Glossary Terms Starting with C

Cash Advance: This is the cash that can be taken from the available balance of your credit card. The interest increases daily and the APR also climb uphill till the balance is paid off.

Cash Advance Check: This is a check taken (similar to personal check) with the amount charged from your cc account.

Charge Off: This is the account that the creditor no more expects to be paid and writes it off as a bad debt.

Collection: This is an effort made by the creditor to collect the owed money from his debtor.

Collection Agency: This is an organization that collects debts on the behalf of original creditor or a sold off debt.

Credit Bureau: This is an organization which keeps record of consumer credit history. The creditors report all transactions to the bureaus and these are filed for future financial use.

Credit Terms: The terminologies that deal with credit and credit related matters.

Credit History: This is the record of all our financial performance till date. This is recorded by a credit bureau.

Credit Report: This is the hard or soft copy of your credit history showing all the records and summary of your accounts which is available at the credit bureaus.

Credit reporting Agency: This is the agency where creditors reports about your credit behavior and performance. Same as credit bureau.

Credit Score: This is a three digit number ranging from 300 to 800, assigned to you on the basis of a calculation done by the credit bureaus.

Credit Line/Limit: This is the maximum balance that you can carry on your credit card. Exceeding this amount you will be liable to pay the over-the-credit-limit fee.

Closed Date: This is the date when an account gets closed.

Co-Maker: This is a creditworthy individual who is required when you are unable to qualify on the basis of your own credit history. A co-maker is legally responsible for paying incase you default on payment.

Consumer Credit counseling services: This is a non profit organization that counsels their consumers to deal with credit issues.

Creditworthiness: This is the ability of a consumer to get a loan or credit depending on his credit history.