Where is the CreditCardForum Glossary?

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PlyrStar93
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Postby PlyrStar93 » Sat Nov 08, 2014 1:41 pm

Cre wrote:POS = Point of Sale... sometimes the point when credit limit is determined or denied, especially for floating limit cards

Point of Sale is what the merchant has. Determining a charge will be approved or not has to do with the card issuer, not really the ability of merchant POS generally. Also it's the charge to be approved/denied, not the credit limit. I apologize for possible confusion on my previous post.
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Vattené
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Postby Vattené » Sat Nov 08, 2014 3:43 pm

Ha! I like RTC101T. Although, if someone needs to be told RTC101T, they probably won't understand it if you say "RTC101T."

Something we may want to consider adding below AAoA is AAoOA, a distinction that's the cause of a lot of confusion.

AAoOA = Average Age of Open Account

This is the measure used in the CK scoring model; FICO uses AAoA. So, closing an account will change your AAoOA, but will have no impact on your AAoA. After an account is closed, it stays on your credit report for 10 years before falling off. If you close one of your newer accounts (anything with an age that is shorter than the average), it will lengthen your AAoOA. Likewise - without considering utilization - closing an account may improve your CK score but it will have no effect on your FICO. Many are under the mistaken impression (and I was one of them) that closing newer accounts will improve your credit.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

Cre
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Postby Cre » Mon Nov 10, 2014 2:25 pm

Three recent threads that soared far above my head mentioned the acronym "UR", which is not in our evolving glossary.

Please tell me what it means, so I can add it to the knowledge base for newbies. (my avatar should still be green).
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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Vattené
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Postby Vattené » Mon Nov 10, 2014 2:40 pm

UR = Ultimate Rewards, the points accrued through certain Chase cards

UR : Chase :: MR : American Express
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

Cre
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CCF Glossary Update # 141110:

Postby Cre » Mon Nov 10, 2014 2:44 pm

3XCLI = 3 times Credit Limit Increase, a perk some AmEx customers can request after a certain number of days (61) of opening an account
4506-T = An IRS form to request a transcript of an income tax return
AA = Adverse Action
AA = American Airlines
AAoA = Average Age of Accounts
AFAIK = As far as I know
AF = Annual Fee
AG = Attorney General
AMEX = American Express
APR = Annual Percentage Rate
AR = Account Review
AU = Authorized User
BADDIE = Any negative or derogatory item on your report
BBB = Better Business Bureau
BCE = Blue Cash Everyday, a credit card by AmEx (can carry a balance)
BCP = Blue Cash Preferred, a credit card by AmEx (can carry a balance)
BK = Bankruptcy
BT = Balance Transfer
BTW = By the way
BUMP = Used by someone when they are looking for an answer to the thread, but have not received one yet
CA = Collection Agency
CBR - Credit Bureau Report
CC = Credit Card
CCC = Credit Card Company
CCCS = Consumer Credit Counseling Services
CFL = Consumer Finance Loan
CK = Credit Karma (a credit report information aggregator)
CL = Credit Limit
CLD = Credit Line Decrease
CLI = Credit Line Increase
CMRRR = Certified Mail Return Receipt Requested
CO = Charge Off
CR = Credit Report
CRA = Credit Reporting Agency ( TransUnion, Equifax, Experian)
CRO = Credit Repair Organization
CRTP = Credit Reporting Time Period
CS = Customer Service or CreditSecure(R) (depends on context)
CS = Chase Sapphire
CSP = Chase Sapphire Preferred
CSR = Customer Service Representative
DD = Dear Daughter
Derog = Derogatory
DH = Dear Husband
DMP = Debt Management Program
DOFD = Date of First Delinquency
DOLA = Date of Last Activity
DS = Dear Son
DTI = Debt to Income
DV = Debt Validation
DW = Dear Wife
ED = (following DW, it’s not what you’re thinking) EveryDay, by AmEx
EDP = EveryDay Preferred, by AmEx
EQ (also EFX) = Equifax
EX (also EXP, XPN) = Experian
FA = Fraud Alert
FAKO = Generic credit score, not a true FICO
FC = Foreclosure
FCRA = Fair Credit Reporting Act
FDCPA = Fair Debt Collections Practices Act
FI = Fair Isaac
FICO = A for profit business, formerly known as Fair Isaac Co., that is publicly traded on the New York Stock Exchange. FICO collects big data, more than big brother ever dreamed of hoarding, and employs predictive analytics based on individual and statistically aggregated consumer data to create a hierarchal score of credit worthiness. This numerical score is used as one of several short hand decision tools by other business in granting, denying, or extending credit to consumers.
FR = Financial Review
FSR, FS&R = Friendly, Supportive & Respectful
FTC = Federal Trade Commision
FWIW = For What It's Worth
GC = Green Card from Certified Mail
GL = Good Luck
GW = Good Will
HELOC = Home Equity Line of Credit
HIPAA = Health Insurance Portability and Accountability Act
HP = Hard Pull
HTH = Hope This Helps
IIB = Included in Bankruptcy
IME = In my experience
IMHO = In My Humble Opinion
IMO = In My Opinion
INQ = Inquiry
IT = a credit card issued by Discover
ITS = Intend to Sue
JDB = Junk Debt Buyer
JK = Just Kidding
JMHO = Just My Humble Opinion
JMO = Just My Opinion
LOC = Line of Credit
LOL = Laughing Out Loud
LTV = Loan to Value
MF = myFICO, the consumer website run by FICO, for obtaining a FICO score
MOV = Method of Validation
MR = Membership Rewards
MRP = Membership Rewards Points
NERF, NERFED = The act of credit card issuers reducing the perks and benefits they originally advertised the card as having
NPSL = No Preset Spending Limit
NSA = The only government agency that really listens (and knows your credit history, and every movie you’ve watched)
OC = Original Collector or Original Creditor
OP = Original Poster or Original Post
OT = Off Topic
PC = Product Change
PFB = Planet Feedback
PFD = Pay For Delete
PIF = Pay in Full
PL = Personal Loan
PM = Private Message
POS = Point of Sale... sometimes the point when credit limit is determined or denied, especially for floating limit cards
POS = Piece of Something best “eliminated” out of sight. The lowest rating and most unfavorable review of a product, reduced to 3 letters
PP = Permissible Purpose
PR = Public Record
PRG = Premier Rewards Gold, by AmEx
RTC101T= Read the Credit 101 Thread
RECON = Reconsideration
SD = SOCK DRAWER = Where you put CC's that you won't be using for a while
SM = Secure Message, an encrypted means of communicating electronically, utilized by financial institutions in lieu of regular email
SOL = Statute of limitations
SP = Soft Pull (a credit report review that doesn’t count as an inquiry)
SPG = Starwood Preferred Guest (Starwood is a hotel network)
SW = ScoreWatch
TC = TrueCredit
TD = Turned Down
TL = Tradeline.. An entry in your credit history.
TU = TransUnion
UR = Ultimate Rewards, the reward points bestowed by Chase, similar to AmEx MR
UTL, UTIL = Utilization of debt to credit line
U/W = Underwriter, Underwritten
WEMC = World Elite Mastercard
WMC = World Mastercard
WO = Write Off
YMMV = Your Mileage May Vary
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

Cre
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Postby Cre » Tue Nov 11, 2014 1:11 pm

Everyday, new acronyms are casually tossed about that throw me for a loop. Here's today's minefield:

AU = Authorized User

CK = Credit Karma (a website that issues FAKO scores)

FAKO = (yet to be determined... will edit later, for now I think it means Fake FICO)

CS = Credit Sesame (yet another website that issues FAKO scores)

CRA = Credit Reporting Agency

This post will be edited and updated later. Just wanted to jot these terms down, and get your input about them, before inserting their final definitions into our evolving CCF Glossary.

Found another term I already knew, but it should be in the Glossary...

HELOC = Home Equity Line Of Credit
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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Vattené
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Postby Vattené » Tue Nov 11, 2014 1:32 pm

You are correct about FAKO. There are hundreds of scoring models, but the various versions of FICO are by far the most widely used. It's really more of a derogatory term for a score that tries to pass for a FICO. CK has their own model, and there is the impression they rely on consumers' ignorance by shouting "FREE SCORE! FREE SCORE!" and hoping people don't realize that it really isn't too useful.

Edited to add: I like CK and use it myself. It is a great way to monitor what TransUnion is saying about you, but realize the score and suggestions are not that meaningful.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

Cre
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Postby Cre » Tue Nov 11, 2014 2:00 pm

Vattené wrote:"... to monitor what TransUnion is saying about you...


You mean, they actually SAY stuff about you? Like a summary evaluation? An annual review beyond just a creditor and payment history profile? Like, "We think Vattene is a fairly good risk" type of qualitative assessment?

I should be more embarrassed about my ignorance of these things... but that is why I'm here, to learn, and I'm so thankful for your help!
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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Vattené
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Postby Vattené » Tue Nov 11, 2014 2:32 pm

No, sorry! "Monitor what they report about you" would have been more accurate phrasing. CK gets all of its information from TU. If I get an alert from CK saying there is a new HP from Lexus Financial Services and I haven't been car shopping, that is a big red flag. I know TU doesn't have accurate information and that someone is likely trying to finance a luxury car in my name. CK is useful for this type of monitoring. The score they give is their own model and isn't used much (if at all) by lenders, but tracking its movement can still give you an idea of how you are doing. Their card suggestions are even less useful - nothing but advertisements, but it is a small price to pay in my opinion for free continuous TU monitoring. The objective facts they have about you are good.

Didn't mean to worry you there. The CRAs aren't claiming anything subjective about your creditworthiness. They're merely collecting detailed financial information about you and selling it to the people that do that sort of thing. ;)
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

oldsoldier
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Postby oldsoldier » Mon Nov 17, 2014 6:06 pm

New here, Long time visitor though. Glad to see someone ask the question I've been doing google searches on every time I saw acronym I didn't know. This will be my ref thread. Thanks all.
BoA Cash Rewards $13,000
Chase Sapphire Preferred $14,000
BoA Better Balance $12,000
Amex Every Day $24,000
Discover It $19,000
NFCU Cash Rewards $25,200
Barclay Arrival WMC $10,000
Cap One QuickSilver WMC $7,200
WF Cash back Visa Sig $11,000
Citi Thank You Premier $13,500



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