Plain-English definitions for the terms you'll encounter on your financial journey.
The amount of your credit limit that remains unused and is available for spending.
The percentage of a borrower's total available credit that is currently being used, calculated by dividing the balance by the credit limit.
The maximum amount of money a lender allows you to spend on a single credit card or line of credit.
A fee charged by a credit card issuer when a cardholder's balance exceeds the pre-set credit limit for their account.
A type of credit card that requires a cash security deposit, which usually acts as the credit limit.