Priority deadline

I wanted to apply to the university of Houston for the fall of 2015.
When I checked the deadlines the column of fall 2015 says “priority: March 1 2015 application and credentials: August 1 2015”
So did I miss the deadline? Or am I still able to apply? And what is the difference between the 2?
Also if you keep scrolling down on the page it says in asterisks “students with completed applications after March 1 will be individually reviewed” so what does that mean?
I am a transfer student from a community college and was planning on applying next week. Please help
Also, If I am able to apply. Since I’ll be getting my associates in liberal arts I’ll declare my major at the university. So should I apply as under grad or graduate?

Call Houston’s admissions office. You’re a transfer student, applying for an undergrad bachelor’s degree. Call and find out immediately.