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Glossary of Terms

APR

The interest rate charged on a loan, credit card, or mortgage over a year's time

Annual Fee

The fee charged annually by a credit card company to its cardholders. This amount is added to the cardholder's statement.

Bad Credit

An individual's credit rating is typically considered bad or poor if their FICO score falls below 620. Issues that drop a FICO score to such a level include defaulting on (failing to pay back) loans and credit cards, making payments past their due date, and/or carrying a high level of debt.

Balance Transfer

The transfer of an existing account balance (in part or in whole) to a different account, usually an account held with another creditor.

Balance Transfer Fee

The fee charged by a credit card company when a balance is transferred to one of its cards.

Bankruptcy

A legal declaration of one's inability to pay his/her creditors. In most cases, voluntary bankruptcy is initiated by the individual in debt (the debtor); in rare cases, creditors may file a bankruptcy petition against a debtor to initiate an involuntary bankruptcy.

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Financial Calculators

Sometimes figuring out the best offer for your credit situation requires some in-depth calculation. We at BadCreditOffers.com make this process easier by providing a full suite of financial calculators to our website's visitors. See below for ways to calculate costs and benefits of credit card offers, mortgage offers, loan offers, and other personal finance decisions. If you have a suggestion for a calculator not shown below, please send it to us and we will work to add it to this page.

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Want to learn more about bad credit and the steps you can take to improve your financial future? See this section for articles from BadCreditOffers.com featuring tips, advice, and other information for people with bad credit.
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Millions of people have bad credit, but what exactly is bad credit? And what can be done about a bad credit history? Visit our FAQs section to gain a better understanding of bad credit and its impact on your finances.
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Calculate Your Finances

Use online calculators to analyze your finances, and measure the impact of payments on credit cards, loans, and mortgages. Take the guesswork out of your financial decisions using our calculator section.
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Learn the Terminology

What does "APR" mean? What is the difference between Chapter 7 and Chapter 13 bankruptcy? The credit industry uses terms that we do not hear in everyday conversation, but that are important to understand nonetheless.
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Glossary of Terms

APR

Annual Fee

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Balance Transfer

Balance Transfer Fee

Bankruptcy

Financial Calculators

Credit Card Payoff Calculator

Minimum Payment Calculator

Mortgage Affordability Calculator

Refinance Calculator

Loan Calculator

Rent vs. Buy Calculator