Posted by bobnone | Posted in Credit Card | Posted on 09-08-2009
Credit Card Repayment Calculator Amortization ~~Financial Matters of Life ~~
Understanding Credit Terminology for Knowledge
When it comes to credit, there are a multitude of terms that you should understand. These terms are often used when dealing with credit and help you better understand exactly what is involved in credit. Read this guide and educate credit terminology in the world of credit.
Adjusted Balance – Adjusted balance is a method of calculating your credit balance and annual percentage rate (APR) that payments and / or credits made during the billing cycle are subtracted from the final balance of your previous billing cycle. This method is more beneficial for borrowers and holders of credit cards. Unlike the average daily balance calculations, new purchases during that billing cycle not included in the calculation of the balance adjusted, and interest only applies to the balance remaining after payments are credited to your account.
Depreciation – Depreciation is a payment plan that allows the borrower to reduce its debt through monthly payments of principal.
Annual Percentage Rate (APR) – APR is the annual percentage rate lenders charge borrowers money loans (also called the cost of credit). Lenders must disclose the APR is loaded before the end of treatment. Lenders may not disclose or make changes to the APR after the lender / provider contract has been signed. However, some credit card companies and loan companies state in their agreement that can change your April, when interest rates or exchange rates.
Average Daily Balance – The average daily balance method is a calculation of your credit balance and interest. It is the practice of crediting your account from the day your payment is received. In other words, is a daily monitoring than it should. When calculating the average daily balance, the lender adds the beginning balance for each day of billing period and subtracts any payments and / or credits made in your account that day. The end result is your average daily balance. New acquisitions are not necessarily in your account the day of purchase, and will not show on the daily balance. When the purchase is charged to your account, which affects your balance.
Bankruptcy – Bankruptcy is a form of financial protection when the borrower can not pay rent or mortgage, no credit or by paying for it, and is unable to reconcile with collection agencies. There are two methods of personal bankruptcy: Chapter 7 and Chapter 13. A Chapter 7 bankruptcy eliminates all debts (minus taxes and possibly alimony payments) through the adoption of all non-exempt property (as provided in Chapter 7 filing) and convert it into cash to pay debts. A Chapter 13 bankruptcy allows a borrower on a fixed income to pay bills for a period of 36-60 months. Chapter 13 filing is available only to those who have predictable income and a means defaulted on its debt in the stipulated period of time.
Credit Score – A credit score is a statistical calculation of the information obtained in the credit report of a consumer credit. A common type of credit score is the FICO score, others include Beacon and Empirica. They are used to calculate the probability future to repay the loan based on your credit history.
FICO – FICO is a mathematical equation and lenders calculation used to evaluate the risk associated with lending money. FICO score means Fair Isaac Company, the company that originally created the formula.
Settlement – Liquidation is the process of converting assets into cash to pay creditors. This process is used in case of personal and corporate bankruptcy as a solution to out of debt with lenders.
Repossession – Repossession is the forced or voluntary surrender of merchandise as a result client's inability to pay the debt. If you purchase an item on credit and not pay for it, the entity that sold it to you claim.
Rotatory Account – A revolving account is an account that requires a minimum payment each month, plus a service charge. When the balance is reduced, the service charge / of interest is also reduced.
Credit terminology can be confusing. If you are researching credit options and want to know what is involved, use this guide to get aware of some of the most common credit terms.
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