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All terms starting with "C"
This is a one-time fee that you get charged when y … moreThis is a one-time fee that you get charged when you cancel or close a financial product (like a prepaid card or a line of credit).
The reason you get a particular auto loan. In gen … moreThe reason you get a particular auto loan. In general, there are three main reasons why someone would need a car loan: 1) to purchase a new car; 2) to purchase a used car; 3) to refinance an existing car loan.
Old-school method of credit card sales transaction … moreOld-school method of credit card sales transactions, which involved putting carbon-paper packets through a sliding zip-zap machine. Nowadays, most transactions are handled by swiping your credit or debit card through an electronic card reader.
A person authorized to use a credit card. The cred … moreA person authorized to use a credit card. The credit card has his or her name on it, and his/her signature on the back.
The terms and conditions associated with your cred … moreThe terms and conditions associated with your credit card account. Different cards have different agreements. Also called "terms and conditions."
A financial institution, bank, credit union, or cr … moreA financial institution, bank, credit union, or credit card company that issues credit or debit cards to card holders.
A person who is authorized to use a card. Also cal … moreA person who is authorized to use a card. Also called Card Holder or Authorized User.
Transactions in which you present your card to a m … moreTransactions in which you present your card to a merchant. Card present transactions carry lower merchant fees than phone or online transactions because they are considered less of a fraud risk.
An electronic device that reads the magnetic strip … moreAn electronic device that reads the magnetic strip on credit, debit, or charge cards.
People who trade, steal, or otherwise conspire to … morePeople who trade, steal, or otherwise conspire to hijack, sell, or fraudulently use another person's credit card or debit card account information.
Web sites where carders exchange tips about illici … moreWeb sites where carders exchange tips about illicit use or thievery of credit card or debit card account information.
Withdrawing cash from your credit card account. Th … moreWithdrawing cash from your credit card account. The most common method for doing that is using your credit card in an Automatic Teller Machine (ATM).
A check where the monies are taken from a line of … moreA check where the monies are taken from a line of credit, rather than a checking or savings account. Cash advance checks are often offered by credit card companies. Often, cash advance check purchases accrue a cash advance APR and can also result in cash advance fees. Also called Convenience Check.
Every time you use your credit card to make a cash … moreEvery time you use your credit card to make a cash advance or ATM withdrawal you also get a 'Cash Advance Fee'.
A Cash Advance Fee of "3% (min $10)" means that your fee will be 3% of the amount of the cash advance, but never less than $10.
A Cash Advance Fee of "3% (min $10)" means that your fee will be 3% of the amount of the cash advance, but never less than $10.
The interest rate that will be assessed on your ca … moreThe interest rate that will be assessed on your cash advances or ATM withdrawals.
Cash advances are not subject to any introductory rate and they have no grace period (i.e. the interest charges will start as soon as you make the cash advance).
Cash advances are not subject to any introductory rate and they have no grace period (i.e. the interest charges will start as soon as you make the cash advance).
A rewards program where a financial institution re … moreA rewards program where a financial institution returns a certain percentage of a customer's purchases back to them in the form of cash
A card pre-loaded with a certain amount of money.
This is the interest rate that applies to your bal … moreThis is the interest rate that applies to your balance for cash advances once your credit card is in default. Most credit cards apply the same Penalty APR to all portions of your balance, but some credit cards have a different Penalty APR for cash advances, which is usually higher than the Penalty APR applied to purchases and balance transfers. For more information, please see our explanation on the Penalty APR.
A type of carding fraud where a criminal withdraws … moreA type of carding fraud where a criminal withdraws cash from an identity theft victim's line of credit, credit card account, or bank account. Also called PIN Cashing.
Latin for "let the buyer beware."
A legal procedure that allows businesses or certai … moreA legal procedure that allows businesses or certain individuals to to reorganize their debts under a court-approved plan while receiving protection from lawsuits brought by creditors during the reorganization period.
Chapter 11 bankruptcy essentially buys an individual or organization time to meet their financial obligations and provides for these debts to be paid over time. Debtors are often able to take out loans with favorable rates to pay off existing debts or cancel existing contracts in order to garner financial relief under Chapter 11 bankruptcy. If a companyâ??s debts exceed its assets, the ownersâ?? rights are transferred the companyâ??s creditors under this type of bankruptcy in order to satisfy the ownersâ?? financial obligations.
Chapter 11 is generally regarded as the most expensive and complex type of bankruptcy.
Chapter 11 bankruptcy essentially buys an individual or organization time to meet their financial obligations and provides for these debts to be paid over time. Debtors are often able to take out loans with favorable rates to pay off existing debts or cancel existing contracts in order to garner financial relief under Chapter 11 bankruptcy. If a companyâ??s debts exceed its assets, the ownersâ?? rights are transferred the companyâ??s creditors under this type of bankruptcy in order to satisfy the ownersâ?? financial obligations.
Chapter 11 is generally regarded as the most expensive and complex type of bankruptcy.
A reorganization plan specifically for family farm … moreA reorganization plan specifically for family farmers or family fishermen with debts within a certain range. Chapter 12 bankruptcy requires a debtor to propose a plan that provides for the repayment of their creditors within three-to-five years. This plan may entail the restructuring of current debts, the waiver of defaults, and the liquidation of farming or fishing equipment.
Both individuals and corporations are eligible for Chapter 12 bankruptcy, though they must demonstrate that their majority of their income derives from farming or fishing.
Both individuals and corporations are eligible for Chapter 12 bankruptcy, though they must demonstrate that their majority of their income derives from farming or fishing.
A type of bankruptcy that enables debtors to propo … moreA type of bankruptcy that enables debtors to propose a 3-to-5 year payment plan that provides for the repayment of existing debts over time using future income. As such, this type of bankruptcy is only for individuals with regular income and relatively low debt levels.
Under Chapter 13 bankruptcy, certain â??priority debts,â?? including child support, alimony, employee wages, and delinquent taxes, must be repaid in full. The repayment plan must also include oneâ??s regular payments on their principal dwelling and any delinquent amounts, while payments on other secured debts can be spread across the life of the payment plan. Only whatever disposable income is left over after making payments toward these aforementioned obligations will be put toward unsecured debts like medical payments and credit card balances.
Failure to repay your debt obligations in full results in your bankruptcy being classified as non-discharged, which means information about it will remain on your credit reports for 10 years. If you fulfill your obligations, your debt will be discharged, and bankruptcy information will only remain on your credit reports for 7 years.
Under Chapter 13 bankruptcy, certain â??priority debts,â?? including child support, alimony, employee wages, and delinquent taxes, must be repaid in full. The repayment plan must also include oneâ??s regular payments on their principal dwelling and any delinquent amounts, while payments on other secured debts can be spread across the life of the payment plan. Only whatever disposable income is left over after making payments toward these aforementioned obligations will be put toward unsecured debts like medical payments and credit card balances.
Failure to repay your debt obligations in full results in your bankruptcy being classified as non-discharged, which means information about it will remain on your credit reports for 10 years. If you fulfill your obligations, your debt will be discharged, and bankruptcy information will only remain on your credit reports for 7 years.
A type of bankruptcy in which most of someone's de … moreA type of bankruptcy in which most of someone's debts are forgiven as a result of the court-supervised liquidation of most of their assets. Assets are turned over to a court-appointed trustee who provides for their sale and then distributes funds to owed creditors based on certain priority rules.
A number of assets are exempt from liquidation under Chapter 7 bankruptcy, and while the exact list varies by state, it usually includes one's primary vehicle, clothing and furniture, tools used for business purposes, and at least some home equity. Similarly, some debts may not be discharged as a result of Chapter 7 bankruptcy, including student loans, child support, and certain taxes.
A number of assets are exempt from liquidation under Chapter 7 bankruptcy, and while the exact list varies by state, it usually includes one's primary vehicle, clothing and furniture, tools used for business purposes, and at least some home equity. Similarly, some debts may not be discharged as a result of Chapter 7 bankruptcy, including student loans, child support, and certain taxes.
Many people use the terms credit card and charge c … moreMany people use the terms credit card and charge card interchangeably, but there is a major difference.
Charge cards are credit cards that require the balance to be paid in full at the end of every month.
Because you cannot carry a balance, a charge card doesn't have an APR or Interest Rate.
Charge cards are credit cards that require the balance to be paid in full at the end of every month.
Because you cannot carry a balance, a charge card doesn't have an APR or Interest Rate.
A debt that cannot be collected, which is written … moreA debt that cannot be collected, which is written off as a loss against a lender's taxes. Debt must be charged off in three cases: if it is a certain number of days past due (120 days for a loan and 180 days for credit card debt), if the debt holder dies, or if the debt holder goes bankrupt.
A charged-off debt is not forgiven, though, and it stays on your credit report for 7 years. Lenders also generally sell charged-off debt to collection agencies who will attempt to recoup the debt through various means including lawsuit until its statute of limitations runs out, a time period that varies by state.
A charged-off debt is not forgiven, though, and it stays on your credit report for 7 years. Lenders also generally sell charged-off debt to collection agencies who will attempt to recoup the debt through various means including lawsuit until its statute of limitations runs out, a time period that varies by state.
A formula where the amount of charge offs is divid … moreA formula where the amount of charge offs is divided by the average outstanding card balances owed to the credit card company. When a company has decided that collecting a debt is a lost cause, it charges it off its ledger. A rising rate of charge offs points to economic duress.
The specific length of time during which a credit … moreThe specific length of time during which a credit card company can initiate a charge-back for a consumer against a merchant.
A transaction returned by a credit card company to … moreA transaction returned by a credit card company to a consumer. Under some circumstances, a consumer may cause a chargeback by disputing a purchase made at a merchant. Also spelled charge-back.
As the name suggests, swiping a check card (or deb … moreAs the name suggests, swiping a check card (or debit card) is the exact same thing as writing a check. When you buy something with a check card, the purchase price is automatically deducted from your checking account. You then receive your monthly purchase statement from your own bank, but you do not need to make any payments because the money has already been withdrawn from your checking account.
Someone who holds the right to payment or the righ … moreSomeone who holds the right to payment or the right to a fair remedy for a debtor's default or breach of performance. A bankruptcy case might have many claim holders attached to it.
The third stage of credit card transactions: Once … moreThe third stage of credit card transactions: Once a merchant has batched the day's receipts, the credit card network takes (debits) the money from the credit card company associated with each transaction and gives (credits) it to the merchant. Also called Clearing and Settlement.
Cloned credit cards are counterfeit cards embossed … moreCloned credit cards are counterfeit cards embossed with valid, but stolen, credit card numbers.
This is a one-time fee that you get charged when y … moreThis is a one-time fee that you get charged when you cancel or close a financial product (like a prepaid card or a loan).
Closed loop cards are only valid in one particular … moreClosed loop cards are only valid in one particular store or group of stores. Conversely, open loop gift cards can be used for more general purposes.
Closing costs are the fees and expenses that need … moreClosing costs are the fees and expenses that need to be paid in order to get finalize a mortgage or home equity loan. The closing costs you will be required to pay may vary from loan to loan, as some are state or federally mandated, while others are contractually provided for and can often be negotiated away. In addition, a borrower is not always required to foot the closing cost bill alone, as the seller will often chip in so as to secure a higher purchase amount or interest rate.
While there are no naming conventions for closing costs, meaning they may be referred to differently by different people, some of the most common are:
- Application Fee
- Appraisal Fees
- Document Preparation
- Notary Fee
- Recording Fee
- Survey Fee
- Title Service Fees
- Assumption Fee
- Attorney's Fees
- Brokerage Commission
- Discount Points
While there are no naming conventions for closing costs, meaning they may be referred to differently by different people, some of the most common are:
- Application Fee
- Appraisal Fees
- Document Preparation
- Notary Fee
- Recording Fee
- Survey Fee
- Title Service Fees
- Assumption Fee
- Attorney's Fees
- Brokerage Commission
- Discount Points
The last day that transactions are posted to your … moreThe last day that transactions are posted to your account for that billing cycle.
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. These are also called "affinity cards." The company markets the card to its members, and the credit card company partner gives the marketer a small percentage or fee in return.
When you co-sign a credit agreement for a relative … moreWhen you co-sign a credit agreement for a relative or close friend, you are agreeing to pay the debt if the primary cardholder doesn't pay or otherwise defaults on the loan.
An adult (over 18 years old) who agrees to share c … moreAn adult (over 18 years old) who agrees to share credit responsibilities with someone.
"Change of Billing" address fraud, otherwise known … more"Change of Billing" address fraud, otherwise known as COB fraud, is a type of fraud where a criminal changes the billing address of a legitimate cardholder, so that items purchased with a stolen credit card / bank account are delivered to the thief's preferred address.
A cost-sharing insurance structure that requires t … moreA cost-sharing insurance structure that requires the insured party to pay a certain percentage of his or her own medical bills after the deductible has been paid.
Coinsurance is similar to a plan that requires the insured to make a copayment; however, a copayment is a flat fee due each time medical services are rendered.
Coinsurance is similar to a plan that requires the insured to make a copayment; however, a copayment is a flat fee due each time medical services are rendered.
Something of value that is pledged to pay off a lo … moreSomething of value that is pledged to pay off a loan or debt if payments aren't made according to the agreement. Also called security.
Mortgages and car loans are known as "secured" loans given that the underlying assets they are used to purchase (i.e. a house or a car) serve as collateral for the original loan. In other words, if a borrower does not make payments as originally agreed, the lender may be able to sell the aforementioned assets in order to recoup amounts owed.
Mortgages and car loans are known as "secured" loans given that the underlying assets they are used to purchase (i.e. a house or a car) serve as collateral for the original loan. In other words, if a borrower does not make payments as originally agreed, the lender may be able to sell the aforementioned assets in order to recoup amounts owed.
Collection refers to the attempt made by a collect … moreCollection refers to the attempt made by a collections department or collection agency to receive payment on an old debt.
Credit card companies or banks might send your ove … moreCredit card companies or banks might send your overdue bill(s) to a collection agency, a company that will attempt to obtain your payment.
Optional damage coverage available while renting a … moreOptional damage coverage available while renting a vehicle. In case of damage, theft or loss of use of the car, the insured is not responsible to pay the cost of the full repair. A collision damage waiver is not technically insurance, rather a waiver against being charged the full amount of any damage to or loss of a vehicle.
Learn more about collision damage waivers and insurance for rental cars.
Learn more about collision damage waivers and insurance for rental cars.
Coverage for damage to your own car caused by an a … moreCoverage for damage to your own car caused by an accident. This insurance will pay for repairs to your own car if your are at fault for an accident or if you're not able to get coverage from the at-fault driver's insurance. In most cases, collision insurance has a deductible.
Collision coverage is not required by law, but it will be required by your lender or leasing company if you finance the purchase of a car.
Read more about collision insurance coverage.
Collision coverage is not required by law, but it will be required by your lender or leasing company if you finance the purchase of a car.
Read more about collision insurance coverage.
A financial institution that provides a broad rang … moreA financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards.
A catch-all name for cards specifically issued for … moreA catch-all name for cards specifically issued for business use: including corporate cards, business credit cards, and business charge cards.
A locally owned and operated financial institution … moreA locally owned and operated financial institution.
Coverage for automobile damage due to theft, vanda … moreCoverage for automobile damage due to theft, vandalism, falling objects, flood, fire, animals, or natural disasters.
You are not required to carry comprehensive coverage unless you have a car loan or lease. In that case, your lender or leasing company will probably require you to carry comprehensive insurance.
Learn more about comprehensive insurance coverage.
You are not required to carry comprehensive coverage unless you have a car loan or lease. In that case, your lender or leasing company will probably require you to carry comprehensive insurance.
Learn more about comprehensive insurance coverage.
Confirmation is the court order that binds the rep … moreConfirmation is the court order that binds the repayment of debt plan for Chapter 11, 12, or 13 bankruptcy. Confirmation takes precedence over pre-petitioned claims or events.
Once a reorganization plan for Chapter 11, 12, or … moreOnce a reorganization plan for Chapter 11, 12, or 13 bankruptcy has been approved by the bankruptcy court and lawful for all parties, it is considered to be confirmed.
Someone who purchases goods or services. Also know … moreSomeone who purchases goods or services. Also known as You.
Personal or household-use loans, rather than loans … morePersonal or household-use loans, rather than loans for businesses or other commercial uses.
A service organization that analyzes your debt and … moreA service organization that analyzes your debt and spending, then creates a plan that helps you repay your debt over time.
A store of an individual's debt-repayment records. … moreA store of an individual's debt-repayment records. Credit scores and standings are based upon consumer credit files. People with better credit standings are offered better rates for credit and loans.
The Consumer Credit Protection Act, passed in 1968 … moreThe Consumer Credit Protection Act, passed in 1968, for the first time spelled out basic consumer protections, including Truth in Lending disclosures. It requires creditors to state the cost of borrowing in understandable terms to allow consumers to figure out how much loans would cost, and to compare them.
Debt incurred for personal, family, or household n … moreDebt incurred for personal, family, or household needs. Does not include debts incurred through business or taxes.
Debts dependent upon a future event.
When you open a new credit card account, the compa … moreWhen you open a new credit card account, the company may send you a blank convenience check or transfer check so you can transfer a balance from an old card to your new card. A credit card company might send you convenience checks at different times throughout the year for purchases, as well.
Converting a bankruptcy case from one chapter to a … moreConverting a bankruptcy case from one chapter to another under the bankruptcy code.
The amount that an insured party pays each time th … moreThe amount that an insured party pays each time they receive medical treatment as part of a cost-sharing agreement with the insurance company. A copayment (also known as a copay) is typically a fixed amount under $25, but it can vary based on the type of service provided (e.g. doctor's office visit vs. having a prescription filled).
Copayments are due at the time a service is provided.
Copayments are due at the time a service is provided.
A fee that might be charged by your credit company … moreA fee that might be charged by your credit company in exchange for providing you with copies of documents that relate to your account.
A credit or charge card issued to members of a com … moreA credit or charge card issued to members of a company, for business use. Corporate cards may have limits installed to prevent their use at certain establishments
An industry slang term that refers to a bankruptcy … moreAn industry slang term that refers to a bankruptcy judge's ability to lower the amount owed by a debtor to a creditor.
Money given to a borrower on condition of repaymen … moreMoney given to a borrower on condition of repayment over a certain period of time with specific terms and conditions.
A credit bureau or credit reporting agency collect … moreA credit bureau or credit reporting agency collects your credit history, and allows loan issuers or other companies and organizations to review your credit when applying for a credit card, loan, or even a job. Credit bureaus can only release your credit information with your permission.
A brief report of a consumer's credit history, as … moreA brief report of a consumer's credit history, as made available through credit bureaus to lenders and creditors. The risk score allows creditors to evaluate the risk involved with loaning credit or money to a debtor, based upon that person's history of debt repayment.
A credit card allows you to keep a balance, rather … moreA credit card allows you to keep a balance, rather than paying your debt in full each billing cycle, but then charges interest on the amount you owe.
A financial institution that issues credit cards. … moreA financial institution that issues credit cards. Most of the time a credit card's issuer (e.g. Bank of America or Capital One) will be different from the network it is on (i.e. Visa, MasterCard, American Express, and Discover). The two exceptions are American Express and Discover, which are networks that began issuing their own cards directly.
The unpaid balance you carry on your credit card.
Fees charged to you by your credit card company. T … moreFees charged to you by your credit card company. These can include transaction fees and application fees. Some credit card companies even charge a fee for closing your account.
The four major credit card networks are Visa, Mast … moreThe four major credit card networks are Visa, Mastercard, Discover, and American Express.
The series of numbers embossed on a credit card. T … moreThe series of numbers embossed on a credit card. The first six digits identify the credit card company / issuer, such as American Express, Discover, Visa, or MasterCard. The remaining digits are a unique card holder identifier.
Advice given by professional counselors about how … moreAdvice given by professional counselors about how to budget, use credit responsibly, and repay your debts.
Also known as accident and health insurance, this … moreAlso known as accident and health insurance, this is an insurance plan that makes payments on your loan if you become ill or injured and can't work.
The up-to-date accumulation of how you have used y … moreThe up-to-date accumulation of how you have used your credit. Your credit score is based on your credit file. If you use your credit responsibly, your credit history will be more positive than if you default on your loans or make your payments after the deadline.
Also referred to as "credit report", "credit history" or "credit record".
Also referred to as "credit report", "credit history" or "credit record".
Consumers can request a credit freeze from the cre … moreConsumers can request a credit freeze from the credit bureaus, to prevent new accounts from being opened under the consumer's name. There is generally a fee associated with this service, unless identity theft is suspected or has been detected. Credit bureaus might also charge a fee for revoking (or "thawing") the credit freeze.
An up-to-date record of not only how you have used … moreAn up-to-date record of not only how you have used credit in the past, but also your history of payments toward other financial obligations, such as loans, rent, etc. Your credit history is encompassed in your credit reports with the three major credit bureaus (Experian, Equifax, and TransUnion), and may contain information about what types of financial accounts you open, whether you make payments on time or not, how much available credit you have, whether you've defaulted on any obligations, and certain public records such as court judgments.
Your credit score is based on your credit history. If you use your credit responsibly, your credit history will be more positive than if you default on your loans or make your payments after the deadline.
Your credit score is based on your credit history. If you use your credit responsibly, your credit history will be more positive than if you default on your loans or make your payments after the deadline.
When a creditor asks to see your credit report fro … moreWhen a creditor asks to see your credit report from one of the three major credit bureaus. More specifically, there are two different types of credit inquiries: hard and soft. Hard credit inquiries are when creditors or lenders view your credit report(s) for the purpose of making a lending decision. This type of credit inquiry is listed on your credit files. Soft credit inquiries are when creditors, lenders, landlords or employers request your credit report(s) for pre-qualification or risk assessment purposes.
Insurance that will pay the minimum balance on you … moreInsurance that will pay the minimum balance on your credit cards if you are injured or lose your job.
A type of insurance policy that pays off all or so … moreA type of insurance policy that pays off all or some of your loan if you die.
The maximum amount you may charge on your credit c … moreThe maximum amount you may charge on your credit card. Some credit cards have different limits for purchases and cash advances.
Your credit line is closely tied to your credit standing and income. Issuers are more likely to trust you with a lot of spending power if you have a history of paying your financial obligations on time and are likely to have plenty of disposable income to make payments in the future.
Your credit line is closely tied to your credit standing and income. Issuers are more likely to trust you with a lot of spending power if you have a history of paying your financial obligations on time and are likely to have plenty of disposable income to make payments in the future.
The credit-card company that assessed this fee exp … moreThe credit-card company that assessed this fee explained it in the terms and conditions as follows: Each time your Account is eligible and approved for an unsecured credit limit increase, a Credit Limit Increase Fee of $25 is imposed. This fee is automatically assessed upon approval of your credit limit increase.
The maximum amount of credit that is available on … moreThe maximum amount of credit that is available on a credit card or other line of credit account.
A service that monitors credit card accounts for a … moreA service that monitors credit card accounts for activity that is out of the ordinary. The card holder is then alerted when such activity happens.
A binding legal agreement between a debtor and cre … moreA binding legal agreement between a debtor and creditor that the debtor will repay the creditor on a certain schedule or penalties will be exacted.
A type of credit insurance that protects personal … moreA type of credit insurance that protects personal property that is used to secure a loan or mortgage.
Essentially it insures the property against being destroyed by events like theft, accident or natural disasters.
Essentially it insures the property against being destroyed by events like theft, accident or natural disasters.
A numeric score of your overall credit performance … moreA numeric score of your overall credit performance as it pertains to the repayment history of your credit cards, loans, and bills. Also referred to as "credit score" or "FICO score".
The up-to-date accumulation of how you have used y … moreThe up-to-date accumulation of how you have used your credit. Your credit score is based on your credit history. If you use your credit responsibly, your credit history will be more positive than if you default on your loans or make your payments after the deadline.
Also referred to as "credit report", "credit history" or "credit file".
Also referred to as "credit report", "credit history" or "credit file".
A summary of your recent credit history plus addit … moreA summary of your recent credit history plus additional personal facts, including your age, address, marital status, employment history and other details that will help potential creditors or employers gauge your creditworthiness.
A credit report includes a record of all credit cards you currently hold, have held, or applied for. It also includes the credit limit and your payment history.
Also called "credit record" or "credit file".
A credit report includes a record of all credit cards you currently hold, have held, or applied for. It also includes the credit limit and your payment history.
Also called "credit record" or "credit file".
A credit bureau or credit reporting agency collect … moreA credit bureau or credit reporting agency collects your credit history, and allows loan issuers or other companies and organizations to review your credit when applying for a credit card, loan, or even a job. Credit bureaus can only release your credit information with your permission.
A numeric representation of your credit history an … moreA numeric representation of your credit history and creditworthiness. Some people may refer to it as the FICO Score, which is the most popular type of score.
Nevertheless it is important to know that there are thousands of credit scores and a lot of lenders also build and use their own proprietary scores.
Nevertheless it is important to know that there are thousands of credit scores and a lot of lenders also build and use their own proprietary scores.
Credit Score
Excellen … more
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Credit Score
Excellent Credit
750 - 850
Good Credit
700 - 749
Fair Credit
640 - 699
Bad Credit
300 - 639
Limited Credit
Less than 3 years of credit history
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The credit score shown on WalletHub is based on your TransUnion credit report as well as the VantageScore 3.0 model, and it may differ from what your lender or insurer uses.
The method by which your credit score is determine … moreThe method by which your credit score is determined, based on how likely you are to repay a debt.
A qualitative term that reflects where one's credi … moreA qualitative term that reflects where one's credit stands on a rating from "excellent" to "bad".
On the other hand, Credit Rating / Credit Score is a quantitative assessment of the strength of your credit: the higher your credit score, the higher your credit standing.
On the other hand, Credit Rating / Credit Score is a quantitative assessment of the strength of your credit: the higher your credit score, the higher your credit standing.
A nonprofit financial cooperative that offers its … moreA nonprofit financial cooperative that offers its members a variety of savings and credit services. Credit unions typically have some sort of membership requirement related to the groups you belong to or where you live, go to school, work, or worship.
While credit unions typically offer the same suit of products and services as banks, they're often able to provide better terms because they are not concerned with turning a profit. Credit unions do have certain drawbacks, however, as they are typically localized, may not offer round-the-clock customer service, and are unlikely to have as many branches and ATM locations as large banks.
The National Credit Union Administration (NCUA) insures funds deposited at credit unions for up to $250,000 per accountholder.
While credit unions typically offer the same suit of products and services as banks, they're often able to provide better terms because they are not concerned with turning a profit. Credit unions do have certain drawbacks, however, as they are typically localized, may not offer round-the-clock customer service, and are unlikely to have as many branches and ATM locations as large banks.
The National Credit Union Administration (NCUA) insures funds deposited at credit unions for up to $250,000 per accountholder.
The ratio of credit spent to total available credi … moreThe ratio of credit spent to total available credit.
How qualified you are to receive credit, based upo … moreHow qualified you are to receive credit, based upon your credit history and credit score.
Someone who loans or is owed money.
Former name of the fee now known as a Foreign Tran … moreFormer name of the fee now known as a Foreign Transaction Fee, which is the fee that you will get assessed on the purchases that you make while traveling outside the U.S. OR while purchasing items over the Internet from merchants that are located outside the U.S.
A central digital repository of information about … moreA central digital repository of information about each account holder / customer. Also referred to as CIF.