This answer is more on the term luck and not chance.
I would say that we first need to define the word luck.
When we have defined it, then I think we can give a response to if it's a term that would exist in Islam, or is theologically accepted in Islam.
What if a person that is lucky, actually is blessed by God?
If a person plays a game and win ten times a row (which in this game is unlikely), is this luck? What do we mean with luck?
When a Muslim says that someone is lucky, does that mean that he or she disregards the qadr, or the destiny?
I think the intention is the answer. "Innama al'amalo bi niyyat"
I heard Allah's Messenger (ﷺ) saying, "The reward of deeds depends upon the intentions and every person will get the reward according to what he has intended. So whoever emigrated for worldly benefits or for a woman to marry, his emigration was for what he emigrated for."
As Zohal replied in his answer:
"if a person gets good grades and they say it was because of their 'good chance' they are saying that it was not Allah who blessed them with the good grades. "
I really think this is logically incorrect. You can still say that you had luck when you got your good grades and in the same time understand that everything is from God.
Our language is limited
It's much easier to say "I had good luck" than to say, "I am so lucky that God has written this in my destiny, because everything that happens is from God".
For instance, we know that the earth is orbiting around the Sun and that it' rotating around its axis. But, we still say that the sun set or the sun went down. We know that it isn't the sun that is going down. But we still say it does in our language. Does that mean that we believe the sun is orbiting the earth? Of course not.
I think it would be just hard and weird in any language to say, "the earth now orbited or rotated to a degree which makes it possible, in our perspective to see the sun go down or set.".