Learn how to spend smart with credit cards. Finance Meaning is here to teach every little detail about credit cards.
What does derogatory mean? It is a term used to describe the negative information on a borrower’s credit report. Lenders use this term to explain the debtor’s reason for defaulting on payment. What is derogatory credit is another question closely related to derogatory marks. Derogatory credit items are those accounts affected by the negative information … Read more
We use credit cards. When we use it, how does credit work? A person borrows money as per terms and conditions. He/she pays the amount back after a certain period. A high credit score is useful to get approval for loans. A high credit score ensures less interest in the approved loans. Banks issue credit … Read more
Most of us use credit cards in daily life. The transaction information lies with the credit bureau. We get benefits if it meets FCRA requirements in the system. It is vital to have a basic knowledge of FCRA. Fair Credit Reporting Act (FCRA) is a federal law in America. It maintains the fairness, correctness, and … Read more
The customer may have no credit history. Getting approval for a credit card is difficult. A person receives the credit card as per the factors like income. He/she prefers to increase the average credit card limits in life. If people manage to increase the average credit limit; they enjoy many benefits. People need to reduce … Read more
We use credit cards throughout life. Do we know the credit card size during usage? The question sounds tricky. We may have observed the credit card with a magnifying glass. It came to make the transactions fast and easy. It looks attractive and feels interesting to touch. We have not given a second thought to … Read more
According to the Credit Card Producers, the user is needed to replace the credit card when it gets damaged physically. That’s the main reason; credit card expiration date is present. This date also prevents security breaches that hackers can use to get unauthorized access. This expiry date is also known as the significant piece of … Read more
The 5 C’s of credit evaluate a borrower’s creditworthiness. Creditworthiness refers to a borrower’s ability to borrow, use, and return money based on the agreed conditions. Financial institutions use this factor to determine one’s credit limit and the interest rate to charge on loan. They review five factors when evaluating a borrowers’ creditworthiness: character, capacity, … Read more
Using electronic cards in the 21st century is so common nowadays. People used to make a transaction using a card. In this post, we will focus on what is the difference between a charge card vs. credit card? The type of card an individual uses depends on personal choice. The market has different electronic cards … Read more