Credit Reports Archives

What is a transaction fee?

May 11th, 2011 by Cara

Fees charged when you make certain types of transactions. Transaction fees are typically assessed on cash advances and cash-like transactions, such as money orders, wire transfers, and casino gaming chips.

What is the Prime Rate?

May 11th, 2011 by Cara

Prime means “best,” and this rate is what banks charge their best commercial customers for loans. The prime changes often, is reported daily in The Wall Street Journal, and is used as a reference point for many businesses. For instance, the prime rate is used by some financial institutions to set the APR for credit cards.

What is LIBOR?

May 11th, 2011 by Cara

(London Interbank Offered Rates)Five major London banks determine these fixed rates daily for specific maturities. What does this mean to you? LIBOR may be used by some banks instead of the Prime Rate to set APRs.

What is a credit line?

May 11th, 2011 by Cara

The maximum you can charge on your credit card account. When you receive a new credit card, you’re usually issued a set credit line. Under some circumstances, your card issuer may increase or decrease it.

What is CCCS?

May 11th, 2011 by Cara

Nonprofit helping people get out of debt. CCCS counselors can advise you on how to develop a budget you can live with and can be invaluable in helping you negotiate repayment plans with your creditors. This service is confidential. To reach the CCCS, call 1-800-388-2227.

What is a billing cycle?

May 11th, 2011 by Cara

The length of time between billing statements. Between 27 and 33 days.

What is bankruptcy?

May 11th, 2011 by Cara

Legally declared unable to pay your debts as they become due. Remains on a person’s credit report for at least 10 years and, in some cases, indefinitely. “Last Resort”

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.

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