FAQ Archives

What is the average daily balance method?

May 11th, 2011 by Cara

Outstanding balance less payments plus credits for each day in the billing cycle, divided by days in the billing cycle. Some credit card issuers include new transactions in this calculation, while others exclude new transactions.

How can you build a good credit history?

May 11th, 2011 by Cara

Pay bills in full each month. Establish different forms of credit—checking account, debit card and car payments—demonstrate responsibility.

What is FICO?

May 11th, 2011 by Cara

FICO is a mathematical model created by the Experian to evaluate lending risk. FICO stands for Fair Isaac Company. For a small fee, you can find out your score at myfico.com.

What is a penalty rate?

May 11th, 2011 by Cara

75% of credit card providers include a penalty rate clause with their credit card offers. Rates can increase dramatically if payments late (avg. 23% vs normal rate 6-12%). After six months of timely payments, most creditors will consider lowering your APR again.

What is an introductory rate?

May 11th, 2011 by Cara

Most credit card offers include an introductory rate for the first few months. A 0% offer can be a great deal BUT – How long does the introductory rate last? Does it apply to new purchases and balance transfers? Creditors can usually cancel the introductory rate early if you make a late payment.

What is a grace period (for credit cards)?

May 11th, 2011 by Cara

This is the period of time (usually 20-29 days) when you can pay your credit card bill without being charged interest. If none, interest is charged as soon as you make a purchase.

What is an annual fee?

May 11th, 2011 by Cara

Charge sometimes required by credit card companies for use of an account, fees usually range between $35-$50. With a rewards card, you should ensure that the benefits of the mileage or points program outweigh the cost of the annual fee.

Why should I have a credit card?

May 11th, 2011 by Cara

Build credit, increase your borrowing power, and make major purchases.

How do I report a lost or stolen card?

May 11th, 2011 by Cara

Call the customer service number on your billing statement, search online or call directory assistance (411) to ask for the toll-free number of the banking institution (ex. Capital One, Citibank, etc…).

What is a credit inquiry?

May 11th, 2011 by Cara

Any time your credit report is requested (usually over 24 month period).

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