Credit card

A credit card is a payment card issued to users (cardholders) as a method of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.

A credit card is different from a charge card, where it requires the balance to be repaid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card. A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date.

Mississaugas of the New Credit First Nation

Mississaugas of the New Credit First Nation is a Mississauga Ojibwa First Nation located near Brantford in south-central Ontario, Canada. In May, 2008, New Credit had a registered population of 2,330 (as of April 2015) people, of which their on-Reserve population was 850 people.

Mississaugas of New Credit First Nation reside on the 2,392.6-hectare parcel of New Credit 40A Indian Reserve known as Reserve 40B near Hagersville, Ontario. This Reserve is located near the Six Nations of the Grand River in Brantford. The Mississauga people were forcibly removed from the land they called home, which is present day Toronto. The Six Nations Confederacy offered the Mississaugas 4,800 acres of land inside their own property as a gift of thanks to the Mississaugas for their authorization for the purchase of the land in 1784 that they currently reside on, the Reservation is territory granted to Six Nations as gratitude for allying with Canada in the War of 1812 by the Haldimand Proclamation. The Six Nations is the only reserve in the Canadian system with a subsection reserve. The Mississaugas eventually purchased the land gifted as well as an additional 1,200 acres for a sum of $10,000.00 on June 15, 1903 for the all time right of undisturbed use and occupancy of the land. The reserve as it stands today consists of lots 1 to 12 in the first and second concessions in the Township of Tuscarora, in the County of Brant and lots 1-12 in the first and second concessions in the Township of Oneida. In 1997, New Credit purchased an additional 59 acres bordering on Highway #6, Hagersville.

Credit score

A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of the person. A credit score is primarily based on a credit report information typically sourced from credit bureaus.

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders also use credit scores to determine which customers are likely to bring in the most revenue. The use of credit or identity scoring prior to authorizing access or granting credit is an implementation of a trusted system.

Credit scoring is not limited to banks. Other organizations, such as mobile phone companies, insurance companies, landlords, and government departments employ the same techniques. Credit scoring also has much overlap with data mining, which uses many similar techniques. These techniques combine thousands of factors but are similar or identical.

Credit

Credit may refer to:

See also

Credit history

A credit history is a record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments. A borrower's credit score is the result of a mathematical algorithm applied to a credit report and other sources of information to predict future delinquency.

In many countries, when a customer fills out an application for credit from a bank, credit card company, or a store, their information is forwarded to a credit bureau. The credit bureau matches the name, address and other identifying information on the credit applicant with information retained by the bureau in its files. The gathered records are then used by lenders to determine an individual's credit worthiness; that is, determining an individual's ability and track record of repaying a debt. The willingness to repay a debt is indicated by how timely past payments have been made to other lenders. Lenders like to see consumer debt obligations paid regularly and on time, and therefore focus particularly on missed payments and may not, for example, consider an overpayment as an offset for a missed payment.