All terms starting with "F": Fair Credit:
A FICO credit score between 620 and 679. Should you be unaware of your credit score, you can use our free credit estimator. Alternatively, you most likely have fair credit if:
  • You don't have a credit card under your own name with a limit above $5,000 or
  • You've been over 60 days late on two or more major bills (i.e. credit card, loan, medical bill) in the last 12 months or
  • You've defaulted on a credit card or declared bankruptcy within the past five years
Fair Credit Billing Act:
Federal legislation enacted as an amendment to the Truth in Lending Act. The Fair Credit Billing Act protects consumers from unfair billing practices and provides a mechanism for addressing billing errors.
FICO:
The most widely known type of credit score, FICO is a credit score tha is developed by the Fair Isaac Corporation (FICO). It takes values between 300 and 850. The higher the better.
FICO Score:
A numeric score (between 300-850) that indicates whether your credit history is good or bad.
Finance Charge:
Monies charged to card holders by credit card companies or loan providers. These include interest, transaction fees, and service fees.
Foreign Transaction Fee:
The fee that you will be charged on the purchases that you make while traveling outside of the United States OR while purchasing items over the internet from merchants that are located outside of the U.S.
Fraud:
Lying to induce someone to part with either something of value or a legal right, or, a person who defrauds, or who is not what he or she purports to be.
Free Credit Report:
You are allowed to check your credit once each year from each of the three main credit reporting agencies.
Funding:
The final step of a credit card transaction, when a merchant gets its money from a consumer's credit card purchase, minus any transaction / interchange fees the merchant has to pay to their bank, the credit card network, and your credit card company.