Zero balance

A zero balance is what shows on a credit card customer’s bill when the outstanding balance has been paid and there were no new charges

Special Assessment

A special assessment is a levy that homeowners’ associations or local governments impose to pay for the installation or repair of common services when the

Soft inquiry

A soft inquiry, also known as a soft pull, is a preliminary review of a person’s credit history by a lender or other entity.

Prudent Investor Rule

The prudent investor rule is a legal guideline for trustees of investment portfolios. It requires a fiduciary to act in the best interest of the

Hard Inquiry

A hard inquiry, also called a hard pull, is a type of credit check done to determine an applicant’s creditworthiness. It results when a consumer

Full Recourse

Full recourse is a state in which a debt obligation is owed regardless of the borrower’s personal and financial situation. With full recourse, the lender

FICO Score

The Fair Isaac Corp., known as FICO, is a company that specializes in what it calls “predictive analytics.” It collects information about several areas of

Fair Credit Reporting Act

The Fair Credit Reporting Act is a law that provides a set of rules that credit bureaus must follow. The act protects everyday Americans by

Excellent Credit Score

A credit score is a number that is based on a statistical analysis performed by lenders and financial institutions that indicates a person’s ability to

Down Payment

A home down payment is simply the part of a home’s purchase price that you pay up front and does not come from a mortgage

Homeowner Education