_PROVIDED), adjusted for inflation.
Please update your income if the figure displayed is not accurate. By keeping your information up to date, you help us provide you with the most accurate WalletScore.
Please update your income if the figure displayed is not accurate. By keeping your information up to date, you help us provide you with the most accurate WalletScore.
The rate at which amounts owed to a bank on a cred … moreThe rate at which amounts owed to a bank on a credit card or loan account appreciate in value over time, increasing one's debt. In other words, this percentage of your average balance over the course of the month or year is tacked onto what you owe. When it comes to credit cards, the APR, or interest rate, is only relevant when you don't pay for the total amount of your purchases in a respective month.
For example, if your loan has a 10% APR, you will pay $10 annually for every hundred dollars of balance.
Usually, different types of credit card transactions have different APRs. One card might have a different APR for cash advances than for purchases or balance transfers. Also, some credit cards appeal to consumers with a low introductory APR; for example, 0% APR on balance transfers (or purchases) for six months.
For example, if your loan has a 10% APR, you will pay $10 annually for every hundred dollars of balance.
Usually, different types of credit card transactions have different APRs. One card might have a different APR for cash advances than for purchases or balance transfers. Also, some credit cards appeal to consumers with a low introductory APR; for example, 0% APR on balance transfers (or purchases) for six months.
The form you must complete in order to apply for c … moreThe form you must complete in order to apply for credit, be it a credit card, loan, mortgage, etc. You must truthfully answer the questions and then sign the application.
A one-time fee charged by a financial institution … moreA one-time fee charged by a financial institution when you submit an application, regardless of whether you are approved or not. However, this is a term that is applied broadly; sometimes it is used to describe fees that only get assessed to applicants who get approved, whereas other times it refers to fees charged only when applicants do not get approved.
The decision of a financial institution to grant y … moreThe decision of a financial institution to grant you the credit card or loan you applied for.
When you swipe your card at a merchant, a request … moreWhen you swipe your card at a merchant, a request for approval is sent from the merchant to the credit card company / bank. The request is sent and received thru a credit card network (e.g. VISA, MasterCard, etc.). When the credit card company / bank responds with an approval or decline, it sends an 'approval response' or 'authorization response' to the merchant.
APY:
APY (Annual Percentage Yield) is the profit (i.e. … moreAPY (Annual Percentage Yield) is the profit (i.e. yield) you earn on a deposit over the duration of a year. APYs provide a standardized way for consumers to compare investment accounts and bank accounts. .
APY is much more useful than an interest rate because it not only takes into account the interest rate, but also compounding. Compounding is the frequency at which interest is earned. APY shows how much you are really making off your investment.
APY is much more useful than an interest rate because it not only takes into account the interest rate, but also compounding. Compounding is the frequency at which interest is earned. APY shows how much you are really making off your investment.
Other assets consist of any tangible or intangible … moreOther assets consist of any tangible or intangible assets that you have not recorded in the previous sections. Some examples include valuables like jewelry, antiques, paintings, automobiles, etc.
All properties, tangible or intangible, owned by t … moreAll properties, tangible or intangible, owned by the debtor. Assets may be liquidated (sold) in bankruptcy, depending upon whether a debtor files for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Exemptions remove particular assets from the property of the estate.
A group of credit-card companies (issuer banks) th … moreA group of credit-card companies (issuer banks) that determine the terms for cardholders, merchants, and card companies. The four major associations are American Express, Discover, MasterCard, and Visa.
We have assumed a default retirement age of 67 yea … moreWe have assumed a default retirement age of 67 years, which is considered as full retirement age by the Social Security Administration of the U.S. government.
This is the fee that your bank/card issuer may cha … moreThis is the fee that your bank/card issuer may charge when you withdraw cash from an ATM machine that is not in its network. In most cases, if your bank/card issuer does not have its own ATM network, all withdrawals will lead to an ATM Fee.
This fee is in addition to the fee (i.e. the 'ATM Owner Surcharge' ) that you will be charged by the owner of the ATM machine.
This fee is in addition to the fee (i.e. the 'ATM Owner Surcharge' ) that you will be charged by the owner of the ATM machine.
When you withdraw cash from an ATM that is outside … moreWhen you withdraw cash from an ATM that is outside of your bank/card issuer's ATM network, the owner of that ATM will generally assess a fee, known as an ATM owner surcharge. The average ATM owner surcharge is roughly $2.33.
This fee is in addition to the fee (i.e. the ATM Fee ) that your bank/card issuer may charge you for using out-of-network ATMs. If your bank/card issuer does not have its own ATM network, you may have to pay both an ATM fee and an ATM owner surcharge every time you withdraw money.
This fee is in addition to the fee (i.e. the ATM Fee ) that your bank/card issuer may charge you for using out-of-network ATMs. If your bank/card issuer does not have its own ATM network, you may have to pay both an ATM fee and an ATM owner surcharge every time you withdraw money.
When you use an ATM that is not in your bank/card … moreWhen you use an ATM that is not in your bank/card issuer's ATM network (if it has one), there are two different fees that could be assessed: an ATM Fee, which is charged by your bank/card issuer itself, and an ATM owner surcharge, assessed by the owner of the machine. Some banks that do not charge ATM fees also provide ATM rebates, which are refunds of ATM owner surcharges. ATM rebates can be unlimited, but most often they are available up to a certain amount or for a certain number of transactions per month.
Some prepaid cards will charge a fee whenever you … moreSome prepaid cards will charge a fee whenever you use your card to withdraw cash from an ATM machine.
This fee is in addition to the fee (i.e. the 'ATM Fee') that you will be charged by the owner of the ATM machine.
This fee is in addition to the fee (i.e. the 'ATM Fee') that you will be charged by the owner of the ATM machine.
A review of a tax return conducted by the Internal … moreA review of a tax return conducted by the Internal Revenue Service that focuses on your reported income and deductions in order to determine whether you paid the correct amount in taxes.
An audit can result in either an additional tax liability or, rarely, a tax refund.
An audit can result in either an additional tax liability or, rarely, a tax refund.
The process by which a bank or other organization … moreThe process by which a bank or other organization confirms that you are who you say you are.
Common authentication practices include asking for your mother's maiden name, the last four digits of your Social Security number, or the number on the back of your credit card.
Common authentication practices include asking for your mother's maiden name, the last four digits of your Social Security number, or the number on the back of your credit card.
The process of finding out whether you are allowed … moreThe process of finding out whether you are allowed to use a specific resource, such as a credit card or bank account.
A code sent from a credit card company to a mercha … moreA code sent from a credit card company to a merchant to approve or deny an authorization request.
The date and time that an Authorization Response / … moreThe date and time that an Authorization Response / Approval Response is sent and a credit card transaction is approved.
This is a credit-card transaction that reserves a … moreThis is a credit-card transaction that reserves a purchase amount (or higher) against a credit card's limit. An authorization only transaction protects a merchant and ensures that the credit card limit is high enough to cover the purchase price.
When you swipe your card at a merchant, a request … moreWhen you swipe your card at a merchant, a request for approval is sent from the merchant to the credit card company / bank. The request is sent and received thru a credit card network (e.g. VISA, MasterCard, etc.). When the credit card company / bank responds with an approval or decline, it sends an 'authorization response' to the merchant.
The approved purchase total for a credit card tran … moreThe approved purchase total for a credit card transaction. Once the transaction is approved, this amount is deducted from the card's available credit.
A credit card transaction that has been approved b … moreA credit card transaction that has been approved between the credit card company and a merchant.
Someone who is allowed to use credit resources.
Some prepaid cards might charge you a fee if you c … moreSome prepaid cards might charge you a fee if you call their 1-800 customer support number and just use their automated phone service.
Payment plan you set up with your bank / financial … morePayment plan you set up with your bank / financial institution, so that they send your minimum payment for your credit cards or other debt sources each month.
Temporary measure enacted when you file a petition … moreTemporary measure enacted when you file a petition for bankruptcy. This injunction prohibits creditors from taking certain actions against you, such as proceeding with lawsuits, attempting to collect debt, initiating foreclosure measures or garnishing wages. This prevents an aggressive creditor from laying claim to a large percentage of your assets before others have a chance.
A machine that allows users with credit or debit c … moreA machine that allows users with credit or debit cards to make banking transactions without going through a bank teller. Typical transactions include depositing money, withdrawing funds, or checking account balances. ATMs are often networked so that users can do their banking at ATMs worldwide.
Any unused credit on your account. If you have a $ … moreAny unused credit on your account. If you have a $4,000 balance on a card with a $5,000 credit limit, your available credit is $1,000.
The most common way in which credit card companies … moreThe most common way in which credit card companies calculate your interest: by adding each amount owed daily and then dividing that total by the number of days in the billing cycle.
Being granted a release from the effect of a lien, … moreBeing granted a release from the effect of a lien, judgment, or security interest in property. This is typically granted in connection with exempt property, but can also be granted via any grounds provided for by the Bankruptcy Code. This is sometimes called Lien Stripping.
The bankruptcy trustee's rights (or Chapter 11 deb … moreThe bankruptcy trustee's rights (or Chapter 11 debtor's rights) to recover certain property transfers, such as preferences, or to void liens that were created before the bankruptcy case began.