A numerical representation of a person's creditworthiness, ranging from 300 to 850, influencing loan eligibility and interest rates.

The process of creating a plan to manage income and expenses, helping individuals allocate funds for debt repayment and savings.

Strategies and methods for paying off borrowed money, which can include approaches like the snowball or avalanche method.

A detailed report of an individual's credit history, including credit accounts, payment history, and current debt.

A comprehensive measure of an individual's financial stability, including income, expenses, debt levels, and savings.

The practice of overseeing and controlling credit accounts to maintain a good credit score and manage debt effectively.

A debt repayment strategy where the smallest debts are paid off first, building momentum as each is eliminated.

A debt repayment strategy focusing on paying off debts with the highest interest rates first to minimize overall interest paid.

An organization that collects and maintains consumer credit information, generating credit reports and scores.

The process of challenging inaccuracies in a credit report, often requiring documentation to support the claim.

The ratio of current credit card balances to total available credit, impacting credit scores.

The costs incurred by individuals, categorized as fixed (unchanging) or variable (changing).

Money received from various sources, including wages, investments, and other earnings.

The maximum amount a lender allows a borrower to charge on a credit account.

The percentage charged on borrowed money, influencing the total cost of loans and credit.

The ability to understand and effectively use various financial skills, including budgeting and investing.

The process of regularly checking credit reports and scores to detect changes or potential fraud.

A tailored strategy outlining specific steps to improve credit scores and manage debt.

Plastic cards issued by banks allowing individuals to borrow funds for purchases, with the obligation to repay.

Money set aside for future use, often kept in a savings account to earn interest.

Specific objectives related to managing finances, such as saving for a vacation or paying off debt.

Applications and services that assist in managing credit and finances, enhancing financial literacy.

A reflective process where individuals evaluate their current financial knowledge and identify areas for improvement.

Monitoring daily expenses to understand spending habits and adjust budgeting accordingly.

Actions taken to enhance one's credit score, such as timely payments and reducing debt.