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Houston Mortgage > Glossary >
Credit Repair > A 1-10
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Adjusted balance
A method used by some card issuers in which they subtract all payments made during the month, then add the finance charges.
Affinity card
A card offered by two organizations, one a lending institution, the other a non-financial group. Schools, nonprofit groups, pro wrestlers, popular singers and airlines are among those featured on affinity cards. Usually, use of the card entitles holders to special discounts or deals from the non-financial group.
Affirmation
1. A substitute for a legal oath, used by people who object to making oaths. 2. A debtor's agreement to continue paying certain dischargable debts after bankruptcy.
Air miles
One of the most popular rewards issued by airline-affiliated co-branded cards. Air miles are earned with every use of the card, and then transferred monthly to the cardholder's account with that airline.
Annual fee
A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer''s monthly statement. Many credit cards come without an annual fee.
APR
Annual Percentage Rate. A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans.
Arbitration
A dispute-resolution method in which an impartial third party, agreed upon by all sides beforehand, makes a decision.
Asset case
A bankruptcy proceeding in which there are non-exempt assets that might be available to pay the claims of creditors.
Assets
Personal possessions of value, including cash, real estate and investments.
Authorized user
Any person to whom you give permission to use a credit card account.
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