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A term used to describe a poor credit rating. Common practices which can damage your credit rating include late or missed payments, exceeding the limit on cards, defaulting on loans or declaring bankruptcy. "Bad Credit" can result in the denial of future credit.
Back to topThe total amount you owe the issuer including any unpaid balance from last month, new purchases, cash advances, and any other charges such as an annual fee, late fees or interest charges. The "Amount I Owe" should not be confused with the minimum payment due (the minimum amount allowed each month).
Back to topBalance Calculation Method is the method used by a credit card issuer to calculate the balance owed and the interest due each month.
Back to topTransferring balances from one credit card to another, usually to take advantage of a lower interest rate. Transfers are limited to the available credit on the receiving card.
Back to topBankruptcy is a legal declaration of your inability to repay your debts. Bankruptcy should be viewed as a last resort. It will have a severe impact on your credit rating and will remain on your credit report for up to ten years. Furthermore, bankruptcy is not a solution in all cases. Federal student loans, Federal tax debt and child support are all exempt from bankruptcy protection. Bankruptcy agreements vary but there are two types of agreements that most people choose: Chapter 7 and Chapter 13.
Back to topIn a Chapter 7 agreement, the court resolves most debts by selling assets and property so that the filer is given a fresh financial start. The court normally takes all assets including your car, home, furnishings, jewelry or anything else of value. The assets are sold to pay off the debt.
In a Chapter 13 agreement, the court creates a debt repayment plan that allows you to keep your property.
The number of days between your last statement date and your current statement date.
Back to topA monthly bill from your credit card issuer which describes and summarizes the activity on your account including the outstanding balance, purchases, payments, credits, interest charges and other transactions for the month.
Back to topThe person who signs and agrees to the terms of a promissory note and is responsible for repaying the loan.
Back to topThe financial record you use to keep track of the money you earn, how much you spend and what you spend it on. Your budget also includes savings and how much you pay to your creditors.
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